Is LIC term insurance better than others?

I did a comparison of LIC term plan premiums against other private sector insurers and found that for a 30 year old, a 20 year term plan for Rs 1 crore, the premium charged by LIC is Rs 30,000 while others including Prudential ICICI, HDFC Standard Life and SBI life were 70 percent cheaper.

Is buying LIC online cheaper?

Cost and Sum Assured Most types of life insurance plans those are available online, work out to be almost 30-70\% cheaper compared to their offline counterparts. This is primarily because no agents are involved, thereby eliminating agent commissions/intermediary costs.

What is the difference between LIC and private life insurance companies?

Out of these, Life Insurance Corporation (LIC) alone has issued 201.32 lakh policies (76.1\%) on the other hand, all the private life insurers combined together have issued just 63.24 lakh policies (23.9\%). However, private players have registered a growth of 2.13\% against the previous year, whereas, LIC has registered a decline of 2.02\%.

What is the market share of Lic in the Indian insurance market?

Market Share – Life Insurance Corporation (LIC) currently holds 71.81\% of the total Indian Life Insurance market as against 28.19\% held by all the 23 private players for the year 2016-2017. LIC’s share has decreased from its previous holding of 72.61 \% in 2015-16, the private insurers have made a gain of 0.8\%.

What is the benefit of a claim management system in LIC?

It guards policyholders of both private companies and LIC from claim rejection on unfair and undue grounds like sharing wrong information.

When was Life Insurance Corporation of India (LIC) formed?

And thus, Life Insurance Corporation of India was created on 1st September, 1956. Till the year 1999-2000, Life Insurance Corporation (LIC) had a complete monopoly over the Indian life insurance business until the entry of private players.