Education

LIC: Myth vs Reality

Myth

How many of us are unaware of LIC? Hardly any might be unaware. Life insurance corporation of India has been and always will be the first choice of many seeking excellent insurance coverage and better benefits. While many of us have heard about LIC quite a lot, it follows some myths and limited knowledge.

For knowing it better, let’s check the myth we have been hearing and the reality check.

  • Myth– LIC is just like some other insurance agencies around. You can invest in any of those.

Reality– LIC is a government-operated insurance company with more assured returns. With LIC, the risks of investment are lesser compared to others. If you believe in traditional, fixed returns and benefits instead of fluctuating services, LIC is the one you should rely on.

  • Myth- LIC has limited plans for investments, unlike others with broader areas covered.

Reality- Believe it or not, LIC is not just about quality but also options. Earlier, LIC only covered insurance plans. But now LIC has:

  1. Special plans are more plans with insurance, investment, and lifelong happiness, as they mention.
  2. Pension plans are structured to prove beneficial during your old age. While we earn, our life is well protected, but what about life after retirement when the income is lesser or zero? These plans are for those who want their retirement to be less worrisome and more secured.
  3. Unit linked plans are the ones for people who believe in saving efficiently as an investment and also take care of tax benefits.
  4. Health plans.
  5. Withdrawn plans.
  6. Group Schemes.
  • Myth-LIC might be hectic and expensive to invest in.

Reality- Whenever you decide to choose LIC as your investment partner or your insurance buddy, all you need to do is reach out to any LIC agent nearby. After getting details of your income, plans, budget expectations for investment and choice of plans, the agent will suggest a reasonable proposition.

  • Myth-You can’t trust the agents as there are many schemes and agents in the market.

Reality- LIC agents are the most secure ones who go through proper training and verification process before starting the job role. Also, every detail that you provide is safe and would not be hindered in any way. You will be provided with a receipt against every premium that you pay.

  • Myth- LIC has less scope to work with, and the job opportunities are not quite good.

Reality- LIC is one of the reputed government employment branches with a good perspective. For permanent government jobs aspirants, LIC AAO could be a satisfactory option with great perks.

LIC AAO has job roles in various departments like:

Marketing/ Sales

HR

Information Technology

Claims

Policy servicing

Actuarial

Finance

LIC AAO recruitment is mainly in three stages prelims, main exam and the interview. After exams, you can check the LIC AAO results for further instructions.

  • Myth- The process of paying instalments, claims, and application might be old school

Reality- the very new updated website of The Life Insurance Corporation of India is very smooth, and all the information is available. Whether you are in India or abroad, paying instalments, applying for new schemes and monitoring the account is way easier than the older model. It is as easy for NRI customers as well.

  • Myth- Being a LIC agent is challenging and non-fruitful

Reality- Being a LIC agent can be a few clicks away. All you have to do is visit the website and apply. You can manage, take mock tests and also access the Agent helpline module in case of doubts. Also, you may receive perks as free trips.

Life Insurance Corporation of India is the oldest government insurance company which truly stands for its slogan ‘Zindagi ke sath bhi, Zindagi ke baad bhi.’ Let’s ditch all the myths that we have pre assumed about the schemes, jobs or anything else and choose this gem to invest in.

Author Bio

Chetan Sharma is an avid author and content writer. Check his post Louise Hay You Can Heal Your Life Book Free PDF Download and many others on this website.

Heather Breese
Heather Breese is a qualified writer who fell in love with creativity and became a specialist creator and writer, focused on readers and market need.

    4 Benefits Of Going For The Right Immigration Lawyer

    Previous article

    The Different Timepiece Collection Of The Hamilton

    Next article

    You may also like

    Comments

    Leave a reply

    More in Education