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Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$610 billion) as of March 2024. [ 4 ]
The LIC absorbed 154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a monopoly until the late 1990s, when the insurance industry was reopened to the private sector. General insurance in India began during the Industrial Revolution in the West and the growth of sea-faring commerce during the 17th century.
Single premium contracts and those running for a short term are subject to income tax depending upon the marginal rate in the year a gain is made. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders.
For premium support please call: 800-290-4726 more ways to reach us. Sign in. Mail. 24/7 Help. ... January 3, 2025 at 2:20 PM. According to the U.S. Drug Enforcement Administration, the 2mg ...
LIC is a three-letter abbreviation that may refer to: Hlai language (an ISO639-3 code: lic) Laudetur Iesus Christus, a Roman Catholic greeting; Abbreviation for license; Licentiate, a degree; Life Insurance Corporation, an Indian government-owned corporation; LIC or Love Insurance Corporation, working title for the Indian film Love Insurance ...
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In this form, the premium paid each year remains the same for the duration of the contract. This cost is based on the summed cost of each year's annual renewable term rates, with a time value of money adjustment made by the insurer. Thus, the longer the period of time during which the premium remains level, the higher the premium amount.