The Life Insurance Corporation of India is a Superbrand.
The Life Insurance Corporation of India (LIC) is an internationally recognised financial conglomerate, servicing customers throughout India, the Middle East, Kenya and Southeast Asia.
LIC was founded in 1956, with the objective of securing Indian lives, at a reasonable cost, in particular, for consumers in rural areas.
LICs portfolio provides a wide array of life insurance and pension schemes to suit the variety of consumer’s needs, including basic life insurance plans, endowment assurance, money back plans, term assurance, health insurance plans, pension plans, children’s plans and capital market-linked plans.
To provide insurance protection to those below the poverty line, LIC offers the Janashree Bima Yojana scheme, where half the premium is subsidised by the government’s Social Security Fund and the balance is contributed by nodal agencies or individuals themselves.
LIC offers Micro Insurance Plans catering to the economically less privileged. LIC also offers group insurance, group pension, group gratuity
and social security schemes which also provide insurance and other benefits at a much lower cost than individual schemes.
LIC has also recently launched Vision 2020, with the objective of providing every Indian citizen with a life insurance policy by that year. LIC believes that in Vision 2020 lies the future of the nation and her people.
LIC has an outstanding record in the settlement of claims, a critical area in the insurance industry. In 2012/13 LIC settled more than 18.36 million claims for an aggregate amount of over C74,077 crore, a claim settlement ratio superior to any private life insurer.
For 57 years, the Life Insurance Corporation of India has fulfilled its commitment to consumers with an unusual level of devotion and dedication, never once wavering from it’s main objective as trustee of policyholders’ money.
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