What is the full form of LIC?
LIC Full form is Life Insurance Corporation of India. LIC is a government-owned insurance and investment firm established in 1956 as a result of the Life Insurance Act of India, which nationalized the life insurance business and placed it under government administration. According to the LIC’s website, the goal is to provide residents with a higher return on economic security through services and goods than the majority of other market competitors, thereby assisting them in achieving a certain standard of living and fostering economic growth.
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Principal Aim of LIC
- LIC aids in penetrating the nation’s rural areas in order to offer affordable life insurance to the greatest number of individuals for protection against untimely death.
- Maximize revenue mobilization to make insurance-linked savings appealing.
- These monies are spent in the best interests of policyholders and in sectors of national significance in accordance with the nation’s objectives.
- Serve as trustees for insured parties.
- Adapt insurance offerings to the changing social and economic context.
History of LIC
- The first company in pre-independent India to offer life insurance was the Oriental Life Insurance Company, which catered mostly to Europeans and required Indians to pay higher premiums.
- Surendranath Tagore thereafter founded the Hindustan Insurance Society. Prior to 1956, a number of other enterprises emerged in this sector; nevertheless, in 1956, the industry was nationalized in response to a rise in fraud.
- In 1956, the Industrial Policy Resolution went into effect, which nationalized a number of services, including the insurance industry. The government nationalized the 245 private companies in the insurance industry. The LIC Act of 1956 established the LIC of India.
List of LIC product line
It offers a variety of product lines, such as life insurance plans, savings accounts, and investment goods. Here are some of the most well-known LIC products and plans:
- LIC Bima Jyoti
- LIC Jeevan Labh
- LIC Jeevan Amar
- LIC Jeevan Shanti.
