What is the purpose of LIC?
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What is the purpose of LIC?
The primary objective of LIC of India is to spread the importance of life insurance widely in the rural areas and people belonging to socially and economically backward classes. The company functions with a view of providing such individuals with financial cover against death at a reasonable cost.
What is meant by LIC policy?
*This is a sponsored feature by LIC. Life insurance is a contract between an insurance policyholder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
How do you paid up LIC policy?
It is calculated using the following formula:
- Paid up value = Original sum assured x (No. of premiums paid / No. of premiums payable)
- Example of surrender policy.
- Surrendering a policy is suggested when.
- Making a policy paid up is suggested when.
- Just looking at it from absolute numbers point does not make sense.
What does LIC stand for?
LIC may be used in military operations which means low-intensity conflict. LIC stands for linear integrated circuit in military. loop insertion cell term is used in military. In military, line interface coupler is abbreviated as line interface coupler.
What are the main corporate objectives of LIC?
Based on the objective, the corporate objective of LIC has been, “Bear in mind, in the investment of funds, the primary obligation to its policyholders whose money it holds in trust, without losing sight of the interest of the community as a whole”. The LIC is performing this job through decentralised investment.
What does the name Lic mean?
In the sense shown in 2), “Lic.” is a title of courtesy used in Spanish for someone with a bachelor’s degree. There is no equivalent term in English. Lic. An abbreviation is the shortened form of a word or group of words (e.g. “UFO” = “unidentified flying object”; “p.” = “page”). El Lic.
What is the full form of LIC?
The full form of LIC is- LICI: Life Insurance Corporation of India LIC is an abbreviation of the Life Insurance Corporation of India. It is a public segment insurance and investment group corporation in India that generally deals with life insurance products and investment plans under the government of India.