What is Life Insurance Corporation?


Life Insurance Corporation

The Life Insurance Corporation of India (LIC) is a state-governed insurance group and investment company. It is the biggest insurance company in India with an estimated asset value of Rs 1,560,482 crore.

Launched in 1956, The Life Insurance Corporation of India offers a variety of insurance products to its customers such as insurance plans, pension plans, Unit Linked plans, special plans, and group schemes as well as online child insurance plans

The LIC of India presently has a network of close to 2,048 branches and 1,337,064 agents operating in different cities and towns all over the country.

Why go For LIC Life Insurance Plans?

Life Insurance Corporation is said to be the largest life insurance company in the world with 23 crore customers and counting. The brand name is not the only reason one should opt for LIC since it is not ideal to rely on life insurance products from a single brand. Here is why one should go for LIC as a life insurance provider:

  • Technologically superior Network: LIC has been the pioneer as an insurance provider for its efforts to stay ahead of the game by being at par if not better in terms of its network when it comes to giving advanced and efficient services with over 2000 branch offices and 156 satellite branches. The LIC uses technology such as WAN, IVRS, LAN, IVRS & even EDMS which allows people to go paperless when dealing with insurance documentation.
  • Not Alone in the Game: The company does not work solely but partners with insurance and financial tycoons including NSE, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India, Insurance Institute of India and National insurance Academy among many similar organizations.
  • Going International: It has completely functional offices in countries such as Nepal, Sri Lanka, Saudi Arabia, and Bahrain. LIC has also been ambitious sufficient to plan opening offices in Australia, Canada, and the USA.
  • Product Variety: You will soon observe from the below-given list that this company boasts of one of the highest numbers of policy types available in life insurance alone. It has the largest portfolios when it comes to life insurance group schemes to be one of their highlights. They have a big clientele of corporates for group insurance.
  • Innovation in the Industry: The Company established varied products every other quarter and they are mostly to serve the society than to make profits although they are doing pretty well as an insurance company, financially. They were the pioneer to launch micro-insurance products so that people living below the poverty line in India could afford insurance for a certain amount of discount.
  • Performance in The Stock Market: When it comes to stock market positioning, Life Insurance Corporation stocks are one of the most stable stocks available in the BSE. Some of the most well-performing stock lists almost always feature this company generally when it comes to insurance providers.

How to Check Policy Status of LIC Life Insurance Policy?
The Life Insurance Corporation policy status can be checked on the online portal once the individual has registered their policy with the LIC online portal. It is important to register your policy information or even make premium payments. So, as you have registered once, you can check the policy details and status by simply logging in with relevant details. If you do not have access to the Internet, just locate the closest branch office and visit them, with your policy number in hand and an ID proof.

LIC Life Insurance Online Payment:
As mentioned in the last section, registration is mandated to avail this service. Online payment can be made with your net banking details preferably but there are other options such as visiting the LIC office, phone or auto payments. Again, in this case, premiums can be paid at the branch offices if that is more easy for you. Another banks and organizations also allow you to make the payments at their branch offices.

LIC Life Insurance Customer Care:
LIC or Life insurance Corporation has been India’s biggest life insurance provider for several decades. The insurance agent has not only issued millions of policies over the years but also has a record of satisfied customers. This achievement has been made possible only with the aid of efficient and dedicated customer support service that the insurer gives to its policyholders. Getting in touch with a Life insurance Corporation customer is representative is easy and can be done by calling on the designated helpline number or by writing into the company at the provided email address.

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