Categories
Life Insurance

Is Term Insurance Mandatory for Home Loan?

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Is Term Insurance Mandatory for Home Loan?

No, neither term insurance nor home insurance is mandatory while availing a home loan. That being said, it is a wise and prudent choice to buy both term as well as home insurance. We will point out the reasons for the same shortly.

When a person approaches a bank to get a home loan, the bank will generally advise him to buy a home insurance plan before disbursing the loan to the loan applicant. This is generally done to safeguard the interests of the bank as well as the loanee. It must however be mentioned that there is no government regulation to support this.

As per Indian Law, a loanee can avail a bank loan without buying home insurance for that home. However, since banks have the prerogative to approve or reject a loan, they use their position of power to persuade the loanee to buy home insurance. In such a position, you can mention this to the bank manager and request him to approve the loan without buying a home insurance policy. It must however be said that buying home insurance is in the interest of both the home buyer and the bank, and should be purchased without hesitation.

Lastly, a bank will not be concerned if the loanee has a term insurance plan or no before disbursing the home loan as they will collateralize the loan for their protection. Thus it is not mandatory to buy term insurance before buying a home loan. That being said, it is a highly advisable for the loanee to buy a term insurance plan before taking the home loan. Let us investigate the rational for the same below.

Top 2 Reasons to buy term insurance before taking a home loan

  1. Safety of your family: Imagine someone taking a massive loan to buy a home and then passing away. The entire brunt of that loan will come solely on the family. There will be tremendous plight of the family during such an event. They will have to deal with the death of their loved one and at the same time joist with the pressure of repaying the home loan. Such a situation can easily be avoided if the home buyer takes a term insurance plan. The family can use the sum assured to pay the bank loan amount.
  2. Peace of mind: The policyholder can be at ease, knowing that his family is protected in the event of his unfortunate death. Nothing can eliminate the dread of his family at such a time, but the load will be slightly less to bear for the family, and the policyholder can sleep better at night knowing his family is protected.

How much coverage should you opt for?

This is another important question. What is the term insurance coverage that you should opt for if you are looking to take a loan to buy your home? Well, the answer is rather straight forward. The loanee should take a term plan that will at least cover the entire loan amount (interest and principle both.)

Further, it is advisable that the loanee also factors in the other expenses of the family like education costs, marriage costs, medical costs, daily expenses, etc before deciding on the term insurance coverage.

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Categories
Life Insurance

Does Life Insurance Cover Medical Bills?

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Does Life Insurance Cover Medical Bills?

No, a life insurance policy will not cover medical bills of the policyholder.

A life insurance policy will only issue a pay-out to the beneficiary of the policy in the event of the policyholder’s demise. If you wish that the medical treatment be covered of a policyholder, the policyholder will need to purchase a health insurance plan. There are also other notable differences between life and health insurance.

The only way a life or term insurance plan can cover medical expenses is if the policyholder as opted for a disability or critical illness rider, where the insurance company is obligated to disburse the sum assured in the event that the policyholder is suffering from a disability or critical illness. In such a case, the policyholder can utilize the sum assured to pay for his medical bills. 

Let us look at some of the reasons why a health insurance plan is necessary in today’s day and age, and look at some of the other features and benefits of health insurance apart from it covering the medical bills of the policyholder. 

Should I Buy life insurance or Health Insurance?

The correct answer to this is “Buy both.” Health insurance will ensure that you don’t have to worry about the medical costs and quality of treatment. It will ensure that you can afford the best and state of the art treatment if you have a sizeable health insurance policy. At times, this could actually be the difference between life and death. 

Life insurance ensures that your family is taken care of and looked after you’re gone. All necessary expenses like your children’s education expenses, further studies, daily expenses, and all other expenses can be taken care of from the sum assured.

Top 5 Benefits of a Health Insurance Plan

  1. It will cover medical bills and expenses: As mentioned before, a health insurance plan will provide coverage towards the medical expenses incurred to the policyholder. This is the fundamental feature and benefit of a health insurance policy. Ensure that you choose the correct cover amount of your health insurance policy so that you don’t need to worry about medical expenses and the quality of medical treatment.
  1. Outpatient coverage: A health insurance policy not only provides coverage if the policyholder is admitted to the hospital, it also provides coverage in the event that the policyholder has to utilize outpatient medical care like OPD appointments and day care treatments. Ensure that your policy has an outpatient coverage clause.
  1. Peace of mind: The policyholder and his/her family feel a peace of mind that they are coverage against medical expenses should such unforeseen difficulties arise. This peace of mind is important for the family’s progression and prosperity.
  1. Pre and post hospitalizations covered: A comprehensive health insurance policy will not only cover hospitalization expenses, but it will also extend its coverage to pre-hospitalization and post-hospitalization coverage. Make sure your plan has these benefits.
  1. Widely available: Good quality comprehensive health insurance plans are widely available in the Indian market. The IRDA ensures that the quality of health insurance plans due to the regulation it extends on the industry.

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Frequently asked questions

  • Will my life insurance policy cover my medical expenses?

    No, a life insurance plan is only intended to disburse the sum assured to the benefactor of the policy after the death of the policyholder. A health insurance policy will on the other hand take care of medical expenses of the policyholder.

  • Is it a wise choice to buy both life and health insurance?

    Indeed, it is. Both life and health insurance serve different but very important purposes.

  • Who regulates the insurance market in India?

    The IRDA of India regulates the insurance market of India.

  • Categories
    Life Insurance Corporation

    Life Insurance Corporation Act 1956 (Simply Explained)

    Life Insurance Corporation Act 1956 (Simply Explained)

    Life Insurance Corporation of India (LIC) was established after The Government of India passed the Life Insurance Corporation Act in 1956 in The Indian Parliament. The LIC Act 1956 elucidates the functions, management structure, auditing and accounting mechanisms of Life Insurance Corporation of India.

    Going through the whole act is beyond the scope of this article. This article will be discussing the top 10 most important aspects of The LIC Act 1956.

    Top 9 most important aspects of The LIC Act 1956 are the following:

    1. Functions of LIC
    2. Management structure of LIC
    3. Powers of LIC
    4. Guaranteed policies
    5. Tribunals
    6. Reporting to the Parliament
    7. Auditing
    8. Rule-making power of LIC
    9. Powers of regulation

    Functions of LIC

    Chapter 3 of The LIC Act states the functions of LIC. Let us go through the top 5 functions of LIC as mentioned in The LIC Act.

    1. Conducting life insurance business in and outside India efficiently and with a vision of growth.
    2. Investing the funds collected as premium appropriately and securely.
    3. Disbursing loans to policyholders against their LIC policy.
    4. LIC even has powers to disburse loans against property or other kinds of assets.
    5. LIC has the ability to conduct its business through subsidiaries in India as well as abroad.

    Management structure of LIC

    • Executive committee: The executive committee is constituted by 5 members, and the duties of the committee are specified by LIC.
    • Investment committee: The investment committee will advise LIC on the most apt investments keeping in mind the benefit of LIC and its policyholders.
    • Managing Directors: The Managing Directors shall work as the captain of the ship, steering LIC towards growth and prosperity.
    • Central Government of India: LIC will have to adhere to governance related decisions by the Central Government of India.
    • Zonal managers: Zonal managers will manage their specific zones and their responsibilities will not extend the said zones or jurisdiction.
    • General staff: General staff consists of officers, peons, general administration, and so on.

    Powers of LIC

    The powers of LIC are derived from the LIC Act 1956, passed in The Indian Parliament. Let us look at some of the most important powers of LIC.

    • LIC has the power to buy, sell, and lease properties in India.
    • LIC has the power to alter or modify the contents of its life insurance policies.
    • LIC has the power to conduct life insurance business in India and abroad.

    Guaranteed policies

    All LIC policies are guaranteed by The Central Government of India. Not only the sum assured, but any accumulated bonus is also assured by the Government.

    Tribunals

    LIC related disputes can be handled in tribunals. These tribunals have the power equivalent of a civil court. One of the members of the tribunal must include a practicing or past High Court Judge. These tribunals will act as courts, including accepting evidence, making judgements, summoning people, and issuing commissions.

    Reporting to the Parliament

    LIC must furnish important reports like audit reports, general reports, and growth reports to The Parliament of India from time to time.

    Auditing

    The books of LIC are audited from time to time, and auditors are mandated to furnish the auditing reports to The Government of India.

    Rule-making power

    The Central Government has the power to make or alter rules that ensure the smooth functioning of LIC. New rules can be laid down, and older rules can be altered by notification in the official gazette.

    Powers of regulation

    Over reaching regulatory powers can be exercised by LIC when it comes to recruitment, selection of agents, investments, formation of committees, and more.

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    Frequently asked questions

  • When was the LIC Act passed?

    The LIC Act was passed in 1956 by the Parliament of India.

  • How often does LIC have to report to The Central Government?

    LIC must disburse its annual report to the Central Government.

  • Who appoints the LIC auditors?

    Previously, The Government of India used to appoint the auditors, but now, post its IPO, the company shareholders have the power to appoint auditors.

  • Categories
    Life Insurance

    Do life insurance companies pay for suicidal death in India?

    Do life insurance companies disburse the sum assured in the event of suicide?

    life

    Do life insurance companies pay for suicidal death in India?

    A person opting for a life insurance policy may have this question in their mind. The answer to this question is “It Depends.” A life insurance company may or may not disburse the sum assured to the nominee in the event that the policyholder commits suicide.

    We need to go deeper and understand the fine-print of a life insurance policy to get an accurate answer. Let’s begin to unravel the answer.

    Cases where the nominee will get claim amount

    If a policyholder has purchased a life insurance policy post Jan 1st 2014 and committed suicide within 12 months of policy purchase, the nominee will only be eligible to receive 80% of the premium amount.

    The pre-decided sum assured will not be paid to the nominee, only 80% of the premium amount paid by the policyholder will be disbursed.

    What happens if a policyholder commits suicide after 12 months of purchasing policy?

    If a policyholder commits suicide after 12 months of policy inception, the nominee will be eligible to receive the death benefit. The 12 month waiting period is implemented to decrease the risk of moral hazard.

    That being said, it is important to check the fine-print and terms & conditions pertaining to suicidal death in your life insurance policy bond.

    Different insurance companies have different terms & conditions related claims arising due to suicidal death.

    Cases where the nominee will not get claim amount

    There are certain situations where the nominee will not get the sum assured even if the policyholder has committed suicide after 12 months of policy inception. Let us talk about some of these situations below.

    • Claim will not be disbursed to the nominee if the policy has been lapsed. A lapsed policy cannot be revived if the policyholder has passed away.
    • The claim may be rejected if the policyholder commits any falsification and violates the principles of insurance.
    • The claim may be rejected if the policyholder is covered under a group life insurance plan (Under his employer) and commits suicide.

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    Frequently asked questions

  • What should I read within my policy bond to find out about terms related to suicide?

    All life insurance companies have a “Suicide Clause”, as advised by the IRDA. You should look for the Suicide Clause within your policy bond and read it carefully.

  • Are term insurance and life insurance suicide clauses the same?

    Yes, term insurance and life insurance suicide clauses are generally very similar in nature.

  • What is the amount a nominee will receive if the policyholder commits suicide within 12 months of policy inception?

    Up to 80% of premium paid only.

  • Categories
    Max Life Insurance

    How safe is Max Life Insurance? (Top 4 points to remember)

    safety

    How safe is Max Life Insurance? (Top 4 points to remember)

    If you are looking to purchase a life plan from Max Life Insurance, and are worried about the safety of the company, this article is for you. Here, we will highlight the top 4 aspects of Max Life Insurance that will give you a good idea about the safety of the company. Let’s begin.

    Top 4 points to remember

    Claim settlement ratio

    This is one of the most important points to consider when you purchase a life/term plan. The claim settlement ratio of a company highlights the ratio of insurance claims serviced compared to the total claims made.

    In simple words, if an insurance company gets 100 claims in a year, and passes 95 of those 100 claims, the claim settlement ratio of that insurance company is said to be 95%.

    Max Life insurance has a claim settlement ratio of 99.34% as of 2022. This is the highest claim settlement of any life insurance company in India.

    The higher the claim settlement ratio, the higher is the chance of your insurance claim getting serviced. Be cognizant of the claim settlement ratio of any insurance company before taking a policy.

    Company history and pedigree

    It is important for a policyholder to understand where an insurance company has come from. They must learn about the history, ethics, and ethos of a company before purchasing a policy. Let us highlight some of the aspects of Max Life’s history:

    • Max Life Insurance is a JV between renowned Indian Bank Axis Bank and Max India Ltd. Both are quality companies in their own right with a rich history.
    • Winner of the Gold Award for “The life insurance provider of the year” at Outlook Money Awards, 2020.
    • Awarded as “One of India’s most trusted brands- 2022” by WCRC International.

    Fundamentally sound

    A company has to be fundamentally sound and strong to meet its commitments towards its customers. Let us look at some of the most important fundamental aspects of Max Life:

    • Max Life has a solvency ratio of 201%.
    • The company has a conservation ratio of 85%.
    • 99.34% claim settlement ratio.
    • ₹ 1.7 lac crore assets under management (AUM).

    Accessibility to policyholders

    What good is an insurance company if it isn’t accessible to its policyholders? An insurance company should be widely accessible in case a policyholder wants to lodge a complaint or grievance, or even want customer support. This is one of the most important aspects that you should consider before buying a plan from a company. Let us look at the accessibility of Max Life.

    • Max Life has 269 branches Pan-India. Locate the nearest branch here.
    • Max Life has a toll-free customer care helpline @ 1860 120 5577
    • A customer can also send an email to them at Service.helpdesk@maxlifeinsurance.com
    • The company also has a comprehensive online portal where a customer can log-in and access a host of important information such as due premium dates, check payment history, make premium payments, check policy benefits & features, and more.

    Sources:
    https://www.maxlifeinsurance.com/about-us/awards-achievements
    https://www.maxlifeinsurance.com/about-us
    https://www.maxlifeinsurance.com/about-us/why-max-life

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    Categories
    Life Insurance Corporation

    What is the Difference between LIC and GIC? (5 Key Differences)

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    What is the Difference between LIC and GIC? (5 Key Differences)

    Life Insurance Corporation (LIC) is the largest insurance company in India, having assets under management of over ₹39 lakh crore as of 2021. Along with having the most assets under management, LIC also boasts of the most policyholders under a single company. It has over 290 million policyholders as of 2019. This number is so large that its larger than most countries of the world.

    GIC on the other hand is a reinsurance company. In fact, GIC stands for General Insurance Company of India (GIC). GIC is one of the largest listed PSU general insurance companies in India, having a total income of over ₹12 thousand crores of 2022.

    GIC head office
    GIC Head Office in Mumbai

    The most fundamental difference between LIC and GIC lie in the spectrum of business they undertake. LIC deals with life insurance while GIC majorly deals with reinsurance.

    Let us understand the top 5 key differences between LIC and GIC below:

    Difference between LIC and GIC

     

    LIC

    GIC

    Type of business

    LIC majorly deals with life and term insurance. They also offer:

    GIC majorly deals with reinsurance. Reinsurance basically means providing insurance to other insurance companies. GIC is the only Indian reinsurance company. GIC has clientele in the following industries:

    • Airlines
    • Healthcare
    • Reality
    • Agriculture
    • Marine
    • Energy

    Full form

    Full form of LIC is Life Insurance Corporation of India. LIC was formed on 1st September 1956.

    Full form of GIC is General Insurance Corporation of India. GIC was formed on 22nd November 1972.

    Objectives

    LIC objectives include:

    • Increasing the penetration of life insurance in India
    • Providing a framework for Indians to indulge in savings and investments
    • Act as a trustee to policyholders

    GIC objectives include:

    • Increase their footprint in the reinsurance sector
    • Increase profitability of the corporation in a sustainable manner
    • Increase shareholder value

    Investments

    LIC of India has AUM of over ₹39 lakh crore as of 2021

    GIC has AUM of over US$15 billion as of 2020

    Ownership

    96.5% of LIC is owned by The Government of India

    85.78% of GIC is owned by The Government of India

    Lakh Crores
    AUM of LIC
    $ Billion
    Assets under management of GIC
    % ownership
    of LIC Is with Government of India

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    Frequently asked questions

  • What is the full form of LIC?

    LIC stands for Life Insurance Corporation of India.

  • What is the full form of GIC?

    GIC stands for General Insurance Corporation of India.

  • When is the major difference between LIC and GIC?

    The major difference between LIC and GIC is the fact that LIC is a life insurance company whereas GIC is a reinsurance company.

  • When was LIC formed?

    LIC was formed on 1st September, 1956.

  • When was GIC formed?

    GIC was formed on 22nd November, 1972.

  • Categories
    Life Insurance Corporation

    How to revive your lapsed LIC policy? (online and offline method)

    policy

    How to revive your lapsed LIC policy? (online and offline method)

    It is extremely important for a policyholder to make timely premium payments towards his or her insurance policy. If the due premium is not paid, the policy stands to be lapsed, and the coverage and protection extended by the insurance policy stands to be terminated.

    Generally, insurance companies provide a 15-day grace period from the due date for policyholders to make premium payments. If the policyholder pays his premium within the grace period, the policy will not be terminated, but if the policyholder fails to make a payment even within the grace period, the insurance policy will be terminated.

    There are rare instances where you may have missed paying your LIC policy premium even during the grace period. This will lead to your LIC policy getting lapsed. The question is, can you revive your lapsed LIC policy? The answer is “Yes,” your lapsed LIC policy can be revived.

    We will talk about the various ways on how your policy can be revived. Stay tuned.

    Your lapsed LIC policy can be revived via an online as well as an offline method. Let us discuss both cases below.

    Online method

    Let us go through the steps that need to be followed in order to revive your LIC policy online:

    Step 1: Visit the LIC website

    Once you visit the official LIC website, click on “Login to Customer Portal”

    LIC website
    LIC website

    Step 2: Click on “New User”

    LIC new user
    Click on LIC “new user”

    Click on “New User”. Once you click on “New User,” you will be redirected to a page that will ask you to fill in your details.

    Step 3: Fill in your details

    LIC account creation page
    LIC account creation page

    Here you will need to fill in the following important details such as:

    • Policy number
    • Date of birth
    • Country code
    • Mobile number
    • Email ID
    • Gender

    Once filled, click on “Proceed”

    Step 4: Login to your new LIC account

    Once you click on “Proceed”, you will be redirected to a page that will prompt you to enter your desired user ID and password. Select your desired user ID and password and login to your new LIC account.

    Step 5: Revive your old policy

    • You will now need to navigate to the “Revival Quotation” section by clicking on “My Apps” through your LIC e-services portal.
    • Once you reach the “Revival Quotation” section, click on it.
    • Once clicked, LIC will show you a list of all of your lapsed policies.
    • Click on the policy you wish to revive and make the premium payment.

    Your lapsed LIC policy will be revived post premium payment.

    Offline method

    Your lapsed policy can even be revived offline as well. Let us discuss about the steps needed to review your LIC policy via the offline method.

    Step 1: Visit your nearest LIC branch

    Locate your nearest LIC branch here, and visit them personally with the policy documents and your original identification.

    Step 2: Furnish them with the copy of the lapsed policy

    Once in the LIC office, kindly ask the officer to direct you to the policy revival section. Now you will need to furnish your policy document and photo ID to the officer.

    Step 3: Fill-up the revival form

    Ask for the policy revival form, and fill it up accurately.

    Step 4: Make payment and revive policy

    Once the form is filled and appropriate documents are furnished to the officer, you will be required to make the premium payment which was due along with any penalty amount.

    Step 5: Your policy is revived

    Post payment, your lapsed policy will be revived.

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    Frequently asked questions

  • Can I revive my lapsed LIC policy online?

    Yes, LIC offers the option of reviving your lapsed LIC policy online through the official LIC portal.

  • Will I have to pay a penalty to revive my LIC policy?

    Yes, the policyholder will have to pay all the missed premiums along with a penalty amount levied by LIC.

  • What is the penalty amount while reviving my lapsed LIC policy?

    The penalty amount is 8-9% on unpaid premiums.

  • Till when can I revive my lapsed LIC policy?

    Your lapsed LIC policy can be revived between 6 months to 5 years from the date of lapse of policy. Different policies have different time period. Kindly check with an LIC officer to verify the time period. 

  • Categories
    Life Insurance

    The illuminating Life Insurance Infographic

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    The illuminating Life Insurance Infographic

    Life insurance doesn’t have to boring and just full of facts, figures, and numbers. Learning about life insurance can also be a fun exercise. Find out some of the most illuminating facts and figures about life insurance through our colorful and exciting infographic.

    Go on! Take a peak below!

    Life Insurance infographic
    The illuminating Life Insurance infographic

    Feel free to download this infographic and share it across your social media and websites.

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    Frequently asked questions about life insurance

  • Which was the first life insurance company in India?

    Bombay Mutual Life Assurance Society

  • When was the first life insurance policy taken?

    The first life insurance policy  was taken in London on 18th June, 1583

  • Which is the largest life insurance company in India?

    Life Insurance Corporation of India (LIC)

  • Which life insurance company has underwritten the most premium in USA?

    Northwestern Mutual Group ($14.271 Billion) – as of 2022

  • Categories
    Life Insurance Corporation

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    payment

    How to pay your LIC premium through debit or credit card? (Easy Guide)

    Gone are they days where you would need to physically visit an LIC office and hand them over a check to make your premium payment.

    LIC of India has successfully digitized itself, and now offer policyholders a host of high-tech services, which also include the ability for policyholders to make premium payments online through their debit/credit card.

    Let’s find out how you can easily make your premium payment via debit or credit card.

    There are 2 ways to make the premium payment; with login, and without login. We will elucidate both the methods below.

    Make payment with login

    Step 1: Visit the LIC online premium payment page

    LIC online payment page
    LIC online payment page

    Visit the LIC online payment page by clicking here, and click on the “Pay Premium Through e-Services” button. Once you have clicked on that button, you will be redirected to the next page.

    Step 2: Click on the “Registered User” button

    Pay premium through e-services lic
    Click on “Registered User”

    You must now click on the “Registered User” button if you have your login credentials and password ready. Click on “New User” if you do not have an LIC e-Services account and want to create a new account.

    Step 3: Enter your credentials and click on “Sign In”

    LIC e-services login page
    LIC e-services login page

    Once you are at this page, you need to enter your User ID/Email ID/Mobile along with your password and date of birth. Click on “Sign In” and login to your LIC e-Services account.

    Step 4: Make the premium payment through Debit/Credit card

    Once logged in, navigate to “Basic Services” and then click on “Pay Online”, then proceed to make the payment through your preferred debit or credit card.

    Make payment without login

    Step 1: Visit the LIC online premium payment page

    LIC online payment page
    LIC online payment page

    If you do not have an LIC e-services account, you can also make your premium payment directly without logging-in. Click on “Pay Direct”

    Step 2: Select the “Renewal Premium” option from the drop down

    LIC pay direct

    Once on this page, click on the “Renewal Premium” drop down menu and click on “Proceed”. You can also make an advance premium payment using this tool.

    Step 3: Enter your policy details

    lic customer validation page

    This is where you enter your policy details, such as:

    • Policy number
    • Date of birth
    • Phone number
    • Premium amount
    • Email ID

    Once entered, select “I Agree,” and click on “Submit”

    Step 4: Make payment

    Next, you will be redirected to the payment gateway page, where you can make your premium payment through your debit or credit card.

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    Frequently asked questions

  • How can I pay my LIC premium online?

    You can pay your LIC premium online via 2 ways:

    • By logging-in to your LIC e-Services account
    • Premium payment without login

     

  • Can you pay your LIC premium by debit/credit card?

    Yes, LIC of India now offers the facility to make premium payments through debit/credit cards.

    Visit the LIC online payment page to initiate a payment.

  • Can I pay advance premium for my LIC policy?

    Yes, LIC offers the option of making advance policy premiums.

  • Do I need to register with LIC to make an online premium payment?

    No, it is not necessary

  • Categories
    Life Insurance Corporation

    Who is the current Chairman of LIC of India?

    chairman

    Who is the current Chairman of LIC of India?

    The current Chairman of LIC of India is Mr. Mangalam Ramasubramanian Kumar. Mr. M.R Kumar was appointed as The Chairman of LIC in 2019. He also previously held positions such a regional manager, and even Executive Director of LIC.

    Mr. M.R Kumar was instrumental in The LIC IPO which hit the Indian Stock Market in 2022.

    Mr. M.R Kumar currently holds positions in LIC, LIC Housing Finance, ACC, LIC Pension Fund, and LIC Cards Services Ltd.

    Some of the key milestones of LIC of India

    Let us now look at some of the most important key milestones that The LIC realized in recent memory.

    • In 2022, LIC of India entered the Indian Stock Market with the biggest IPO in India’s history, at Rs 21,000 crore.
    • As of 2022, LIC operates from within over 2000 branches Pan-India.
    • Over 2 crore new policies were sold by LIC in 2020 alone.
    • LIC of Indian is the largest asset management company in India, with assets under control worth over Rs 40 lac crores.
    Crore INR
    The size of LIC IPO
    Crore
    Policies issued in 2020 alone.
    Lac Crores
    Assets under management

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    quizTake this simple LIC Quiz to test your knowledge. Click on “Next” to begin the Quiz!

    Frequently asked questions

  • Who is the current Chairman of LIC?

    Mr. M.R Kumar

  • When did Mr. M.R Kumar become The Chairman of LIC?

    2019

  • Which is the largest life insurance company in India

    LIC of India

  • LIC Headquarters