Why Life Insurance Corporation (LIC) Has Become Integral Part Of Our Life

We all know how precious life is. Accidents, whether they are small or big, are a part of our life. In such a situation, Life insurance is necessary for every person. India is one of the most populated countries in the world but the necessity of insurance is not understood as it should be.

What is LIC?

Life Insurance Corporation is an insurance and investment corporation owned by Indian government. It comes under the ownership of Ministry of Finance, Government of India.

LIC was established on 1^st September 1956. This was the time when the Parliament of India passed the Life Insurance of India Act. This initiative of Indian Government nationalized the insurance industry in India.

Importance of LIC:

In our life, we all want to have financial stability and savings are one of the best ways to create our safe zone in this regard. But would it be sufficient in today’s time when livings are so costly? Now insuring our assets with common insurance policies is equally important.

If you want to have a financially secured life then LIC plays a very crucial role in your life to stabilize it. Insurance is one of the integral parts of financial planning. There are many types of insurances. We can choose according to our needs. We can secure our health, travel, costly motor vehicles, home etc.

Benefits of LIC

1. Financial Security:

Life is full of uncertainty. Whatever we have saved till now would that be enough for the unknown accidents. We can secure health of our family and assets with insurance. We can buy and also can renew insurance and can receive a payout as a financial support.

2. Complete security of family:

We cannot deny that how important our family members are. Health insurance of family members is one of the most important insurances. We can protect our family of any uncertainty in regard of their health.

3. Transfer of Risk:

By having insurance we can reduce our financial burden. As an insured, we pay premiums and receive compensation from the insurer.

In India, there are many insurance companies from where you can buy insurance according to your requirements. You can also apply for it online and you can also send request through toll free number.

A list of popular insurance companies:

• SBI Life Insurance

• Aviva Life Insurance

• Pnb Metilife Insurance

• Indiafirst Life Insurance Company Ltd – India First

• Canara Hsbc Obc Life Insurance

• Bharti Axa Life Insurance

• Bajaj Allianz Life Insurance