Hello friends, today in this article I am going share with you some useful information about LIC India. LIC is an Indian life insurance company, the company was started back on 01 Sep 1956 and it is also regarded as India’s one of the oldest company. The full form of LIC is Life Insurance Corporation. According to, reports of 2019 the total percentage claims by LIC is 98.04%.The insurance that gives us three main benefits-Risk CoverInvestment ReturnsDouble Tax BenefitNow, we will discuss exactly what happens to your money when you pay your Life Insurance premium every year.Your premium gets split into two parts: the smaller parts give you risk cover, the larger parts go into your investment pool.Now, let’s talk about risk cover; you are a policyholder and LIC takes this part of your premium and combines it with similar amounts from thousands of other policyholders to create what is called a risk pool if unfortunately a few of the policyholders die LIC pays their death benefits which are usually large lump sum payments from this risk pool because of this even a small premium payment ensures a large death benefit for every policyholder.Now next, look at the money that has gone into your investment pool. LIC invests this money on your behalf and returns a lump sum payment at the end of the policy term, for example, you are 25 years old and take a policy for 20 years and paying 40,000 rupees every year for a sum assured of 10 Lakhs at the end of these 20 years let’s see what you have paid and what you get, you have paid a premium of 40 thousand rupees every year or a total of 8 Lakhs you will get two things in return a fixed component and a bonus on the fixed component is your sum assured of 10 Lakhs the bonus component includes declared yearly bonuses at a one-time additional bonus. How much one is doing you get LIC declares early bonuses of approximately 40 rupees for every thousand rupees of some assurance, so with your sum assured of 10 Lakhs you get 40,000 thousand rupees per year or a total of 8 Lakhs after 20 years the on-time additional bonus is typically 100 rupees for every thousand rupees of summer short hence you get an additional bonus of one Lakh rupees so in 20 years the total return you get is 19 Lakhs which includes 10 Lakhs of sum assured plus a bonus of 9 Lakhs.Now, we will about Double Tax Benefit first for the premium you pay every year which is 40,000 rupees in our example you get tax exemption under Section 8 PC. Second, the amount you get back at the end of the term which is 90 Lakh rupees in our example you get tax exemption under Section 10 D. So, you pay zero tax both on the preview page and the returns you get thus life insurance gives you this cover investment Returns and double tax benefit, if you are looking to increase any of these you should consider getting a life insurance policy.
What is LIC MERCHANT?
LIC Merchant is are those people who are connected in the process of the Premium Collection by LIC India. The Merchant’s work like a link between the LIC’s policy buyers and with LIC India. LIC Merchant looks at the details about LIC’s premium collection and they also update its details.
What is LIC MERCHANT PORTAL and how to log in there?
LIC Merchant Portal is a portal designed by LIC India to help all merchants log onto their site by providing some basic information like username and password to access all the premium collection portal by LIC India.
How to login onto LIC Merchant Portal: First go to LIC MERCHANT LOGIN (The website which I am telling you is an unofficial website for resources and information, you can get a fully described article about LIC Merchant Portal on their website and they also guide that how can you easily login onto the LIC Merchant Portal by their well-described article. Later, you will get the Portal link on their website and the link will redirect you to the LIC’s official website.)