IRDA says LIC's claim settlement better than private insurer

Private insurance companies fared poorly  in term of settlement of death claims in 2012-13 as compared to LIC says insurance regulatory development authority(IRDA). as per IRDA annual  report, LIC is the no 1 insurance company for settlement.life insurance corporation posted claim settlement ratio of 97.73 percent  last year as compared to 97.42 percent  in 2011-2012. LIC 733545 cases  completed its death claim settlement in 2013. but if u see in private insurance company's settlement ICICI Prudential has done only 14393, HDFC Life 5988, SBI Life 12676, MAX Life 8531 and KOTAK Life 2843. now everyone can see the difference, why LIC settlement better than private insurer.The Life Insurance industries recorded a premium income of over 2.87 lakh  crore during 2012-13 up 0.05%  over the previous year. while private sector insurers posted 6.87 percent decline in premium income . LIC recorded 2.92 percent growth in 2012-13 compared to the previous year.    

History of LIC

LIC is an Indian state owned insurance group and investment company Headquarter in Mumbai . it is the largest insurance estimated asset value of INR 1560481.14 crore(US $260 billion). As of 2013 it had total life fund of rs.1433103 crore with total value of policies sold of 367.82 lakh in 2013. The Life insurance company(LIC) was founded in 1956 ,when the parliament of India passed the life insurance of India act the nationalized the private insurance industry in India. over 245 insurance companies and provident societies  were merged to create the state owned life insurance corporation.there is 9 crore agents working in LIC all over India.so its a huge number of agents working for  LIC.






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When competition has done well , LIC has done better

Life insurance corporation of India is the biggest insurer of India. so LIC has known  the king of insurance industry. LIC's  income from premium collection 65,775 crore in last 9 months declared by IRDA, on the other hand several large private  sector insurance companies, including  ICICI Prudential, HDFC standard life ,Birla Sun life and SBI life collected premium amount is 18,951 crore .there is a huge different between LIC and private  insurance  companies. every private insurance company tie up with foreign companies. but LIC is one and only brand. so most of person taking LIC policy and securing their family .we proud to be  part of LIC.

LIC Investment plans and Term insurance Plans

New Endowment plan is a investment plan, which gives good returns in low premium. in LIC everyone can calculate their premium and maturity, but this is depend on investment and Term. Term plan is a best plan also, but term plan there is no maturity benefit. but it will give security to family.some peoples are spent money in cinemas, shopping and other places, but they forgetting the responsibility of their own. this is the big mistake of their life. life is uncertain, peoples are thinking insurance is a common thing, if they think for sometime about their family, then they know how the insurance is a huge need in family 1st and take a insurance plan of LIC. LIC have all the plans to fulfill their needs. 

Ministry ask LIC to consider life cover for all jan dhan beneficiary

The Jan Dhan Yojana is a financial inclusion mission to be lunched by prime minister sri Narendra Modi ji . The finance minister Sri Arun Jaitly has asked to state-owned Life Insurance Corporation to provide life cover of 30,000 to each of the 15 crore new bank account holder proposed to be covered under Jan Dhan Yojana . its a good idea of Modi ji to secure the families of Jan Dhan Yojana account holders. Since LIC is the country's biggest insurer , Modi ji has choosen LIC to insure of all account holder of Jan Dhan Yojana 

Why need Life insurance ?

Once a person taken a LIC policy ,policy holder name was Radhanath Acharya and his age was only 28.The policy holder belonged to a poor family, he collected some money everyday for premium of his LIC policy. But he didn't inform his family ,he was taken all the responsibility of his family ,all members are depended on Radhanath . After 4 years, he died unfortunately in a road accident. After his death, that family was totally helpless. After some days his family got a courier, that was  from LIC. They invited the family to LIC office and they were given 5 lacs insurance amount by LIC. Only then his family came to know about the insurance policy taken by him. And also what is the Importance of a insurance policy for everyone. Then they have taken a LIC policy for all of the family members. This is not a story, rather this is a real incident happened in the year 1988. So,  moral is - "Everyone has to secure their family, Everyone has to think about your family, Because you are the one who takes care of your family". Just take a Insurance policy and secure family

LIC - Insurer with highest claim settlement ratio in the world

LIC is the no 1 insurance company in insurance industry , as LIC fulfills every needs of everyone and Trust's 2nd name is LIC. New Jeevan Anand is a investment plan with whole risk cover. It protects your family and provides you security till 100 years. LIC is not in India alone, its in abroad too. now* LIC (International) is in talks with Bahrain-based financial institutions to become a part of their distribution channel in the Gulf nation. Everyone trusts LIC because of the reason - The total premium collected by LIC during 2011-12, 2012-13 and 2013-14 was at Rs 8.88 lakh crore, according to official data. Now LIC's branch offices are in UNITED KINGDOM, FIJI, SRI LANKA, GULF COUNTRIES, Lautoka, Bahrain, MAURITIUS, KENYA, Dubai, Kuwait, NEPAL, Qatar, Saudi Arabia also and there is facilities for NRIs to take LIC policy in india.*