LIC full form in English|| history, facts, products

LIC full form in English


LIC full form in English: Life Insurance Corporation of India.

Above all, LIC is an insurance company. Owned by the government of India. Apart from giving insurances. It also helps people to join investments. LIC is known to be a life-saving company. Involved in the work of saving people's money. The insurance company was founded by the Indian government. In the month of September 1956. LIC has a notable motto of: " Yogakshemam Vahamyaham" meaning your welfare is our responsibility.


According to Wikipedia, the first insurance providing company was the Oriental Life Insurance Company. It was founded in the year 1818, in the city of Kolkata. However, Surendranath Tagore is considered to be the founder of the LIC company. Earlier it was called by the name of Hindustan Insurance Society. However, knowing the LIC full form in English is worth it.


FACTS TO KNOW ABOUT LIC:


1. A parent of 245 insurances: It is an unfamous fact. LIC is formed by the combination of two hundred and forty-five small companies. It has a history dating back to the 1950s. There were a lot of insurance companies, before independence (1947). Due to the government's decisions - they were merged in a single corporation for the entire country. The number 245 is made of 154 life insurances, 16 foreign and 75 provident companies.


2. Zero competition: The LIC had zero competition. In the niche of insurances and investments department. It used to be the only company in its niche to exist. However, the Indian government made insurance companies only to government organisations. For about forty-four years. LIC stood alone in the market. Caring and handling insurances at the national level.


3. Guaranteed Insurance: LIC is a government organisation. It is launched by the government. And hence, it has a hundred per cent guarantee towards its work. There is no chance of being fraud or duplicacy. Moreover, they are handled by the central government. And has a 100% guarantee. Claiming any fault will be sorted out. In a fair and just manner.


4. 95% profit share: LIC is a profit-making corporation. It is capable of making lots of profit. And hence it has an intelligent strategy. A good and well profit-making strategy. Due to its strategy, it shares a 95% profit. 95% profit is given to the investor. And the rest 5% is taken by the government of India. Making it the most trustable reputed insurance corporation in the entire country. Moreover, knowing the LIC full form in English is worth it.


THE OTHER THREE FACTS TO KNOW:


5. Large Investor: LIC is known to be the biggest investor in its field. It does a huge amount of investments. Moreover, ranging from about 45k to 50k crores a year. However, the total investments are around 5.1 trillion rupees. Among its total investments. Around eighty-five per cent of it is invested in the government reserves.


6. Countries: Even being an insurance company from India. LIC has spread its links all over the world. There are many countries around the world, where LIC has its links. The countries are Fiji, Mauritius, UK, Bahrain, Kuwait, Qatar, UAE, Oman, Kenya, Nepal, Sri Lanka, Singapore, Bangladesh and New Zealand. However, LIC is the leader in the market of the country of Fiji.

7. 15% stakeholder: LIC owns about 15% property of two companies -ITC and L&T. These are big companies with turnovers in lakhs. Even, though LIC holds about 11% of the State bank of India (SBI) and the Reliance company. Moreover, it also has its stake in companies like -  Tata Steel, ICICI Bank, Axis Bank and PNB. Moreover, it is a big-budget promoter. Of companies such as the NSE, NCDEX, LIC Mutual fund, Stockholding corporation, national insurance academy, Insurance Institute of India etc.  


THE PRODUCTS OF LIC: 

According to myinsuranceclub.com, it has got three major products:


1. LIC Bima Diamond Plan: It is a great plan provided by the company. It provides a life cover for a time period. Greater than the life period of the policy. Moreover, it is a great plan providing a bonus at the end of the completion of the policy life.
2. LIC Jeevan Pragati: A policy provided by the company of LIC. Enabling you to keep your money safe. And save your money at the same instant of time. The only thing you need to do. Is to pay a regular premium for your chosen policy term. However, under this plan, you will be awarded the Basic Sum Assured life cover.
3. LIC Jeevan Shikhar Plan: As the name suggests, it is a death plan. The corporation will return your money only in the case of life loss. It has separate conditions. Regarding the period of death within or after the first five years of the policy life.
4. LIC Jeevan Labh Plan: However, this plan is the ultimate one. All you need to do is to pay premiums for a certain time period. Then, you will get your maturity benefits at the end of the term's life. In case, the policyholder dies. He or She will be given with the Death Benefit.
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