What are the objectives of LIC of India?

• Collect people's savings in exchange for an insurance policy and promote savings in the country.
• Protect the capital of the people by investing funds into government securities.
• Issue insurance policies at affordable rates.

What are the objectives of insurance?

Insurance primarily serves the purpose of granting security against losses and damages to people. It is an agreement enters into by two parties in which one promises to protect other from losses in return for premium paid by other party.

What is the object of life insurance?

The major purpose of life insurance is protection — the instant estate to meet survivor needs. Some policies include a savings feature, but there are many other ways to save money and make investments.

Can you tell some of the objectives of LIC?

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.

What are the advantages of LIC?

What is LIC in simple words?

Life Insurance Corporation of India - Glossary.

What are the important features LIC Act 1956?

[18th June, 1956.] An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.

What are the objectives of Nationalisation of life insurance business in India?

NATIONALISATION of the life insurers in the year 1956 was among the major steps for bringing the insurance sector under direct public ownership and control. It also con- stituted an important landmark in the extension of direct public control and owner- ship over the organised financial institutions in the country.

What are the five benefits of insurance?

Why do we need LIC policy?

Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident. Life Insurance is needed : To ensure that your immediate family has some financial support in the event of your demise.

What are 5 advantages of insurance?

What are the 7 principles of insurance?

What were the main objectives of nationalization of insurance companies?

And with that idea, Parliament, on 20 September 1972, passed the General Insurance Business (Nationalisation) Act (GIBNA) for the “acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers.” Amongst its objectives: to serve better the need of the economy, to develop ...

What are the objectives of 1972 insurance?

Objective of the GIC:

To carry on the general insurance business other than life, such as accident, fire etc. To aid and achieve the subsidiaries to conduct the insurance business and. To help the conduct of investment strategies of the subsidiaries in an efficient and productive manner.

Who is the father of insurance?

Solomon Huebner's designation as the “father of insurance education” is undisputed. He taught the first course ever given in insurance, established the insurance department — and became the architect of the modern financial services industry.

What are the 3 main types of insurance?

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

What are the 3 main types of life insurance?

Whole life insurance, universal life insurance, and term life insurance are three main types of life insurance.

How does LIC help in economic development?

LIC has invests huge amount of its fund for the development of infrastructure such as roads, railways, housing, water supply, electricity etc. of which housing, water supply and electricity are the important components in which LIC invests a huge amount out of its total investment.

What are the principles of insurance?

In the world of insurance, there are six basic principles or forms of insurance coverage that must be fulfilled, including Utmost Good Faith, Insurable Interest, Indemnity, Proximate cause (proximal cause), Subrogation (transfer of rights or guardianship), and Contribution.