Life insurance is a contract between the policy holder and the insurer , where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment.
In return, the policy holder agrees to pay a stipulated amount (the "premium") at regular intervals or in lump sums. In some countries, death expenses such as funerals are included in the premium; however, in the United States the predominant form simply specifies a lump sum to be paid on the insured's demise.
Wide Coverage :- Spread life insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
Saving mobilization :- Maximize mobilization of people’s savings by making insurance linked savings adequately attractive.
The Life Insurance Plans, Namely Endowment Assurance, money Plan, Single Premium, whole of life Insurance, Term assurance plan and & loan Cover Term assurance are entitled to rebate under Section 88 of the Income Tax act 1967.
AWARDS AND RECOGNITION From the year 2006, LIC is continuously winning the Readers' Digest Trusted brand award . According to The Brand Trust Report 2011, LIC is the 8th most trusted brand of India.