LIC is a leading player in the life insurance sector across India.These days, LIC has had to compete with private life insurance players such as Tata, Reliance, Kotak, HDFC and ICICI. One should always opt for LIC policies as they are reputed, genuine and reliable unlike the Private players. These days, all Insurance players are governed by the IRDA Act. Lic policies are preferable also due to the reason that their premium payable amount is lower when compared to the private players. Premiums are payable monthly, quarterly, half-yearly and yearly. Premiums can be paid in cash, cheque or direct deposit to the bank account of LIC in banks such as Corporation Bank. Thus, one is always advised to go in or LIC Policies due to many factors such as their range of plans, settlement of claims, courteous attitude of the staff, Low premiums and good customer service.