Life insurance is a protection in the form of coverage that is provided to various individuals or group of people. It is way of investment and a security for your family as it acts as a protection cover in case of unpleasant incidents. Not only the security or investment, it also deals with various economic or educational needs of the policy holder.
The life insurance corporation of India, a government project came up with the objective of giving out life insurance policies to the maximum people with a view of spreading information about the policy in the all the corners of the country including the rural areas. The company was founded on 1st September, 1956 with distinguished goals. And as per the growing fame and success of this company it’s obvious that the goals and objectives were well achieved.
The main purpose of the life insurance is to provide cover to the individual in affordable rates. There are many add on benefits also like tax benefits and the investment plans which make sure you are satisfied with the amount you pay. This way, it has successfully managed to establish its company and create 8 zonal offices, 109 divisional offices, 2048 branch offices, which is a great achievement in itself. Over the past 55 years, LIC has made enormous growth with good profit as well as providing security to the people as per their needs.
The life insurance corporation has a large number of policies for individuals, students, old age people, retire people, but there is a need to study the rules or conditions is each policy so as to know the exact suitable policy as per you need. So it’s necessary that you go and buy the policy through an insurance agent, as they are professionals and can provide you better judgement about the required subject.
The different existing policies are unit linked plans, endowment policies, health plans, pension plans, joint plans, etc which are standardized as per your requirements. The best thing is to be well informed and choose the policy as per your needs and affordability.