LIC term cover set to get cheaper

Saturday 24, March, 2012 The country's largest insurer, Life Insurance Corporation of India, plans to reduce its term insurance rates. Term insurance policies refer to those covers where the insurance company makes a payout only upon the death of the insured. "We are in the process of reviewing our rates and will do so after this financial year," said D K Mehrotra, LIC chairman. He added that although LIC's rates for term insurance are higher than that of private insurers, the corporation has a much better track record in claim settlement. According to Mehrotra, there is a big increase in the awareness for life insurance protection. Apart from competition, the awareness has been generated because middle-class buyers with loans want to ensure that their liabilities aretaken care of.

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