Is LIC policy worth buying Quora?

Definitely, it is a good decision! First thing people need to understand is it’s is an insurance agency not a company to invest your money. LIC gives money to your family if something happens to you, even if you survive through the years, LIC will give your money back with some bonus after maturity.

What are the disadvantages of LIC?

Disadvantages of Life Insurance

• Policyholders forego some current expenditure to pay policy premiums.
• Cash surrender values are usually less than the premiums paid in the first several policy years and sometimes a policyowner may not recover the premiums paid if the policy is surrendered.

What is the benefit of buying life insurance?

Why is life insurance important? Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.

What are the benefits of LIC Life Insurance scheme of India?

The scheme of LIC of India provides both maturity and death benefits together with gain participation bonuses. Flexibility to choose policy term from 16 years, 21 years or 25 years. Free-look period of fifteen years from the issue date of the policy. This policy offers a revival period of two years.

Is LIC a private or public sector insurance company?

LIC of India Overview. Life Insurance Corporation of India (LIC of India) is the only public sector life insurance company in India. It was founded in 1956 with the merger of more than 245 insurance companies and provident societies.

Which is the only public sector life insurance company in India?

LIC is the only public sector life insurance company in India. The Life Insurance Corporation of India was founded in 1956 with the merger of more than 245 insurance companies and provident societies.

What is the history of Life Insurance Corporation of India?

The Life Insurance Corporation of India was formed in the year 1956 as the sole life insurance company in India. Since then, till the year 2000, the company has enjoyed a monopoly position in the life insurance segment and has created a customer base of more than 250 million individuals.