What are the benefits of LIC?
Table of Contents
What are the benefits of LIC?
Life Insurance Corporation Benefits
| Claim Settlement Ratio | 96.69\% in FY 2019-20 |
|---|---|
| Death Benefit Paid For | 73,3809 Policies |
| Inception | 1956 |
| Presence | 2048 Branches |
| Total Death Benefit Paid | 12797.85 Crore |
What does LIC do with our money?
Now with the money given as a premium to LIC, LIC invests that money in various investment instruments like primary equity markets, secondary markets, corporate bonds, debentures, govt bonds and in some cases buys up ownership in companies eg LIC holds a amount of share percentage in India’s largest conglomerate ITC.
What are the products offered by LIC?
Endowment Plan
| Sr. No. | Product Name | Plan No. |
|---|---|---|
| 1 | LIC’s Bima Jyoti | 860 |
| 2 | LIC’s Bachat Plus | 861 |
| 3 | LIC’s New Endowment Plan | 914 |
| 4 | LIC’s New Jeevan Anand | 915 |
How does LIC generate revenue?
However, most of LIC’s investments are in blue-chip companies — the best stocks out there. For instance, LIC holds a 5.8\% stake in Reliance Industries. And the value of their stake grew by ~₹40,000 crores during March and July. So technically most of their gains were attributable to the likes of Reliance.
Who is BC Patnaik?
BC Patnaik has taken charge as Managing Director of Life Insurance Corporation of India. He was appointed as Managing Director by the Government of India notification dated July 5, 2021.
What is interest rate in LIC policy?
LIC Interest Rate Comparison
| Particulars | LIC | HDFC Bank |
|---|---|---|
| Interest Rate | Starting from 9\% | 10.75\% to 21.30\% |
| Tenure | 6 to 60 months | 12 to 60 months |
| Loan amount | Up to 90\% of the policy’s surrender value | Up to Rs. 15 lakh |
| Processing Fee | NIL | Up to 2.50\% of the loan amount |
Where does LIC invests its money?
In Q3FY21, LIC invested over Rs 3,000 crore of investors’ money into infra securities like equity shares, debentures, bonds, CPs, and loans. Corporate Securities: The insurance giant invested over Rs 2,000 crore into corporate securities like bonds, debentures, and investments into subsidiaries.
What is the meaning of LIC?
And the answer lies in your question! LIC means Life Insurance Corporation of India, Sovereign guaranteed by Government of India and out of 24 Life Insurance companies, LIC is the only Government Life Insurance company in India.
What are the different types of LIC policies?
LIC policies are mainly 2 types: Life Insurance Policy or term insurance plans e.g. Amulya Jeevan, Jeevan Anmol. Savings plans or LIC Endowment plans, e.g. Jeevan Labh, Jeevan Anand, Jeevan Lakshya, Child Money Back policy, Jeevan Shanthi etc.
Is LIC policy a good investment plan?
Actually LIC policy is not an investment plan, it’s insurance scheme providing little amount of returns against higher premium. Hence I’ll suggest not to go for life insurance. Instead, buy term insurance of 1–2 cr. Invest some amount in mutual funds via SIP (Systematic Investment Plan).
Should I buy a term plan or endowment plan from LIC?
If Insurance is a risk transfer mechanism, one should buy a term plan (of course depending on one’s age, income, dependents) an Well, If you get an answer from LIC agent, it would be most probably in favor of either money back or endowment plans.