Article

LIC
September 12 , 2012

Life Insurance Corporation of India is the largest insurance company in the country. It was established in 1956 by an Act of Parliament when a host of contemporary national and foreign insurers were taken over by the government and nationalized. Close to 245 entities were absorbed into LIC. The objective of LIC is to take insurance to the masses and in particular the rural masses. It is the most trusted insurance company in India. Till the late 90s LIC had monopoly in the life insurance sector.

It operates through a strong network of over 2000 branch offices, 109 divisional offices and 8 zonal offices. LIC has 40 policies on its platter and an astounding number of 160 odd withdrawn policies, and this list does not include riders. Among the 40 policies are 2 term policies, a temporary term policy and a convertible term policy. It is yet to launch the much-awaited online version of term policy. The first health insurance plan combining investment, 'Health Protection Plus' was launched by LIC in 2008.

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