Most people who deal with life insurance come down to one conclusion…there is SERIOUSLY only one life insurance product worth buying: Online Term Life Insurance – from the cheapest company that you can trust.
So lets assume that you get a SBI Term Life Insurance (for your age and term) for Rs. 10,000 p.a. and the LIC policy..term life @ Rs. 16,000.
Should you pay the premium (cut all the CSR crap, processing delays, 60 years experience, ……).
PERSONALLY I DID NOT. I chose a company different from LIC. The fact is that company too has huge, huge, huge infra costs…..
Now for just that ONE USEFUL PRODUCT…look at LIC’s infra…it i s goodamn JOB CREATOR…NOTHING else….
Today,the LIC has 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 satellite offices and corporate offices; it also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.
As on 31 March 2014, LIC had 1,20,388 employees, out of which 24,867 were women (20.65%).
|Category of employees||Total Number||No. of Women|
|Class-II Development Officers||26,621||1,033|
|Class III/IV employees||62,347||17,542|
LIC had 11,95,916 agents as on 31 March 2014, out of which the number of active agents were 11,32,677 (94.71%)
The corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$92 million as per the 1959 exchange rate of roughly ₹5 for US$1), had grown to 25,000 servicing around 350 million policies and a corpus of over₹800,000 crore (US$120 billion) by the end of the 20th century.
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