Life Insurance Corporation of India (LIC of India) is the largest insurance company in India. LIC of India was founded in 1956 with the merger of 200 insurance companies. Currently, LIC has Rs.9.31 trillion worth of assets. Its fully owned by Govt. of India and LIC funds about 1/4th of government expenses. LIC India has various insurance plans to suit your needs from child insurance to pension plan.
LIC's entry formalities are stringent but claim settlements are assured 100%, if the declarations given in the proposal form are true. In the matter of claim settlements, LIC tops the list with about 98%( claims settled) while others are far behind. The remaining 2% rejections are as a result of false statements in the proposal form. You can check the history of claim settlements of other insurers and decide the Insurer.
Tax benefit is available on all policies u/s 80C but your yearly premium should not be more than 20% of sum assured. Which means, if you invest 1 lakh and your SA is also 1 lakh then you will get 20% tax benefit. And If you invest one lakh and SA is 5 lakhs then you will get 100% tax benefit.
Tax benefit is available on all policies u/s 80C but your yearly premium should not be more than 20% of sum assured. Which means, if you invest 1 lakh and your SA is also 1 lakh then you will get 20% tax benefit. And If you invest one lakh and SA is 5 lakhs then you will get 100% tax benefit.
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