Hello Everyone. We have discussed different terms We will discuss one term related to finance, banks, and stuffs relatable to it. As most of us still don’t know the full forms (Full Form Of LIC) of the basic terms we use in daily life. One of these terms is LIC. We have heard this term for sure. Some of us may have LIC Policy under our names. So, we will discuss the Full Form Of LIC in this discussion.
The Full Form Of the LIC
The Full Form Of LIC is the Life Insurance Corporation of India. Aside from various insurance and investment plans, LIC also provides housing finance, which enables individuals to realize their dream of owning a home. LIC’s slogan is ‘Yogakshemam Vahamyaham,’ which translates as ‘Your welfare is our responsibility.’ True to its slogan, LIC has designed various insurance and investment schemes over the years with the welfare of its customers in mind. (Full Form Of LIC)
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Savings through life insurance provide complete protection against the risk of the saver’s death. Furthermore, in the event of death, life insurance guarantees payment of the entire amount assured (plus bonuses where applicable), whereas other savings schemes only pay out the amount saved (plus interest).
Brief About LIC
The Government of India’s LIC is an insurance and investment company. On September 1, 1956, the Government of India decided to nationalize the insurance industry, and LIC was given the status of a company, bypassing the Indian Parliament’s Life Insurance Act. LIC is a company that promises to keep any person’s future plans bright and to cater to their needs in accordance with the terms of the insurance. The primary function of LIC is to provide the right facility to the insurance holder in times of need or in the event of a calamity. (Full Form Of LIC)
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Because of its service and convenience, LIC has grown to become the country’s largest investor company. The LIC’s headquarters are in Mumbai.
LIC offers a variety of services, including LIC Jeevan Amar, Jeevan Pragathi, Jeevan Paitha, and New Jeevan Anand, as well as various types of insurance. LIC now makes thousands of plan offers to people so that they can secure their lives by purchasing plans and policies that are appropriate for their situation. The clear meaning of LIC in people’s minds is “with life even the afterlife,” which speaks many words. (Full Form Of LIC)
How To Buy LIC Policy?
A LIC Policy can be purchased from any of the LIC Agents located throughout the country. If you don’t want to deal with the hassle of finding an agent, you can get a policy online with a few clicks.
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To make purchasing a LIC policy more convenient, LIC has created an online portal where you can buy a LIC policy with a few clicks. You must first register for e-Services on the Customer Portal. Following registration, you will need to fill out a simple form, and make a payment online via net banking, and your request to purchase a policy will be complete. (Full Form Of LIC)
Features Of LIC
Life insurance both mobilizes and promotes savings in the country. Furthermore, higher-income individuals benefit more from income tax breaks. This is done when it is saved using one of its various schemes. Furthermore, the net annual business generated by ingestible funds is very high. Furthermore, the net income obtained from large investments is very high. Government securities account for a large portion of LIC’s investment. Furthermore, the law requires it to invest at least 50% of its accrual. This is accomplished through premium income in government and other approved securities. (Full Form Of LIC)
Aid in the expansion of LIC into rural and underserved areas and the provision of affordable death insurance to the greatest number of people. Savings are channeled into investments for economic development, and attractive growth opportunities are provided. The funds raised by such policies are invested in the best interests of policyholders and sectors of national importance, in accordance with the country’s goals. Serve as the insured’s the trustee. Adapt to the changing needs of the sector and the evolution of the economy. Bring out the best in employees in terms of capability for the sake of policyholders.