What is the full form of LIC?
Life Insurance Corporation of India is the full form of LIC. Established in 1965 under LIC Act 1956, LIC is a government-owned insurance and investment corporation. Headquartered in Mumbai, India, LIC operates through its 8 zonal offices, 113 divisional offices and 2048 branch offices to provide people from all classes insurance and adequate financial coverage.
Key objectives of LIC
Life Insurance Corporation of India operates in India with the following objectives:
- Make life insurance widely available, especially in the rural areas and to the socially and economically backward classes and provide them adequate financial cover against death at a reasonable cost.
- Parking the funds to the best advantage of the investors as well as the community as a whole while keeping in mind national priorities and obligations of attractive return.
- Run business with the utmost economy while being fully aware that the money belongs to the policyholders.
- Act as trustees of the policyholders in their personal and collective capacities.
- Cater to the various life insurance needs of the people, arising from the changing social and economic environment.
- Encourage employees of the corporation to work in the interest of the insured public by providing efficient service with courtesy.
Products offered by LIC
LIC offers a wide range of insurance products as under:
- Insurance plan
- Pension plan
- Unit linked plans
- Micro insurance plans
- Health plans
- Withdrawn plans
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