What is Insurance, how and why need it

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Insurance that, A company that provides coverage, in the form of compensation resulting from loss, damage, injury, treatment or difficulties in exchange for premium payments. The company calculates the risk of occurrence and then determines the cost of replacing (paying) the loss to determine the amount of the premium.

life insurance corporation (LIC)

Life Insurance Corporation of India (LIC of India) is the only life insurance company in the public sector in India. It was founded in 1956 with the merger of more than 245 insurance companies and pension companies. LIC is headquartered in Mumbai, the commercial capital of India and currently operates with 8 zonal offices and 113 divisional offices.

Why is insurance important? Let’s see 5 key reasons:-

1. Protection for you and your family.
Your family depends on your financial support to enjoy a decent standard of living, so insurance is especially once a family starts. It means that the people who matter most in your life are protected from financial difficulties if something unexpected happens.

2. Reduce stress in difficult times.
None of us knows what’s around the corner. Unforeseen tragedies, such as illness, injury or permanent disability, including death, can cause you and your family to face tremendous emotional stress and even grief. With the insurance established, the financial stress of you or your family will be reduced, and you will be able to concentrate on the recovery and rebuilding of your lives.

3. To enjoy financial security.

No matter what your financial position is today, an unexpected event can see it unravel very quickly. The insurance offers a payment so that, if there is an unforeseen event, you and your family can continue advancing.

4. Tranquility
No amount of money can replace your health and well-being, or the role you play in your family. But at least you can have peace of mind knowing that, if something happened to you, your family’s financial security is assisted by insurance.

5. A legacy to leave behind.
A unique death benefit can ensure the financial future for your children and protect their standard of living.

Objective : 

The main objective of Life Insurance Corporation of India is to provide life insurance policies to each and every one of the sectors of society and reach rural areas by providing them with ample financial coverage in case of death at a very affordable premium rate.

LIC Online Services

As the market is rapidly digitizing, LIC has also completely digitized its configuration. As one of the most trusted life insurance companies in India, millions of people in the country put their faith in life insurance policies. To provide simpler and more uncomplicated services to its broad customer base, the company has initiated the electronic services of LIC and has online data of more than 10 million insurance policies.

With the help of online services, the insurance holder can now dispose of many more facilities that were previously available only at the branch. The electronic service of LIC is an initiative taken by LIC to offer its clients on-demand services with just a few clicks.

Some of the facilities that can be availed online are-

  • E-service registration
  • Facilities of online payment
  • Policy Schedule
  • Policy Status
  • Bonus Status
  • Loan status
  • Claim status
  • Revival quotation
  • Premium paid certificate
  • Premium due calendar
  • Policy bond/Proposal form image
  • Claim history
  • Grievances registration
  • Online forms and process of different services offered by LIC

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