Life Insurance Corporation of India is one of the largest government-owned life insurers in India. Also, the company is one of the biggest investor in India. The government of India is the overall owner of this company. The headquarters of Life Insurance Corporation is situated at Mumbai. As it is an insurance company, it offers various insurance plans to the people. It offers plans to both individuals and employee groups.
LIC of India finances 24 percentages of the outlays of the Government of India. This biggest life insurer has 100 divisional offices, 8 zonal offices, 2,048 branch offices and 10,02,149 agents in overall the country and carries out the operations with these.
Plans and services of Life Insurance Corporation of India
Although there are many insurance companies exists in India today, but without any doubt LIC of India is the best insurance company in India based out of many factors like claim settlement ratio, insurance agent networks, number of policy subscription every year and many more.
The plans and services of LIC India are as follows:
- Pension Plans
- Insurance Plans
- Special Plans
- Term Insurance Plans
- Endowment Plans
- Money Back Plans
- Whole Life Plans
- Child Insurance Plans
- Health Plans
- Unit Plans
- Group Scheme
- Withdrawn Plans
Subsidiaries and affiliates of LIC India
Given below are the names of the subsidiaries and affiliates of Life Insurance Corporation of India:
- International Operations
- LIC Mauritius
- LIC Fiji
- LIC Representative Office, Singapore
- LIC United Kingdom
- LIC (Nepal) Ltd
- LIC (International) B.S.C (C), Bahrain
- Saudi Indian Company for Co-op. Insurance, KSA.
- LIC (Lanka) Ltd
- LIC Mauritius Offshore Ltd.
- Kenindia Assurance Co. Ltd., Kenya.
- LIC Singapore Offshore Ltd.
LIC Of India Associates
- LIC Housing Finance Ltd.
- LIC HFL Financial Services Ltd
- LIC Mutual Fund AMC Ltd.
- LICHFL Care Homes Ltd.
- LIC Pension Fund Limited
- LIC Cards Services Ltd.
Best LIC Policies
In general, the policies of life insurance fall into two main categories such as
- Protection policies
- Investment policies
The protection policies are mainly framed to offer benefits, particularly a lump amount, in the case of particular event. The term insurance is the normal form of a protection policy design.
The main goal of these investment policies is to make possible the growth of capital by single or regular premiums
The following are the best policies of Life Insurance Corporation of India
Whole life insurance – In this policy, the policyholder will obtain insurance coverage for lifelong. The policyholder has to pay the premium on a yearly basis. LIC Jeevan Umang is the plan LIC of India has launched recently in this category.
Endowment plans – It offers a bulk amount to the insured person when he or she dies or at the maturity period of the policy. Here are the lists of endowments plans from LIC of India.
- Lic’s Jeevan Pragati
- Lic’s Jeevan Labh
- Lic’s Single Premium Endowment Plan
- Lic’s New Endowment Plan
- Lic’s New Jeevan Anand
- LIC’s Jeevan Rakshak
- LIC’s Limited Premium Endowment Plan
- LIC’s Jeevan Lakshya
- LIC’s Aadhaar Shila
- LIC’s Aadhaar Stambh
Money back policies – This is an investment plan which provides good returns for multiple needs in the future. These are very popular plans among LIC and they have few of them in their kitty.
- LIC’s Bima Diamond
- LIC’s NEW MONEY BACK PLAN – 20 YEARS
- LIC’s NEW MONEY BACK PLAN – 25 YEARS
- LIC’s NEW BIMA BACHAT
- LIC’s NEW CHILDREN’S MONEY BACK PLAN
- LIC’s Jeevan Tarun
Term life insurance – If the insured person die, it provide a fixed amount to the nominee as per the document. This helps the family of the insured to maintain their lifestyle as it is. LIC of India has their only online term plan, LIC e-Term Plan which is a very good option for you to buy. In fact this is considered as one of the best online term insurance plan in India.
ULIPs – The Unit Linked Insurance Plans provide double benefits to the insurer which means both the benefits of investment and insurance coverage. Also, it permits the insurer to select the investment option on its own. You can check out LIC’s New Endowment Plus plan for more details.