LIC Full Form – What Is LIC, Definition, Meaning, Uses

LIC Full Form Friends, in this article, we’ll look at the full form of the LIC. Everyone in the world works, thus the majority of them strive to save some money in addition to their daily costs so that they may access that money when and when they need it. With that money, you can live and finish your work. That is why many people put their money in the bank, but others insure their family members and pay their bills on time, according to the bank’s installments, resulting in a large sum of money. Money is put in a bank, where it remains safe indefinitely. That is why getting people’s insurance is so crucial, because they may require money at any time.

LIC Full Form

LIC full form is Life Insurance Corporation, and you’ve probably figured out what it stands for by reading the complete form of LIC. So, let’s go on to other LIC basic facts.

LIC: Life Insurance Corporation

LIC Full Form
LIC Full Form

The LIC Life Insurance Corporation of India is an Indian public-sector organization that specializes in life insurance and investment plans. Yogakshemam Vahamyaham is the organization’s motto, which means “your welfare is our responsibility.” This company is concerned with individuals’ ambitions for a bright future; the LIC statement means “even with life, even afterlife.” The Life Insurance of India Act, passed by the Indian Parliament in 1956, founded the company. LIC offers a variety of products, including life insurance, savings, and investment options.

LIC now offers a wide range of insurance packages. When a tragedy strikes, the insured can withdraw more money from the account than he originally put in. Investing in it could be done in a variety of ways. LIC was founded on September 1, 1956, and it now has a global presence, not only in India.

The LIC headquarters are in Maharashtra’s Mumbai district. In today’s world, the LIC has branches in more than 15 nations. You’re probably aware that LIC has a variety of term plans, which change from time to time. Aside from LIC, there is a slew of other companies that offer life insurance, including:

  • Max Life Insurance is a company that provides life insurance.
  • Tata Life Insurance is a life insurance company based in India.
  • SBI Life Insurance is a life insurance company based in India.
  • Birla Life Insurance is a life insurance company based in India.
  • Sahara Life Insurance is a company that specialises in providing life insurance
  • General Insurance Reliance
  • Kotak Mahindra Life Insurance is a life insurance company owned by Kotak Mahindra.

Types of LIC Insurance

LIC insurance comes in a variety of forms, including:

  • Insurance for life
  • Homeowners’ Insurance
  • Crop Protection Insurance
  • Insurance for Automobiles
  • Insurance for Travel
  • Accident Coverage
  • Health and Medical Insurance

Products from the LIC – LIC Full Form

LIC offers a variety of products, including life insurance, savings, and investment options. The following are some of the most popular LIC product plans announced in 2016-2017.

  • LIC Jeevan Pragati
  • Jeevan Labh LIC Plan
  • Bima Diamond Plan of the LIC
  • Jeevan Shikhar Plan of LIC

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