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How is lic better than other insurers

How is LIC better the another insurers

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The success story of Life Insurance Corporation of India (LIC) has been nothing but phenomenal. Insurance generally means protection against death (we will talk about Term Insurance afterward). This means that people must have enough faith in you so as to trust you even after their death. LIC has won this trust by sheer determination and hard work.

Every brand has a slogan that they think defines them best. But very few slogans do it as well as LIC’s one – Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi! Over the years, many players came and left this industry, but none could challenge LIC’s position. LIC have had the monopoly in this business much longer than any other brand could ever sustain. And the numbers keep growing with every passing day.

How is LIC better than others?

We all are acquainted with LIC being the most preferred one out there. But are there any substantial reasons to it? Let us try to find out –

  • It looks forward when everyone else is busy looking backwards. During the years when recession halted the growth of each and every industry and even insurers started cutting down their unnecessary expenses, LIC was adding new agents.
  • LIC has been consistently the top performer in terms of claim settlement and also in providing bonus rate.
  • LIC alone has approximately 11.31 lakh agents whereas the entire private sector has only 9.5 lakh agents.
  • Even after being in the business for so long and facing stiff competition from private players, LIC holds 69% share in the entire insurance business.
  • And if you would have thought that the humongous market share is because of old businesses, we would like to inform you that it has reported a growth of 8% in total new business for the year 2017-18.

About LIC term insurance plans in India

why LIC is better than other insurers

LIC is very popular amongst the users in India. There are various plans available to cater to different people. LIC Term Insurance is a cover plan which will mature after a certain amount of time. It gives you the benefit of a lump sum amount after your retirement. The term plan can be executed for 18 years to 75 years and the minimum sum assured is Rupees Fifty Lakhs. Currently, LIC has two term plans for its customers –

Latest LIC Plans

LIC has introduced several new plans keeping in mind the expectations of various age groups. Some of these plans are –

Speak to our Insurance Advisor at our LIC Office in Bangalore

We understand the importance of future planning. Our expert insurance advisor will ensure that you get the best insurance advice & the most suitable product for you and your family. You can choose between term insurance and life insurance. We believe that Insurance is the best way to save. We also allow auto payment mode which means that the payment is automatically deducted as per the plan. You needn’t mark the calendar for premium payments anymore.

For the best investment plans, speak to our authorize Insurance advisor at 8123108000 or send us an email at licnewplans@licbangalore.com

For any questions on the above LIC plans, leave us a comment and we will reply back with our suggestions. Leave a rating if you were happy visiting www.licbangalore.com