What Is LIC if India

All of us know that some day we will be no more. Having born as a human being – A Social Animal by nature – the start of our life always comes with close blood relatives like mother, father, brothers & sisters etc.

As we grow up we all get married and start a family of our own. In many ways our family deeply, intimately, socially, and most important being economically depend on us for their own living. We go great lengths to acquire a good career & good financial earnings to ensure our life as well as the lives of our family and immediate dependents like our father & mother, is that of a comfortable one. As mentioned in the start we will cease to exist someday in the future.

When this situation comes, what happens to our own wife, children & may be our parents who were dependent on our earnings, off course apart from the unbearable pain, grief, and agony that has suddenly dawned on them due to our abrupt non-existence.

This is where LIC comes in. Its full form is Life Insurance Corporation of India. All people who are born post independence are aware of this organization and the role it plays in securing our family’s future & our own future (God Forbid, if we – by chance – get disabled for life) with a slew of beneficial schemes. We invest a small fixed sum – Say Rs 2000/- Per Month – from our earnings from the start of our career & if any untoward situation occurs, then LIC will financially support our dependents by way of Lump Sum Payments, Monthly Income Payments & various modes depending on the scheme you have chosen. Traditionally, there are LIC Agents who have sold you the schemes, who themselves come and collect the monthly premium cheque & deposit it with LIC. However now there are newer ways of making payment directly to LIC of India. One of them is Online Premium Payments, which is what this article is all about. Let us now see how this system works.

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