The Full Form of ‘LIC’ in Organisation is ‘Life insurance corporation of India’.
Full Form of LIC
LIC, or Life Insurance Corporation of India, is one of the oldest and most renowned insurance companies in India. It was established in 1956 after the Indian Parliament passed the Life Insurance Act. The company provides a range of life insurance policies, including whole life, term life, endowment plans, pension plans and more.
The company has been instrumental in introducing many firsts to the Indian market such as online services for policyholders. LIC has more than 2000 branches across India and 1.2 million agents working towards increasing its customer base across the country. It currently covers over 300 million lives with its various policies and provides risk coverage to nearly 20 million families in India.
The company’s main objective is to provide financial security to individuals and families through its products and services. Its policies are designed to help customers save money while providing them with benefits when they need it most. It also offers several investment options such as fixed deposits, mutual funds and equity investments that can help customers make their money work for them even during times when there is an economic downturn.
Apart from providing life insurance policies, LIC also offers other financial products such as health insurance, accident insurance and travel insurance that can be availed by individuals as well as businesses. These products are tailored to meet specific needs of customers so that they can get maximum benefit from their investments without having to worry about any risks associated with it.
In addition to this, LIC also offers a host of value-added services such as online payment facilities for premium payments, online renewal of policies and more that makes it easier for customers to manage their finances without having to visit a branch office or wait on a call centre agent for assistance.
LIC has gained immense popularity over the years due to its reliable service offerings which have helped it become one of the leading insurers in India today. With its extensive network across the country and wide range of products available at competitive rates, LIC continues to remain a popular choice amongst both individuals and businesses alike looking for reliable risk coverage solutions at affordable prices.
Queries Covered Related to “LIC”
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- Explain full name of LIC.
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