It is a wonderful concept to enhance the quality of life through financial security by providing products and services of aspired attributed with competitive returns, and by rendering resources for economic development. This includes LIC and GIC policies that render a financial assistance.
Insurance is a form of contract under which one party agrees in return for a consideration to pay an agreed amount of money to another party to compensate the loss of something. The person proposes to insure himself against an uncertain event. Insurance can be provided in the form of policies such as Life Insurance policy or General Insurance Policy, better known as LIC & GIC policies respectively. Life Insurance is a contract under which one person (insurer) in return for a premium undertakes an assured amount to another person, either in case of death or expiry of a specified period of time whichever is earlier. LIC (Life Insurance Corporation of India) was established on 1st of September, 1956. It provides enlightenment to masses how to invest funds for serving the best interests of both policy-holders and the nation. The scheme of LIC policy is such that the policy amount is not paid to the insured during his lifetime, but is paid to the nominees on the death of the insured; this is known as whole life policy. And the other is Endowment Policy where the policy amount is paid actually to the insured after the attainment of a specified age.
GIC was formed as a Government company under sec 9 of the General Insurance Business (Nationalization) Act, 1972. There are various subsidiaries of GIC such as the National Insurance Company, The New India Insurance Company, The Oriental Fire and General Insurance Company, The United India Fire and General Insurance Company, etc. The GIC policy is formed for building up a long-term mutually beneficial relationship with business partners; which also enhances profitability and financial strength befitting the global position. It helps to provide a leading global reinsurance and risk solution. Different services of GIC policy include marine insurance, fire insurance, vehicle insurance, crop insurance, house insurance and any other insurance except life insurance.
Franchise offer may be taken up by an individual in order to join any business in relation to provide any of the online services such as air ticket booking, rail ticket booking, bus ticketing, mobile recharge, DTH recharge, hotel booking, LIC premium, bill payment, PAN card, share trading, courier services, educational packages, e-commerce and consumer complaints.
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