Life Insurance Corporation (LIC) is a state-owned insurance company. Till date, it is considered as one of the most trustworthy and reputed insurance companies by most consumers.
Founded in 1956, LIC has been offering a variety of life insurance plans since its inception.
What is Life Insurance?
Life insurance can be explained as an agreement between the insurer and the insured wherein a fixed amount is paid to the beneficiaries of the insured on his/her death. Such payment is paid in lieu of the premium that the insured pays for a certain period while alive.
How To Spot The Best Insurance Plans by Life Insurance Corporation?
Best Life Insurance Corporation (LIC) has a plethora of options when it comes to buying a life insurance. To know about them and buy them, you can visit Coverfox.com.
However, you should be wise and careful enough so as to choose the plan that best suits your needs and budget.
Here are a few factors that can help you spot the best insurance plan.
1. Amount of Cover
The amount of cover varies for each plan, depending on the premium that you pay. The more the premium, the higher the cover amount. A good life insurance plan would be the one that can gives you maximum returns by paying a nominal premium that is spread over a period of time, so as to lessen your financial burden.
2. Riders
Riders are the additional features or add-ons that are associated with the life insurance policy. Most riders come for a price meaning that for every additional feature you buy, you would have to pay a higher premium. However, there are certain insurance policies that come with basic riders free of cost.
Choose an insurance policy that can offer you great features at a decent price along with the basic cover.
3. Ability to Waive Premiums
Certain policies come with a feature that waives the premium of the insured in the event of a disability or inability to work due to other factors. Such insurance policies are extremely helpful in ensuring that the family of the insured is not burdened to pay the remaining amount of premium.
4. Rebate Offerings
Certain life insurance plans of LIC offer a rebate as well in certain situations.
For instance, premiums may be low in case an insurance policy is bought by a female so as to promote women to come forward and invest in insurance options.
Benefits of Buying Plans from Life Insurance Corporation:
Life Insurance Corporation (LIC) is often the first choice for several customers in India. This is because of the inherent benefits that the company offers to its consumers and the ease of buying the policy. These days, you can buy a life insurance plan online and avoid going through the arduous process of physical documentation.
Visit Coverfox.com to get a glimpse of the plans offered by LIC, all in a single go.
Take a look at some of the biggest benefits of buying Life Insurance Corporation’s plans:
1. Trusted Brand:
LIC has been a recipient of several prestigious awards and titles for rendering unmatched services to its consumers. It was awarded the Golden Peacock Award back in the year 2015.
Apart from that, it was also awarded with ‘India’s Most Trusted Brand’ in 2015 for having a trustworthy image in the eyes of insurance buyers.
2. Easy Claim Settlement Procedure:
LIC is well known for settling claims of its consumers without any hassle or delay. In fact, it had the highest Claim Settlement Ratio of over 95 per cent in the insurance sector in 2015. In case you have purchased the policy online, you can easily claim the insurance amount on the internet without having to undergo documentation.
3. Customer Services:
Life Insurance Corporation is known for its unmatched consumer services. The online customer helpline is extremely handy in case of any grievances. Not only this, you can get the details of your insurance policy even via SMS. With several branches in almost every city in the country, LIC has always ensured that customer satisfaction remains its first priority.
4. Range of Plans:
There is no doubt that Life Insurance Corporation has a variety of options for its buyers. Right from Pension Plans to Endowment Plans and a lot more, LIC has something for everyone in its basket.
Verdict
With several insurance companies trying to make a mark in the field, LIC still remains a pioneer in the field of insurance owing to its services and credibility. It is surely a name to reckon with.
