SERVICES
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Know About Life Insurance
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Lic more than 30-Crore Policies (Larger than population of many Countries)
Net worth of company Assets 2,009,119 crore (US$300 billion) (2016).!!!!
Settlements to policy holders 99.66%(OTHERS NOT EVEN NEAR TO LIC)
LIC is the No. 1 brand in service sector and 240 million + lives are part of LIC of India.
LIC is the biggest life insurer in the world.
Best infrastructure – 2048 LIC branches (fully computerized) 1275 satellite offices, more than 1.16 lac employees and 11.72 lac agents.
Excellent claim settlement ratio.
Who Can Buy A Policy?
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Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.
Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.