LIC the Famous Insurance Policy in the Market

Generally, insurance is a contract between the company and the policy holder, according to which, against a sum of money the company promises to pay back a specific amount after a certain period of time. Generally, premium is based of monthly installments. There are several kinds of insurance plans available in the present day market. Home policy, travel, car, medical policy, accident and general indemnity policy are some of the most famous policies among the people.

The life insurance policy is one of the famous policies in the market. Basically, this policy is an agreement between two parties to compensate on uncertainty of life in exchange of a fixed amount of monthly, quarterly, half-yearly or annual premium. It is a risk mitigation tool as well as a tax saving tool. Some years before, indemnity services in India were limited to big cities and towns with only LIC (Life Insurance Corporation of India). There were also lack of other agencies and corporations at that time. With the rise of Private Corporation in the insurance sector, the market has seen a drastic boom. Now, all the big financial companies are providing insurance plans to the people.

LIC has deployed the funds to the best advantage of the policy holders as well as the community as the whole, true to the spirit of nationalization. National priorities and obligation of reasonable returns to the policyholders are the main criteria of their investments.

Your investment in LIC's funds is governed by Section 27A of the Insurance Act, 1938 subsequent guidelines/instructions by the Government of India from time to time and the IRDA by way of regulations.

HERE Some Feathers on LIC Chandigarh

1. Critical Illness Benefit
2. Accident Benefit
3. Partial withdrawals
4. Loan on policy

There also another benefits on The Web Page.