LIC is an abbreviation for Life Insurance Corporation of India. It is a state-owned entity formed in September 1956 with the objective of providing life insurance services to the citizens of India. LIC is one of the largest life insurers globally with an average asset base of around ₹26.27 lakh crore (as of March 31, 2020).
LIC offers various life insurance policies with minimalistic costs that include traditional and unit-linked insurance plans. These policies typically provide financial security to the insured’s family in the event of their unfortunate death. They also offer child’s future planning policies, retirement benefit policies and various other benefits.
Some of the key features of LIC policies are:
- Flexible premium options
- Tax benefits
- Wide range of products
- Ease of policy purchase
- Life cover
- Policy revival and loan facilities
- Bonus and surrender value benefits
To know more in detail about LIC policies, please refer to the following link: https://www.licindia.in/State-wise-Module/Default.aspx