What is LIC and its benefits?
Protection: Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
What is the concept of LIC?
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 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 and example?
LIC is known as India's largest government-owned life insurance and investment corporation. The main role of LIC is to invest in global financial markets and different government securities after gathering funds from people through their various life insurance policies.