Trust LIC for your insurance needs
Trust LIC for your insurance needs : Though insurance is the most important tool that guarantees financial security, yet people don’t readily buy it because of a lack of trust. They fear that their future claims may not be honored and the money invested presently will be lost. This is because insurance is an intangible product that promises to pay the benefits many years down the line. This instils fear in the minds of the people who fear that the insurer may renege on the benefits promised.
The truth of the matter is that the IRDA regulates all insurance companies and they cannot defraud or cheat the customers out of their rightful claims. This being the case, several insurers do repudiate claims stating the error of the customers while buying the policy. They give several reasons for rejection which always point to the mistake of the policyholder. However, LIC of India has given the most promising figure where claims are concerned. As per the IRDA Annual Report, the total claim settlement ratio of LIC for the financial year 2013-14 has been a whopping 98.14% as compared to the cumulative ratio of 88.31% of all the private players put together. This definitely tips the balance in favor of LIC to be the most trusted insurer.
LIC was established in the year 1956 and since then it has enjoyed a monopoly status till 2002 when the Government opened the sector for other private players. With more than twenty insurers operating, the market share of LIC is the highest at 82%. There is no denying the level of trust the common masses place in LIC for their insurance needs. With a plethora of new product launches, LIC also aims to cater to the varied needs and demands of the consumers. So, be it Traditional Products like term insurance, child plans, money back plans, etc. to ULIPs, LIC has competitive products at competitive rates. Lastly, with the highest claim settlement ratio, LIC sure is a one stop shop for all your insurance needs.