Why Life Insurance Corporation of India is best?

Positions:

• Largest Insurance Company in the World in terms of customer base. (More than 22 crore customers)
• No.1 Insurance company in the world in terms of agency (about 1.2 million agents)
• 2nd Largest company in terms of computer use.
• 2nd biggest estate owner, next to Indian Railways.
• Largest financial institution in the country having 6,65,636 Cr.of investments.
• Highest surplus generating company in India. 

Awards:

• Adjudged the “Most trusted service brand” in India, by “Economic Times” and ”AC Nelson ORG Marg”. For the year 2007 for the 5th consecutive year.
• LIC adjudged as “Best Life Insurance Company of the year” at the “2nd NDTV – Profit Business Leadership Awards - 2007”.
• LIC adjudged as “Most preferred Life Insurance Company of the year” at the “CNBC AWAAZ” consumer awards 2007 for 3rd time in succession.
• “Web 18-Genius of the Web Award” for the Best Website in Insurance Category.

Honoring the commitment – Settlement of claims:

• No.1 Insurance company In the Wrld in terms of claims paid.
• LIC settles 2.21 claims per second. In the year 2008-09 LIC has paid 149 lakh claims.
• Prompt settlement of claims – 97% of maturity claims settled on or before due date.
• One of the lowest outstanding claims ratio (MAT + SB – 0.26%)

Advanced Technology for better customer service:

• Fully computerized & networked 2048 branches & 159 satellite offices throughout the country.
• Use of High tech – WAN, LAN, IVRS & EDMS.
• Premium payment facility extended through networked 2048 branches, ECS, ATMS, through Internet, online portals, collecting banks.
• 45 Interactive Voice Response System (IVRS No. 1251) centers all over the country to provide information on policy servicing. Facility is available 24X7. 

Wide range of products:

• LIC has A plan for every need, A scheme for every home, A plan for every age.
• LIC has 48 products which caters the need of all aged 0-75years. 

People’s money for people’s welfare:

• Total investment in social sector, Rs. 89,000 Cr.
• Total investment in Nation building activities like water supply, roads, electricity, drainage etc. is Rs. 5,76,000 Cr.

What Is Business interruption insurance?

Business interruption insurance (also known as business income insurance) covers the loss of income that a business suffers after a disaster while its facility is either closed because of the disaster or in the process of being rebuilt after it. A property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred. 


This type of coverage is not sold as a stand-alone policy, but can be added onto the business' property insurance policy or comprehensive package policy such as a business owner's policy (BOP). Since business interruption is included as part of the business' primary policy, it only pays out if the cause of the loss is covered by the overarching policy. 

Coverage

Policy offers comprehensive cover against all perils excepting those specifically excluded. The Policy covers loss or damage due to :

Fire and Special Perils

Burglary

Machinery Breakdown/ Boiler Explosion/ Electronic Equipment Breakdown

Business Interruption due to Fire and Special Perils, burglary and other accidental damage.

 

Rate of Returns and the Risk Level for the various Investment Products currently in India

Instrument	Average Returns	Risk
Savings Account	4%	Very Low Risk
Fixed Deposits	8 to 9%	Very Low Risk
Corporate Bonds	8 to 12%	Low to Medium Risk
Government Bonds	8 to 10%	Low Risk
Equity Mutual Funds	15% or More	High to Very High Risk
Balanced Mutual Funds	12 to 15%	Medium to High Risk
Debt Mutual Funds	10 to 12%	Low to Medium Risk
Direct Equities	30% or more	Very High Risk
Gold	12 to 15%	Medium to High Risk

All numbers above are indicative and average only. The actual returns may depend based on the type of Instrument being bought and the returns offered by the actual instrument.