About LIC India:
LIC India, is probably one of the India’s first insurance company to provide the insurance to people. It was established in Sept 1956. Today it is one of the most attractive investment institution due to its various kind of policies. Policies are very well organized and every policy is designed by keeping certain segment of people in mind. People looking for tax savings, people looking for investment, people covering their threat to life, people looking for a lump sum amount after some years, people looking for periodic income, for all these people LIC India has something to offer.
Why to Invest in LIC India?
There are hundreds of reason to invest in LIC India but all depends upon your financial demands and needs. You invest in any bank or financial institution and you will get some return for it. Higher the return higher the risks. Well same is the case here, with one additional thing and that is in case if you are not able to pay your premium due to permanent disability or your death you still get the money which is mentioned in the contract (policy). So you get return plus you secure your self. Every one has its own financial needs and planning and LIC India can serve any one, because they has vast set of policies covering every segment of peoples. One of the major segment in India want to get the tax relief. This sector is normally highly paid executives and software consultants.
Who can buy a Life Insurance Policy ?
Any person who has attained majority and is eligible to enter into a valid contract can take out a life insurance policy for himself or for his or her loved ones. However the loved one are defined by the LIC India, and it should be one of them. You cannot take the policy for your buwa ke ladke ke sale ke bhatija. Well for more info you can contact the LIC agents.
How About NRI?
NRIs can take the policies and they can even make payments in their local currency (with few restrictions). For more information contact any LIC agent or refer to their website at https://licindia.com.
Careers at LIC
When it comes to career at LIC India I will recommend go for becoming an LIC agents. If you have good communication skill, convincing power and some network this is a right place for you. To be an agent you don’t need to have any degree or any other professional certification. The best part in this job is that you get a policy once and you will be paid some percentage for the life of the policy. A kind of royalty, isn’t it?
While taking a new Policy
Its a good idea to research different policies offered and decide in advance which one to take. Then talk to agent. Try consulting the agent who is known to you because he will tell you certain things which others may not tell you. Also as LIC agents gets lot of commission on your premium for first few installment, ask for some discount in first few installments. This amount can depend upon the agent and you. If agent is trying to reach his quota he will give you good discount else he may be reluctant or may offer a little.
Read each and every terms and conditions in the contracts. There are some LIC policies in which you will not get any money if you are dead due to some decease (will be mentioned in the contract). So be careful, after all this is your hard earned money, read , read and read, If you don’t understand ask for an explanation. The best person can be an LIC officer or manager, generally can be found in any LIC branch.
How does LIC gets benefitted?
LIC India invest the money in some long run projects. Most often these projects are having backing with Central or State government. Also recently LIC India has started lending money to some well known Private Sector Units. As of Dec 31 2003 the following are the Investment made by LIC India in different Areas, the amount is in crores:
Type of Investment Amount (crore Rs.)
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Central Govt. Securities 137276.00
State Govt & Others 28988.00
Electricity (sebs) 14508.00
Housing 19944.00
Water Supply& Sewerage 4420.00
State Road Transport Corp 1358.00
Loans to Industrial Estates 45.00
Loans to Sugar Co-ops 37.00
Development Authority 1.00
Roadways, Port, Railways 781.00
Power Generation (pvt sector) 6105.00
Municipalities 14.00
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TOTAL 213477.00
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Well this is all green side, how about some .....
Well like any other coin this too has some negatives. I don’t have any personal experience but I do feel sometime negative about LIC India. For this credit goes to Indian cinema, because hundreds of times we have seen in the movies that hero’s father is dead and his mother wants to get the LIC money, but she is not able to get the money because the ’’babu’’ siting on the accountant chair is one of the ’’villain’’ (with which hero will settle his score later). And she becaomes the victim of Red-tapisim in Indian Administration and end up staying at footpath, where our Amitabh grows...... and story goes like that....
May be there are some instance like this in real but for this its not hundred percent correct to blame the systems itself. If some people try to corrupt the system lets deal with people, rather pointing finger towards whole system. LIC India as a system has good motive and objective. We should do our best in knowing our rights. With that we can fight with corrupt individuals not only at LIC but many other places.