The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance company in India. LIC was formed when hundreds of life insurance companies were nationalised. Here’s a brief look into the history of LIC –
The concept of life insurance was introduced in India under the British rule in the year 1818.
In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.
The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with in-force business of INR 298 crores.
Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.
LIC was established on 1st September, 1956 after the Parliament passed the Life Insurance Corporation Act on 19th June, 1956. Despite the fact that there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.
LIC of India sells life insurance policies. These policies are a contract between the company and the customers under which the company promises to pay a benefit in case of early death. The customer pays a consideration for the risk taken by the company which is called premium. Many life insurance plans also pay a maturity after the completion of the policy term if the insured is alive.
Some of the main objectives of the company are as follows –
The company’s mission statement reads as follows –
‘Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.’
As mentioned in the objectives, LIC of India wishes to fulfil the varied needs of individuals when it comes to life insurance. That is why the company offers a range of life insurance plans. The list of plans include the following
Resident Indians and NRIs can buy insurance policies offered by LIC of India. Individuals looking to buy the policy should meet the entry age limits prescribed under the plans to be eligible to buy the policy.
Paying premiums for LIC’s plans are not difficult. There are two options of paying premiums which are as follows –
If you have bought a policy from LIC and want to check its status, you can do so on the website of LIC. You would have to register as a customer after which you can check your policy status. For registration, you need to follow these steps –
Here are some of the LIC centres which you can find in your city –
|Delhi||LIC of India, Delhi CAB, 1021 18/60, Geeta Colony, Delhi – 110031|
|LIC of India, Sachdeva Corporate Tower, 7th Floor, DDA Commercial Complex, Rohini, Sector 8, Delhi – 110085|
|Mumbai||883, 1st Floor East Wing Yogakshema, Mumbai – 400021|
|Bhivra Sadan, Above Thane Janta Sahakari Bank, Near Mangala Hindi High School, Kopri, Thane (E), Mumbai – 400601|
|Kolkata||Calcutta (CBO-7) 64 Ganesh Chandra Avenue, Kolkata – 700013|
|Jeevan Sudha 5th Floor, 42/C Chowringhee Road, Kolkata – 700071|
|Ahmedabad||Hirak Avenue, Nehru Park, Vastrapur, Ahmedabad – 380015|
|Sheth British Hall, Nr. Subhash Bridge, Sabarmati, Ahmedabad – 380005|
|Chennai||LIC Building, 153, Anna Salai, PB Number 2450, Chennai – 600002|
|No.1/172A, GNT Road, Red Hills, Chennai – 600052|
|Bangalore||MG Road Branch, 3rd Floor, C. Kiran Building, Kasturba Road, Bangalore – 560001|
|CB 18, #86/3-4, II Floor,, Next to Canara Bank, Coles Road, Bangalore – 560042|
Yes, LIC offers one unit linked policy called LIC’s New Endowment Plus plan which gives you the benefit of insurance cover and market-linked returns
Yes, the company also offers a range of group insurance schemes for corporates and other registered groups.
You can find LIC’s various offices and branches on the company’s website. There is a ‘Locator’ link on the website wherein you can enter the state and city and find the various branches located in a particular city
Health plans are insurance policies which cover you against medical emergencies and pay a benefit in covered contingencies.
There are various plans which were offered earlier but were discontinued over the years. A list of discontinued policies is available online on the company’s website. You can visit the website, choose ‘Products’ tab and under that tab select ‘Withdrawn Plans’ to find the complete list of policies which are no longer sold by the company.