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Life Insurance of India is a boon for low income and middle income group!
Do you agree with it or you don't !
The logic of pooling money from all and sharing it with persons whose certainty is affected is a very good social thought that was started sometime back in 1800.
Before its origin was to compensate the loss of ship in ocean due to strom and destruction due to various reasons.
It's good that it's extended to public by India in 1940's with a corpus fund of 5 crores that had grown to more than 2 lakh crores  with LIC.
Hence LIC can stand for any loss or natural disasters to compensate many lives which is certain.
Though it's mainly for  people with economic background for future risks many do not realise its value at earlier age and think this intangible assets as not being useful- specially younger aged people.
However! My concern is that it to serve more people in India who really need the premiums calculated though small yet many cannot afford to provide this little amount even as per insurance contract continuously.
When some learned breaucrats have even said that an Indian BPL ( below poverty line) can live with just 32 rupees may be right in their own perception.
The purpose of life insurance is to serve the majority of neatly 2 billion Indian .
Comment. !!!

In continuation to above write up like to question in a society of 2 billion people  very many are ignorant about this life saving great boon.


Secondly some Ads you see these days ! Harping on to spend just Rs 17 rs to 20 rs daily  for various policies.

Could these people even if are given a good awareness spend this so called little amount on a daily basis. I don't think so. Your comment on this!

Should LiC device methods to further reduce the premium on a daily basis with their Actuarial experts.

If one thinks of earning profits then even LIC cannot serve its people for what its inception was for.

You see these days businessmen are making money through loopholes in banking systems or circumventing it's processes.

The Government too is spending lot of money on projects which is meant for people but does not go to them.

Under such situations it's catch 22 for having LiC too in the name of benefitting people.

I feel the government can spend a small amount towards its BPL population for Government insurance schemes to allocate the poor and unaffordable people .

If it can open Jan Dhan accounts for so many this little premium for their future with LIC for them will be good.

What's your take on this thought.

I recommend this for all Indians whether they are Rich or poor. Sometimes the rich live with super confidential belief that rusks won't affect them because they can afford it.
Again many rich suffer .
Do you agree!!!

This logic is valid for any developing country where Government or influencing people can bring in  for the benefit if their own people.

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