What is the full form of LIC?

The full form of LIC is the Life Insurance Corporation of India. A government-owned insurance and investment firm, LIC, was created in 1956 as a result of the Life Insurance Act of India, which nationalised the insurance sector and gave the government authority over it. The goal, according to the LIC’s website, is to give residents a higher return on economic security through services and goods than the majority of other market participants in investments, assisting them in creating a certain standard of life and fostering economic development.

Main Objective of LIC

• To reach the greatest number of people with adequate protection against death, LIC help reaches the nation’s rural areas.
• Using economic growth and acceptable growth potential as a source of income
• In order to meet the goals of the nation, the money raised by such programmes is used in sectors of national importance and in the best interests of policyholders.
• Serve as an Insured Trustee
• Adapt to the changing needs of the industry and the expanding market
• Utilize employees to their fullest potential in terms of expertise for the benefit of policyholders.

History of LIC

• The Oriental Life Insurance Company was the first business in pre-independent India to provide life insurance services; nevertheless, it focused primarily on the local European population and demanded higher rates from Indian customers.
• Surendranath Tagore launched the Hindustan Insurance Society after that. Other businesses started up in this area up to 1956, but as industry fraud grew, the Parliament approved the nationalisation of the industry in 1956.
• In 1956, the Industrial Policy Resolution went into effect, nationalising 17 services; the insurance business is one of them. Due to nationalisation, the 254 private firms in the insurance industry merged to form the Hindustan Insurance Society, which later became the LIC of India.

List of LIC product line

It provides different product lines, including life insurance policies, savings, and investment products. Below are some of the famous LIC products or plans introduced in 2016-2017 are

• LIC Bima Diamond Plan
• LIC Jeevan Labh Plan
• LIC Jeevan Pragati
• LIC Jeevan Shikhar Plan.