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Q.

Does LIC still enjoy the edge over other private life insurance companies? If so what is the reason?

Asked by Good Citizen, 05 Apr '10 04:00 pm
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Answers (6)

 
1.

Yeah. You are right. LIC is still the big daddy of Insurance.
(1) LIC has remarkably adapted itself to the changing market dynamics. I believe that there is enough scope for further improvement in its style of function. If it could tie up those loose ends, believe me that it could kill all the competition hands down.
(2) Like Indian postal department, you could see LIC everywhere in India. Accessibility and visibility are the two great advantages for LIC which work in its favor.
(3) Insurance means LIC. That is what people know. This brand name is a big plus point for LIC.
(4) People trust LIC for the security this government owned company offers unlike private insurance companies who may wind up in case of huge losses.
(5) LIC has policies to suit every pocket and need. Some of its policies sell like hot cakes. It really shows how credible it is.
(6) LIC offers you to revive the lapsed policies with a marginal interest. This is very helpful feature. I do not know this feat ...more
Answered by Tony Fernandez, 05 Apr '10 06:33 pm

 
  
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2.

For LIC is a long standing entity. It is government owned and in our perspective, more safer. LIC's record of settling claims had been very good. Number of litigation or any gross oversight has not been reported. They have, along with National Insurance and New India assurance have established an indelible credibility and service. Now SBI is fast becoming a real competitor. There is also a wide spread belief that the claims department which often pose a threat in case of a claim is not aggressive with LIC as in other private owned corporates.
Answered by Mona Bernard, 05 Apr '10 04:09 pm

 
  
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3.

YES LIC will always have an edge over other Insurance Companies...Reasons are:
01. Government organisation
02. Reputation is good
03. No Problem while making repayment of policy when it's due
04. Transperency it maintains
05. No hidden things or charges
Answered by RAJESH ALHAT, 05 Apr '10 04:05 pm

 
  
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4.

Yes, it has an edge over private players. No doubt, about it, because it is "TRIED AND TESTED"
Answered by lalit kumar, 05 Apr '10 05:03 pm

 
  
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5.

Good policy n good service n safety...........
Answered by krunal modi, 05 Apr '10 04:05 pm

 
  
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6.

The main reason is that LIC is one of the most trusted and you have no fear of not getting your money back.
Answered by Mitali Choudhury, 05 Apr '10 04:04 pm

 
  
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