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A LITTLE INFO. ABOUT LIC OF INDIA

                                     


                    A  LITTLE  INFO.  ABOUT  LIC OF INDIA

Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of Government of India.

Financial

YearRevenue (In crores)[17]Profits/Loss (In crores)[18]Total Assets (In crores)
FY 2019Increase 571,508Increase 2,627Increase 3,427,249
FY 2020Increase 628,043Increase 2,710Increase 3,499,834
FY 2021Increase 693,904Increase 2,974Increase 3,829,524

LIC reported 290 million policy holders as of 2019, a total life fund of ₹28.3 trillion and a total value of sold policies in the year 2018–19 of ₹21.4 million. The company also reported to have settled 26 million claims in 2018–19.


Holdings

LIC invests in sectors such as banks, cement, chemicals and fertilizers, electricity and transmission, electrical and electronics, engineering, construction and infrastructure, fast-moving consumer goods, finance and investments, healthcare, hotels, information technology, metals and mining, motor vehicles, and ancillaries, oil and natural resources, retail, textiles, transportation, and logistics.


What Is Life Insurance Corporation Of India (LIC)?

As one of the most trusted insurance providers, the Life Insurance Corporation of India (LIC) offers an extensive range of insurance products. Life Insurance Corporation has a wide range of best-selling plans that offers the most comprehensive coverage benefits. The main purpose of a LIC policy is to offer financial support to the family of the policyholder in case of their untimely demise during the policy term.

There are different types of policies rendering different types of benefits. Some policies are purely insurance-based while some have the features of both insurance and investments.

Types of LIC Plans

Generally, the Life Insurance Corporation of India offers the following plan types:

  • Term Insurance plans
  • Pension plans
  • Whole Life plans
  • Endowment plans
  • Unit Linked plans
  • Money-back plans
  • Micro Insurance plans
  • Health plans

Benefits Under LIC

Following are the benefits covered under LIC policies:

  • Risk coverage
  • Financial security
  • Building financial corpus
  • Tax benefits

                

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