Insurance

Life Insurance Corporation of India

Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is an old life insurance company in India. It is also the insurer with the largest customer base. The company was formed on 1st September, 1956, with the objective to spread life insurance across a wider swathe of the country.

LIC started with 5 zonal offices, 33 divisional offices and 212 branch offices in 1956. Now the company has expanded to have a branch office at each district headquarters in the country. It has 2048 fully computerized branch offices, 100 divisional offices and 7 zonal offices.

Investment Plan -

The Endowment Assurance Policy-Limited Payment
Eligibility Description
Minimum Sum Assured 50000
Maximum Sum Assured No Limit
Minimum Entry Age 12
Maximum Entry Age 55
Maximum Maturity Age 65
Payment Frequency Yearly, Half-yearly,Quarterly, Monthly, Salary Saving Scheme

Feature Description
Exclusions Information not available
Surrender Value 3 Years
Tax Implications The aggregate amount of deduction under all the relevant sections viz. section 80C. Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)
Death Benefit This is the most popular form of life assurance since it not only makes provision for the family of the Life Assured in the event of his early death, but also assures a lump sum at any desired age. The amount assured, if not paid by reason of his earlier death, becomes payable at the end of the endowment term when it may be invested to provide an annuity during the remainder of his life or in any other way he may think most suitable at the time.
Survival benefit Not Applicable
Guranteed Bonus -
Premium Waiver -
Accidental Death Benefit Available as a rider
Loan Available No
Surrender Value get as Loan Not Applicable
Repayment Tenure Not Applicable
Optional Riders Accidental death benefit available as a optional rider
Maturity Benefit Information not available

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