Reasons to buy LIC policy

52 Reason Why you should buy Life Insurance from Lic of India

1. Largest insurance company in the world in Customer Base (23 crore customers)
2. No.1 insurance company in the world in terms of agency (about 1.1 Million agents)
3. LIC is the No.1 insurer in the world in Volume & Sold around 3.75 Cr.Policies in 2007-2008.
4. 2nd Biggest Real Estate Owner next to Indian Railways.
5. LIC is one of the Highest income tax playing organizations. For Financial Year 2007-08, LIC has paid advance Tax Rs.2627. 14 Cr. & Service Tax Rs.1292. 15 Cr.
6. Has Highest insurance Professionals ( Club Member agents )
7. Only 4 countries in the world have more population than LIC`s policyholders. Award - Recognition
8. Adjudged "The most trusted service Brand" in India, by "Economic Times and AC NEILSEN ORG MARG" for the year 2007 for the 5th consecutive year.
9. "Golden Peacock" award for Excellence in "corporate Governance"
10. LIC adjudged as "Best life insurance company of the year" at the "2nd" NDTV Profit Business Leadership Awards-2007.
11. LIC adjudged the "Most Preferred Life insurance Company of the year" at the "CNBC AWAAZ" consumer award 2007 for 3rd time in succession.
12. Awarded Reader Digest's "Trusted Brand"2006,2007&2008 (Voted by Consumers)
13. "Outlook Money NDTV Profit Award 2007"
14. "Web 18-Genius of the web Award" Conferred for the best website in insurance Category
15. "SKOCH Challengers Award 2008" for "Jeevan Madhur".
16. "Loyalty Awards 2008"- insurance Sector.
17. Double crown for LIC in corporate Olympics 2008, Most Sporting Corporate 2) Corporate Championship Award Winner-2008

Honouring of the Commitment - Settlement of Claims

1. No.1 Insurance Company in the world in terms of claims paid.
2. LIC Settles 2.21 claims per second, LIC settled 139 lakhs claims during the year 2007-2008.
3. Prompt settlement of claims (97% maturity claim settled on or before due date)
4. One of the Lowest outstanding Claim Ratio in the world ( Maturity+S B Claim-0.07%)

Advanced Technology-For better Customer Service

1. Computerized and networked 2048 branch offices and 159 satellite offices throughout the country.
2. Use of High Tech-WAN, LAN, IVRS & EDMS
3. LIC is the second-largest PC user in the country.
4. EDMS to make LIC a paperless office- Enabling Policy servicing & payments through all branches in the country.
5. Premium Payment Facility extended through networked 2048 branches, ECS, ATMs through the internet, online portals, collecting bank (Axis Bank), AP online, through SMS, through selected agents, Now LIC Premium can also be paid through." Suvidha info Serve KIOSKS" all over India.
6. Policy Holder's Portal allows online access to policy status and other details.
7. Info center set up in 12 cities for customers to interact easily. Dial-1251 for details.
8. LIC - an institution builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National insurance Academy, insurance institute of India, etc.
9. LIC has foreign operations in Mauritius, Fiji, and London and has joint ventures operating in Sri Lanka, Nepal, Bahrain & Saudi Arabia. New offices will be shortly opened in Australia, USA&Canada.
10. LIC is known as the "Pension Provider" of the country.
11. 1st Pension company in India is floated by LIC as "LIC Pension Fund Ltd" on 21st Nov 2007.
12. First to create waves in the microinsurance sector by insuring people below the poverty line. In the years 2007-2008, 8.54 lac policies sold through the "Jeevan Madhur" Plan.
13. Widest range of plans (about 48) for every need of the customer of 0 to 79 years of age.
14. Biggest Portfolio of Group insurance schemes available.
15. "Jeevan Saral" one of the products of LIC got the "Best innovation product " award from I.R.D.A.
16. LIC has covered lick Risk of 1.13 crore citizens through "AAM ADMI BIMA YOJANA" & " JANASHREE BIMA YOJANA".
17. Very Unique Salary saving Portfolio.
18. Highest Number of Corporate Clients in Group insurance Scheme.
19. Expanding Distribution Channel through Bancassurance, Corporate Agencies, Broker ship & Chief Life insurance Advisor (CLIA).
20. New East - Central Zonal Office opened at patina to cater to the needs of states of Bihar, Jharkhand, and Orissa. 5 new Divisional offices were also opened in 2007-08. Pune D.O.was split into 2 divisions, viz Pune Division (i) and Pune Division (ii).
21. "Golden Jubilee Foundations" established for undertaking charitable activities like education, health, relief of poverty, etc.

People's Money for People's Welfare

1. LIC invested more than 11,630 crores, in the infrastructure sector is Rs.56,691 crores
2. In a socially-oriented sector like water, drainage & housing, etc, LIC has invested Rs.5,635 crores during 2007-08 & the total investment in this sector is Rs.32,321 crores.
3. Total investment in Social Sector Rs.89,000 Crs.
4. Different incentive schemes for villages, Schools, and Banks under Bima Gram, Bima School, and Bima Banks.
5. Total investment in Nation Building Activities is 5,76,000 Crs.

Financial Strengths

1. LIC's investment income in 2007-08 was Rs.40,655 crores. Out of Total income of Rs, 1,76,559.28 Crs.
2. Total Assets of the corporation as of 31.3.07 were Rs. 6,74,514.78 Crs.
3. The largest institutional investor in the Share Market. On average Rs.100 crore invested every day. During the year 2007 LIC earned a profit of Rs.10,000 Crs. from the Sale of Equity.
4. Largest Financial institutional investor both Equity market & Term House.