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Life Insurance Corporation of India

Claims Experience:
4.3
Customer Service:
4.0

Background

LIC also known as Life Insurance Corporation of India is an Indian Life Insurance Company. It offers Term Life Insurance Plans, Traditional Savings Plans and Unit Linked Insurance Plans. Founded in the Year 1956, it is owned by the Government of India. The company is headquartered in Mumbai and functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satallite offices and the Corporate office. The chairman of the company is Mr. M R Kumar..

Founded in
1956
Number of Claims
29,012,422
JV Partners
Ministry of Finance, Government of India.
Number of Policies
21,007,234
Turnover (GWP)
4,03,286.5 Crores

Customer Support

beshak
Toll-Free Number
022-6827-6827
beshak
E-Mail Address

Detailed Ratings

Claims Experience 4.3/5 star green
Customer Service 4/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
94.88%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.14%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
96.69%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
93.45%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
176%
Personal relationship manager for claims
Not Available
Can you track claims online?
Not Available
Dedicated toll-free for claims service
Not Available
Separate Claim Form for above 3 Years Claim
Available
Home pickup of Claims
Not Available
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