Any LIC policy holder or the nominee will vouch for the best claims settlement from LIC of India. Perhaps, this is the only institution where you as a policyholder are virtually chased till such time your claim cheque is handed over to you !
Life Insurance Corporation of India ( LIC of India ) is fully owned by Government India. Life Insurance Corporation of India is the largest life insurance Company in India which was started in the year 1956. LIC of India with head quarters in Mumbai is having 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices with 1346 Satellite Offices and 1242 Mini Offices across the country besides 7 subsidiary companies and overseas operations in 13 countries, and is manned by more than 1.25 lakh Employees. In Indian Insurance Sector LIC of India is the only to have Government’s Sovereign Guarantee which means all policies* sold are guaranteed by Government of India.
Life Insurance Corporation of India declares the best bonus (profits) on all its with-profits policies every year. The main advantage of LIC of India is the Bonus payed is calculated every year on the insured amount which called as sum assured and not on the premium paid. Sum Assured along with entire bonus would be paid on maturity of the policy or to the nominee in absence of the policy holder.
All LIC Life Insurance policies offer dual tax benefits. Tax saving under section 80C on premiums paid and under section 10 (10 D) on all returns from LIC in-terms of Survival Benefits, Maturity or as claim settlement. Loan on LIC policy is available after beginning of 4th policy year. No guarantor is required for applying Loan under your LIC Life Insurance policy. Benefits under LIC policy remains the same after taking Loan also. Loan interest has to be paid every six months without any delay. All LIC Plans and benefits are planned considering the need for Indian population.
LIC pension plans that guarantee you life pension are extremely popular. You can park your hard earned money safely with the corporation and enjoy pension as long as you are alive.Premium paid under Key-Man Insurance plan is a recognized business expense under section 37(I) of the Income-Tax Act. For companies making profits, this is a very good incentive indeed.
Through Employer-Employee Insurance scheme, you can recognize the worth of your most valuable employees whose absence you can ill afford to loose.Entire contribution to LIC Group Gratuity Scheme is a recognized business expense in the hands of the employer. In addition, through this scheme, the employer can transfer his gratuity liability to the corporation and fund the same under cash accumulation scheme. The most popular among all the companies.
LIC of India LIC celebrates 60th anniversary with launch of Insurance Week from Sep 1, 2016. Come, Join the movement and make our Country stronger. Insure and Invest with LIC of India for safe and secured future.