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LIC vs Other PSU, Private Sector companies
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11 Oct, 2020
by Sandip B
I'm 26 and I have been thinking to buy term insurance in a couple of years from now. I am kind of aware about major private companies and thier plans.
However, I need to understand about LIC and it's plans.
- Does LIC have any benefits over other companies?
- Is buying LIC plan "safer" compared to private sector company plans?
- LIC Being state owned, does it match the offerings and customer service offered by private companies?
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12 Oct, 2020
Sandip B
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12 Oct, 2020
Associate Professor, BIMTECH
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Dear Sandeep. As far as term assurance plan is concerned I do not think LIC has any added advantage. Had it been about a traditional plan my answer could hv been different. As long as you are truthful while filling the proposal form & paying premium on time , you are ' safe' anywhere. In my view LIC service level would be at par if not better in comparison to any private company. It has its working on ' de-centralised' mode & much of the servicing & claim work is finished at branch level itself. While buying term plan you just concentrate on features & pricing. Though theoriitically all insurance co are same but better to hv it from top 10.