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.
Also Read: NRI Life Insurance Policy: Which one to opt? | NRI Health Insurance: The Ultimate Guide 2021
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- Withdrawn plans
Also Read: ESI Full Form | SEBI Full Form
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