What are the main functions of LIC?
LIC's main mission is to raise funds from people through various life insurance policies and then invest in the global financial markets and various government securities. At least 75% of these proceeds must be invested in central and state government securities under one of the LIC regulations.
What is LIC and its features?
LIC is one of the financial institutions to be established in India after independence. The full form of LIC is life insurance corporation and it was established in 1956. The main aim behind the establishment was to spread the message of life insurance in the country. Also, it was required to mobilize people's savings.
What is LIC in simple words?
Life Insurance Corporation of India is a government company in the field of insurance and investment that is an outcome of the Life insurance of India Act, which brought the insurance sector under the government's control through nationalization. Thus, LIC came into existence in 1956.
What is the benefit of LIC insurance?
Death Benefit: 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.