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The 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 ]
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
An ordinance was issued on 19 January 1956, nationalising the life-insurance sector, and the Life Insurance Corporation was established that year. 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.
An intriguing aspect of life insurance, especially within whole life policies, is the concept of limited-pay life insurance. This variation allows for a more accelerated premium payment schedule ...
Whole life insurance: Whole life insurance is a type of permanent life insurance that provides lifetime protection as long as you continue to pay the premium, with fixed premiums and cash value ...
As of 31 March 2013, the Total Premium (net of re-insurance) was Rs. 40.15 billion, whereas new business premium stood at Rs. 13.77 billion. The company achieved a profit of Rs. 3.80 billion. The company sold 760,000 policies during 2012–13 with total managed funds valuing to Rs. 181.89 billion, through a wide network of distribution with ...
Life insurance usually requires premium payments to keep the policy active—either monthly or annually. Life insurance can be temporary or permanent, and some permanent policies may offer a cash ...
We understand that entering your personal data online can be scary, but AOL and LifeLock have teamed up to make it possible to protect your information. AOL will not store your Social Security number. Your Social Security number will be passed directly to LifeLock on a secure server.