LIC enters into partnership with Sahaj Insurance Services [Finance]
AI Summary2 min read
TL;DR
LIC, India's largest life insurer, has partnered with Sahaj Insurance Services. The company offers a wide range of individual and group insurance products through various distribution channels.
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InsuranceFinanceLICSahaj Insurance Serviceslife insuranceIndiapartnership
The corporation is been providing life insurance in India for many years and is the largest life insurer in India. It has a broad, diversified product portfolio covering various segments across individual products and group products. Its individual products comprise (i) participating insurance products and (ii) non-participating products, which include (a) savings insurance products; (b) term insurance products; (c) health insurance products; (d) annuity and pension products; and (e) unit linked insurance products. Its individual products include specially designed products for specific segments, such as special products for women and children and Micro Insurance products. In addition, it offer riders that provide additional benefits along with the base product to cover for additional risks, such as accidental disability, death, critical illness and premium waiver on the death of the proposer. The corporation’s individual product portfolio in India comprises many individual products and various individual riders. Its group products comprise (i) group term insurance products, (ii) group savings insurance products; (iii) group savings pension products; and (iv) group annuity products. The corporation’s group product portfolio in India comprises various group products. The corporation’s omni-channel distribution platform for individual products currently comprises (i) individual agents, (ii) bancassurance partners, (iii) alternate channels (corporate agents, brokers and insurance marketing firms), (iv) digital sales (through a portal on Corporation’s website), (v) Micro Insurance agents and (vi) Point of Sales Persons-Life Insurance scheme. The corporation’s individual policies are primarily distributed by its individual agents.