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The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance companies in India. LIC was formed when hundreds of life insurance companies were nationalised. Here’s a brief look into the history of LIC History of LIC of India Introduction of life insurance in IndiaThe concept of life insurance was introduced in India under British rule in the year...

Insurance is a policy taken to cover the risk of financial loss, i.e. it provides protection against financial loss that may occur. In your case, it was a financial loss due to damage to your car which was covered because you had an insurance policy. However, such loss may be due to the death of the insured, damage to a property, liabilities or expenses incurred in a car accident, etc. The entity from which insurance...