Wanna know about LIC full form? LIC stands for Life Insurance Corporation. LIC was created in 1956. If you want to get a degree in BCA then know the BCA full form which stands for Bachelor of Computer Application. There are many future scopes after completing your BCA degree which are you can work as a programmer, web designer, etc.
Read this: MNC Full Form: Benefits of Working in an MNC
LIC Full Form
LIC full form is described as Life Insurance Corporation of India. In 1956, LIC was created which is also known as an investment firm and government-owned insurance. Therefore, the main goal according to the LICs website is to give its customers a high return on economic security.
History of LIC
- Firstly, In 1818, the First company in India for offering life insurance was set up in Kolkata by Bipin Das Gupta.
- Secondly, in the same year, the Hindustan Insurance Society was founded by Surendranath Tagore which was later known as the Life Insurance Corporation.
- In 1870, the Bombay Mutual Life Assurance Society was established which was known as the first native insurance provider of Western India.
- On 1 February 1884, Postal Life Insurance was established.
- In 1896, Bharat Insurance Company was introduced.
- In 1906, United India, National Indian, National Insurance and Co-operative Assurance were established.
- In 1907, Hindustan Co-operatives was established.
- Lastly, In 1919, New India Assurance Co Ltd. was established.
What are the main objectives of LIC?
- LIC assistance reaches rural areas of the country in order to provide the greatest number of individuals with sufficient protection against death.
- Generating revenue through economic growth and feasible future growth
- The funds raised by such programmes are invested in areas of national importance and in the best interests of policyholders in order to achieve the aims of the country.
- Play the role of an Insured Trustee.
- Adapt to the industry’s evolving needs and the growing market.
- Moreover, employers should make the most of their staff members’ skills for the benefit of policyholders.
List of LIC products
Some of the famous LIC plans and products are:
1. Bima Diamond Plan
2. Jeevan Labh Plan
3. Jeevan Pragati
4. Jeevan Shikhar Plan
Services Offered by LIC
1. Life Insurance plans:
LIC offers a variety of life insurance plans that, in the unfortunate event of the policyholder’s death or disability, provide their families with financial security. Hence, these plans offer the nominee or beneficiary a lump sum payment or a sum assured.
2. Endowment Plans:
LIC provides endowment plans that pair savings with life insurance. These policies offer maturity benefits in addition to protection. The policyholder receives a lump sum payment and also receives incentives if they live out the insurance period.
3. Term insurance plans:
LIC offers term insurance policies as pure protection. Moreover, these insurance policies offer substantial life coverage for a low price. The nominee receives the sum promised in the event of the policyholder’s untimely death during the policy term.
4. Pension Plans:
LIC provides pension plans to assist people in saving money for their retirement. After retirement, these programmes offer a consistent income and also in guaranteeing a bright financial future.
5. Money Back Plans:
LIC’s money-back plans give recurrent payments over the course of the policy’s duration. A portion of the sum promised is paid to the policyholder at certain intervals, while the remaining total is paid in one lump payment at maturity.
6. Health Insurance:
To offset medical costs, LIC also provides health insurance plans. This insurance also offers cashless services at network hospitals and covers hospitalisation fees, medical procedures, and other charges.
7. Child Plans:
LIC offers child plans to assist parents in setting aside money for their children’s future costs, such as college or a wedding. These programmes assure a child’s financial stability for future requirements while providing a maturity bonus at a certain age.
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FAQs
What is the name of the Chairperson of LIC?
The name of the Chair Person of LIC is Shri. Siddhartha Mohanty.
Who is the owner of LIC?
The owner of LIC is the Government of India.
What are the eligibility criteria to become a LIC agent?
You should be at least 18 years old and should have passed the 10th examination for becoming a LIC agent.
