LIC of India is the leader in Life Insurance Industry in India. LIC is wholly owned by Government of India since 1956. An act LIC Act was passed in 1956 and LIC came into existence. LIC is the only Life Insurance company in the Industry to have sovereign guarantee from Indian Government. Sovereign guarantee means if LIC goes bankrupt, Government would take the responsibility to pay minimum benefits guaranteed.
LIC would the only financial institution to chase the policy holders by sending repeated messages, making Advisors to visit and give maturity on time. All you need is good Advisor with great knowledge.
LIC of India has been declaring bonus every year with more than better profits. For an Investment of Rs. 5,00,00,000 ( Rs. 5 Crore ) LIC of India is paying every year dividend to Government of India. This year also LIC paid Rs. 2,430 Crores as dividend to Government of India ( Source : https://www.business-standard.com)
Government of India in association with LIC of India had introduced ” Pradhan Mantri Vaya Vandan Yojana ” with an intention of saving the investments of senior citizens of the country at a safe place. This plan gives senior citizen 8% guaranteed for 10 years and returns their investment at the end of 19th year. This scheme called popularly called as PMVVY is a great hit among senior citizens. In recent days, LIC introduced ” LIC Jeevan shanti “. This plan is a deferred Annuity plan with life time guaranteed returns. This plan provides immediate annuity or deferred annuity as per the requirement of the policy holder as opted at the beginning of the plan.
LIC is best due to many things
LIC plans also helps everyone to save tax from income. These plans give dual benefit to its investors with tax saving under 80C of Income Tax Act on policy premiums paid and under section 10 ( 10 D) on all returns from LIC of India plans. Best claim settlement makes this Life Insurance company favorite among new proposers.