LIC (Life Insurance Corporation of India): An Overview.
Life Insurance Corporation of India (LIC) is a state-owned insurance company established in 1956. It is the largest life insurance company in India, with over 29 crore policyholders and an asset base of over Rs. 36 lakh crore as of March 2021. LIC plays a crucial role in the Indian insurance sector and the Indian economy as a whole. In this blog, we’ll explore LIC’s services, role in the Indian economy, customer service, future outlook, and more.
Services Offered by LIC
LIC offers a range of life insurance policies to meet the diverse needs of its customers. Some of the types of policies offered by LIC include term insurance, endowment policies, money-back policies, whole life insurance, and pension plans. LIC’s policies are designed to provide financial security to the policyholder’s family in case of their untimely demise.
LIC also offers investment and pension policies, which enable customers to build a corpus for their retirement years. Some of the popular investment plans offered by LIC include LIC’s Jeevan Akshay, LIC’s Jeevan Shanti, and LIC’s Bima Bachat.
LIC’s Role in the Indian Economy
LIC plays a significant role in the development of the Indian economy. It invests in government securities and infrastructure projects, which helps in the growth of the economy. LIC has also invested in many public sector companies and has played a crucial role in the development of these companies.
LIC’s impact on the Indian stock market is also noteworthy. LIC’s investments in the stock market have helped in stabilizing the market during times of volatility. In recent years, LIC has also been actively investing in start-ups and emerging businesses, contributing to the growth of the Indian entrepreneurial ecosystem.
LIC’s Customer Service
- LIC is known for its excellent customer service. It has a vast network of over 2,000 branches and more than 1.2 lakh agents across the country. LIC’s customer service policies are designed to ensure that customers have a hassle-free experience while availing of LIC’s services. The company has also embraced technology to provide better customer service. Customers can access LIC’s services online through its website or mobile app.
- LIC’s claim settlement process is also smooth and hassle-free. The company has a high claim settlement ratio of over 95%, which is a testament to its commitment to its customers.
LIC’s Future Outlook
- LIC’s future prospects look bright. The company is embracing digitalization and is investing in technology to provide better services to its customers. LIC has also announced its plans to go public, which will enable it to raise capital and expand its operations further.
- LIC’s expansion plans include setting up new branches and increasing its workforce. The company is also looking to expand its international operations and increase its presence in foreign markets.
- LIC’s role in promoting financial inclusion in India is also noteworthy. The company has been actively promoting insurance and pension products among rural and semi-urban populations. This has helped in increasing insurance penetration in these areas and providing financial security to a large section of the population.
LIC is a significant player in the Indian insurance sector and the Indian economy. The company’s commitment to providing excellent customer service, investing in infrastructure and emerging businesses, and promoting financial inclusion has helped it establish a strong foothold in the Indian market. LIC’s future prospects look promising, and the company is well-positioned to capitalize on the growth opportunities in the Indian market.