The Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment corporation. Established in 1956, LIC has grown to become the largest insurance company in India. The company's business model revolves around providing life insurance policies, pension plans, health insurance, and investment management services. LIC operates through a network of agents, brokers, and direct sales channels, leveraging its extensive reach to cater to a diverse customer base.
Endowment Plans are classified as Star. These plans have a strong market presence due to their dual benefit of savings and insurance. The market for endowment plans is growing as more individuals seek financial security and savings options.
Term Insurance Plans fall under the Question mark category. While these plans have a high growth potential due to increasing awareness about the importance of life insurance, they currently hold a moderate market share. Competition from private insurers is intense, ...
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