Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) stands as the nation's largest and most trusted life insurer, established in 1956. With over 66% market share and assets exceeding ₹42 trillion, LIC serves more than 250 million policyholders through its vast network of 2048 branches and 1.13 million agents. The corporation offers comprehensive insurance solutions, including term, endowment, money-back policies, ULIPs, pension plans, and child plans.
Government-backed Sovereign Guarantee
As a government-backed institution, LIC provides Sovereign Guarantee on all policies. This guarantee, codified in Section 37 of the LIC Act, 1956, offers policyholders financial security. LIC maintains a high claim settlement ratio of 98.8% and ensures deep rural market penetration. Listed on stock exchanges in 2022, LIC continues to adapt to digital transformation while maintaining its core value of trust and financial security for Indian families.
Sovereign Guarantee Highlights
- Central Government Ownership: The central government owns LIC.
- LIC Act of 1956: Provisions strengthen trust in the company.
- Government Guarantee: Guarantees payment of assured sums and bonuses.
- Investment in Government Securities: Majority premiums invested in sovereign-guaranteed securities.
- Performance Assessment: LIC's performance is assessed against agreed parameters.
- Annual Report: LIC's annual report is laid before both Houses of Parliament.
- Solvency Ratio: LIC maintains a higher solvency ratio than prescribed by IRDAI.
About Bharat Infinity Suraksha (BIS)
Our special experts at Bharat Infinity Suraksha (BIS) go beyond just selling policies—we explain premiums, coverage details, and the terms and conditions of the policy. Our insurance experts offer a range of policies, including endowment plans, term plans, ULIPs, retirement plans, money-back plans, and more, depending on individual requirements.
"At Bharat Infinity Suraksha, we understand that everyone's insurance needs are unique. Our plans are tailored to provide you with the best options to match your specific requirements."
Our Insurance Solutions
- Life Insurance
- Term Life Insurance
- Pension Plan
- Immediate Monthly Returns Plan
- Whole Life Insurance
- Universal Life Insurance
- Group Life Insurance
- Cancer Cover
Why Choose Us?
- Expert Guidance
- Customized Solutions
- Quick Claim Settlement
- 24/7 Customer Support
Our Process
- Free Consultation
- Customized Plan Design
- Policy Implementation
- Ongoing Support & Claims Assistance
Contact Us
- Phone: +91 9773783097
- Email: info@bharatsecured.com
- Address: 184, Vardhman Mkt, West Enclave, Pitampura, New Delhi—110034
- Available 24/7 for emergencies. Schedule a free consultation today.
Tax Benefits in Life Insurance
Taxes are a common concern for middle-class individuals, and life insurance policies can help reduce taxable income. These policies not only lower tax liability but also provide financial security in emergencies.
Life Insurance Policies
A life insurance policy is a contract where the insurer provides financial coverage to beneficiaries upon the policyholder’s death in exchange for premiums. This legally binding contract ensures payouts as per the terms and conditions.
Key Highlights
- A life cover is a valuable financial tool.
- Premiums must be paid on time to maintain the policy.
- Beneficiaries receive a death benefit if the policyholder dies during the term.
- Term life insurance expires after a set period, while permanent life insurance lasts a lifetime.
Life Insurance Policy Tax Benefits
Life insurance policies offer tax exemptions under the following sections of the Income Tax Act:
- Section 80C:
- Tax deduction up to ₹1.5 lakh for premiums paid for self, spouse, dependent children, or parents.
- Policies eligible include term insurance, whole life plans, ULIPs, and endowment plans.
- Section 80CCC:
- Deduction up to ₹1.5 lakh for amounts paid towards annuity plans for securing a pension.
- Section 10(10D):
- Tax exemption on the total amount received, including death benefits, maturity amounts, bonuses, and surrender value, subject to conditions.
Life insurance provides both financial security and significant tax-saving opportunities, making it a wise investment choice.
