LIC stands for Life Insurance Corporation of India. It is a state-owned life insurance company and the largest in India in terms of total premium and number of policy holders.
LIC has an extensive range of life insurance and other financial products, including pension plans, health cover plans, child plans, MF schemes, ULIPs, and other investment services. The company also provides capital protection and Bonus Accrual plans.
The main objective of LIC is to provide financial security and protection to the people of India. The company has a network of more than 1,200 branches and satellite offices across the country, servicing around 36 million policyholders.
In recent years, LIC has taken several steps to expand its reach to a larger portion of India's population. This includes launch of digital insurance services, comprising of mobile applications, payment solutions and e-KYC services. It also provides online purchase and renewal of policies, as well as online premium payment.
Apart from life insurance, LIC also provides General Insurance policies, such as motor, travel, health and commercial insurance policies.
LIC's products are designed to meet the financial needs of its customers, providing them with a secure and comfortable future.