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