LIC OF INDIA is the biggest life insurance company in India operating since 1956 with more than 2000 branches and offices. To change a LIC BRANCH for your LIC POLICY is very easy. Simply write the mail or give a written request to your home LIC BRANCH mentioning the name of the new LIC BRANCH and your LIC POLICY will be shifted from your old LIC BRANCH to new LIC BRANCH which you demanded.
1) . In LIC OF INDIA each branch has a name either simply numeric like 122 or 91 or 113 or any number something like that. Sometimes you will find the name of the LIC BRANCH will be the combination of numberic letters followed by English alphabets like 11A or 91P or 11P etc.
2). LIC BRANCH is usually written on your FIRST PREMIUM RECEIPT and also on the LIC POLICY bond.
In the time of uncertainty, People wants to have regular & fixed income but it is almost impossible to get regular, fixed and hassle free income lifetime. Business man who have doing good and wants a security for their family can opt for these plans as you never know what will happen in future but your family will be safe life time they keep on getting regular and fixed income. People who wants to have regular, fixed and life time guaranteed income for them its a ray of hope. LIC OF INDIA offers two plans where they can get guaranteed monthly, quarterly, half yearly or yearly income through out their life.
One plan is suitable for children ( Specially for Girls ), In this plan, A lump sum or annual payment is made till the term of the policy after the maturity the child keeps on getting a regular, fixed and life time income and a handsome insurance also for their full life. and This plan is guaranteed by cent. govt. as well. For more details Visit LIC HELPLINE
In another Plan, The minimum age of getting regular, fixed and guaranteed income lifetime is 40years of age, if you are less than 40years of age you can start investing in this plan and once you attain 40years of age you will start getting lifetime income. If you put a lump sum amount in this plan or regular annual investments even then you can get regular income for their life time.
There are various life insurance companies operating in India, every day a new company is planning to set up its operations in India. India is the 2nd largest country in the world population wise (1,210,193,422 as on March 31, 2011) and only 30% of the population is insured.
There are 23 life insurance companies operation in India as on March 31, 2011, including LIC OF INDIA . All 22 pvt. life insurance companies started their operation after year 2000. IRDA is the insurance regulator came into existence in the year 2000.
There is always confusion among new life insurance customers about their plans as mentioned above there are 23 insurance companies operating in India with more than 200 life insurance products.
In the busy life, people have very less time to do research and analysis about these life insurance products and they buy life insurance policies blindly as suggested by the company representatives or life insurance advisors near them.
There are various points to be considered while buying life insurance products, some of them are listed below:
What is the claim ratio of the life insurance company? You are buying life insurance policy to cover your family for unforeseen unfavorable future financial circumstances, but what if after buying life insurance policy your goal does not meet. LIC OF INDIA is settling maximum claims 99% , average of rest 22 life insurance companies are settling only less 72%.
What is the bonus rates declared by the company in last financial year? Life insurance companies declare their bonus every year, before buying the product please do consider the bonus how much maturity will come to you and ask your advisor to calculate it as per bonus declared by the company in last year. LIC OF INDIA has maximum bonus rates in entire life insurance industry.
What is the profit of the life insurance company? Life insurance Companies are going and coming, this process continues but you and your family has to stay. What is the guarantee that at the time of maturity the company will stay . Please do consider its profit and its balance sheet for better security to your family and its future. LIC OF INDIA has declared total profit of Rs 17,000 crores last year, whereas hardly any pvt. insurer company exits which have declared profit even 1000 crores.
for more details you can visit http://www.lichelpline.com and for the facts and figures mentioned above, please consult IRDA report 2008-2009.
In India, 23 different companies operating as on 1st Jan 2011, including LIC OF INDIA. All other insurance companies started their operation after the year 2000. All these companies offers variety of plans.
LIC OF INDIA is the largest insurer in India operating since 1956, it has launched more than 210 plans since its inception. Even today it offers variety of plans, they are 48 in numbers ( which is maximum in entire insurance industry of India) meeting the requirements of every individual. Insurance Plan, whole life plans, Endowment Plans, Child Plans, Joint life Plans, Plans for handicapped people, Ladies Plans, Retirement Plans, terms Plans, Investment Plans, Unit linked Plans, Health Plans, Special Plans.
Whoever you are, whatever you do, wherever you live, there is a plan in LIC OF INDIA for every Indian. Visit LIC HELP LINE to get the best plan for you.