The Full Form Of LIC
What Is The Full Form Of LIC? LIC stands for Life Insurance Corporation of India. It is a public sector company in India that deals with life insurance coverage products and investment plans. Its motto is”Yogakshemam Vahamyaham” which indicates”your well-being is our responsibility”.
It had been established in 1956 when Parliament of India passed the Life Insurance of India Act. This act merged and nationalized around 245 insurance agencies and provident societies to create state-owned Life Insurance Corporation.
Today, LIC is the largest life insurance coverage provider in India. It is headquartered in Mumbai, India. It has 8 zonal offices, 113 divisional offices, and over 2000 branches. It has a ton of over 14 lakh LIC-agents to advertise its insurance business within the country.
As per the Economic Times Brand Equity survey of 2012, the LIC was at the 6th position in the record of trusted service brands of India. It has won various awards such as MEIF institutional Excellence Award 2012.
It provides products including life insurance coverage plans, savings and investment solutions. A few of the popular LIC products/plans launched in 2016-2017 are given below;
1. LIC Bima Diamond Plan
2. LIC Jeevan Pragati
3. LIC Jeevan Shikhar Plan
4. LIC Jeevan Labh Plan