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Benefits of LIC of India
Life Insurance Corporation of India (also known as LIC) is a state-help insurance company. Since 1956 LIC has been providing robust life insurance services. Life Insurance Corporation is one of the largest life insurance providers in India that provides a wide range of insurance plans such as Term Insurance, Whole Life, Endowment, and Money Back. LIC anticipates your insurance needs and provides you with a plan that fulfils your requirements.
LIC designs insurance plans to cater to every individual's requirement and promises to provide coverage at a nominal cost.
Benefits of Life Insurance Corporation of India
Life Insurance Corporation offers the following benefits to its customers:
- Variety of Products: Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. The plans offered by Life Insurance Corporation can be chosen according to your requirements and budget. LIC is the most trusted insurance provider and it strives to fulfil every insurance need of a person at an affordable amount.
- High Claim Settlement Ratio: Life Insurance Corporation has featured a claim settlement ratio of 96.69% in the FY 2019-20. High Claim Settlement Ratio reflects the credibility of insurance companies. The Claim Settlement Ratio depicts the number of claims that were paid successfully in a year. When you choose an insurance provider with a high claim settlement ratio, you can rely on the insurance provider to approve the claim fairly in desperate times.
- Award-Winning Services: Life Insurance Corporation has received many awards. LIC has been rated as ‘Most Trusted Service Brand Of India’ by The Economic Times Brand Equity Service in 2012. LIC has continuously been receiving the ‘Reader’s Digest Trusted Brand’ award since 2006. Life Insurance Corporation has been voted ‘India’s Most Trusted Brand’ for four continuous years from 2011-2014. LIC is a trusted life insurance provider in India.
- Excellent Customer Support: Life Insurance Corporation is one of the largest and oldest life insurance providers of affordable policies and plans The company values its customers and provides excellent customer services. Their customer care toll-free number is accessible 24x7. This helps the customer to stay connected with the insurance provider at all times.
- Simplified Purchasing Process: Purchasing and applying for a LIC life insurance plan is very easy. You can visit the LIC branch office for a consultation or purchasing a life insurance plan. You can also get information about the life insurance plan you want to purchase via SMS. Online customer services are simplified to make it easier for existing and potential customers.
Latest News on LIC Life Insurance
- Find out how to pay for LIC life insurance premiums in the section below. Read on to learn more.
- LIC Policy Tracker: Know the status of your LIC policy online in a few easy steps. Here’s a step-by-step guide for both new and registered users on how to track LIC policy status online. Read on to find out!
- The Life Insurance Corporation of India (LIC) offers a variety of revival schemes to help people renew their life insurance policies. Check out the process to renew a lapsed LIC policy in detail.
- A single insurance endowment plan is a one-time payment insurance policy that has been created for customers who do not want to endure the hassle of keeping a tab on the plan and making regular periodic payments. Here, you make one large payment, become t
- The Life Corporation of India (LIC) has devised a strategy for children's savings. The LIC Kid plan is a participation plan that offers guaranteed payouts known as survival benefits over the life of the policy to help a growing kid fulfill scholastic, mar
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Life Insurance News
Find out how to pay for LIC life insurance premiums in the s...26 April 2023
LIC Policy Tracker: Know the status of your LIC policy onlin...25 January 2023
The Life Insurance Corporation of India (LIC) offers a varie...10 January 2023
A single insurance endowment plan is a one-time payment insu...04 April 2022
The Life Corporation of India (LIC) has devised a strategy f...26 March 2022
LIC Life Insurance User Reviews
Claim Process at LIC of India
Claim IntimationIn the event of the death of the life assured, the insurance company should be intimated as early as possible.
Submission of DocumentsFor easy claim settlement, claim form, original policy document, death certificate and others documents should be submitted on time.
Claim EvaluationAfter successful submission of documents, the insurance company will thoroughly evaluate the claim filed.
Claim SettlementIf claim request is approved, claim is settled within 30 days. In case of additional investigation, claim process may take 120 days.
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FAQ About LIC of India
Why should I choose the Life Insurance Corporation of India?
Life Insurance Corporation of India is the oldest and one the largest insurance providers in India. Life Insurance Corporation provides a wide range of Term Insurance, Endowment, Money Back and Whole Life Plans. Life Insurance Corporation has featured a high claim settlement ratio of 96.69% in the FY 2019-20.
What is the grace period of insurance plans offered by Life Insurance Corporation?
LIC offers 15 days of grace period for the policies with monthly premium payment mode and 30 days for policies with quarterly/half-yearly/yearly premium payment mode.
Who receives the claim benefit?
The claim benefit is payable to the nominee in case of an unfortunate demise of the life assured. In case the life assured has assigned the policy to someone, the assignee will be entitled to the benefits payable under the life insurance policy.
Can I file claims for LIC insurance plans online?
To file a claim for Life Insurance Corporation insurance plans you need to visit the LIC branch office for claim intimation and assessment.
What are the types of Insurance plans offered by Life Insurance Corporation?
Types of Life Insurance Corporation Insurance Plans are:
- Term Insurance Plans
- Endowment Plans
- Whole Life Plans
- Money Back Plans.