What is the full form of LIC?
The full form of LIC is Life Insurance Corporation of India.
The Life Insurance Corporation of India is known as LIC. It is a public sector organisation in India that mostly deals with investment programmes and life insurance products. Yogakshemam Vahamyaham, the company’s motto, translates to “Your wellness is our responsibility.”
The Life Insurance of India Act, which was passed by the Indian Parliament in 1956, founded it. In order to establish the state-owned Life Insurance Corporation, this act combined and nationalised about 245 private insurance companies and provident organisations.
The biggest life insurance provider in India now is LIC. Its main office is in Mumbai, India. It has more than 2000 branches, 113 divisional offices, and 8 zonal offices. Across order to advertise its insurance business in the nation, it also has more than 14 lakh LIC brokers.
The LIC was ranked sixth among India’s most dependable service brands in the Economic Times Brand Equity survey of 2012. It has received numerous honours, including the 2012 MEIF Institutional Excellence Award and the 2011 Golden Peacock Award for Innovative Products and Services.
LIC product line list
It offers a variety of product categories, such as investment, savings, and life insurance products. Some well-known LIC products or plans that were announced in 2016–2017 are listed below:
- LIC Bima Diamond Plan
- LIC Jeevan Labh Plan
- LIC Jeevan Pragati
- LIC Jeevan Shikhar Plan.
What is the new name of LIC?
An Indian statutory insurance and investment company with its headquarters in Mumbai is called the Life Insurance Corporation of India (LIC). It is owned by the Government of India.
What is LIC used for?
One of the biggest life insurance providers in India, Life Insurance Corporation offers a variety of insurance policies, including Term Insurance, Whole Life, Endowment, and Money Back. LIC anticipates your insurance requirements and offers you a plan that meets them.
What is the full form of LIC in economics?
The full form of LIC is Life Insurance Corporation of India. LIC is a government-owned insurance and investment company arising from the Life Insurance Act of India, which put the insurance industry under the control of the government by nationalization, thereby establishing LIC in 1956.