Introduction : Life Insurance Corporation of India (LIC) established in 1st September 1956. LIC is the largest and only insurance company which has Sovereign Guarantee by Government of India.
LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer since last 64 years.
As on 31st March 2020, LIC has 31.96 lakh crores assets (fund value), 28.92 crores policies, 2048 branch offices, 1526 satellite offices, 75.90% market share (policies) and 68.74% market share (FYPI).
Why Life Insurance is Important :
Life insurance guarantee full protection against risk of death to the insurere or policy holder. In case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
Insurance Regulatory & Development Authority (IRDA) requires all life insurance companies operating in India to provide official illustrations to their customers. The illustrations are based on the investment rates of return set by the Life Insurance Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not intended to reflect the actual investment returns achieved or may be achieved in future by Life Insurance Corporation of India (LICI).For the year 2004-05 the two rates of investment return declared by the Life Insurance Council are 6% and 10% per annum.
I Mr Santosh Raghuvir Parab has working as a LIC consultant since 2011. My aim is to spread awareness of life insurance to every individual and them the importance of insurance in this world. I am also a part of continuous insurance training programmes conducted by Indian Institute of Excellence for updation of my knowledge in insurance sector. I am specially working on Retirement Planning, Child Education Planning, Child Marriage Planning etc.