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⚫ LIC is one of the financial institutions to be established in India after independence. The full form of LIC is life insurance corporation and it was established in 1956. The main aim behind the establishment was to spread the message of life insurance in the country. Also, it was required to mobilize people's savings.

⚫ What are the 4 types of insurance?
Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

⚫ Can I withdraw LIC after 5 years? The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

⚫ Is taking LIC policy good? While LIC policies offer enough benefits to secure your family's finances after your death, they do not generate enough returns for wealth creation. Therefore, you should look to invest in different financial instruments serving individual purposes.

⚫ What are the 7 main types of insurance? The types of insurance are Life Insurance, Car Insurance, Health Insurance, Two Wheeler Insurance, Home Insurance, fire insurance, marine insurance, and Travel Insurance, etc.

⚫ Why do we need insurance? Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future. The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans.

⚫ Does LIC give pension after retirement? LIC Pension Plans are designed to secure the financial future of an individual after retirement. There are four different pension schemes offered by LIC that provide a steady flow of income to the individual in their golden years.

⚫ There are three main types of employee benefits: Employee benefits that are required by law. Employee benefits that aren't required by law but considered an industry standard. Employee benefits that are offered as an added perk or fringe benefit.

⚫ Disadvantages of Life Insurance Life Insurance Can be expensive for old-aged people. The returns on life insurance are not significant. Insurers may not pay the benefit. Complex Insurance policies. Exclusions in life insurance policy.

⚫ In case of Endowment type of Policies, amount is payable at the end of the policy period. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.

⚫ How do I find my policy number?
How to Find a Vehicle Insurance Policy Number?
Policy Document. The easiest way to find your car policy number is by checking your policy document.
✓ Insurer's Website/ Mobile App.
✓ By Vehicle Number.
✓ Via Insurance Agent.
✓ Telephonic Assistance.
✓ Visit Nearest Branch of the Insurance Provider.
✓ Insurance Information Bureau (IIB)



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