How Does Lic of India Fare against Canadian Companies
Being in the industry for many years and having a very large Indian Population client base I am always asked how our insurance stands against that of Life Insurance of India. After some research most Indian people purchase LIC products that are very aggressive in terms of cost and its almost like a participating whole life insurance on steroids. The Indian community stand by their products and after looking at them they are quite remarkable. Some insurance allows you to pay in 20 years, 10 years, some even allows you to get disbursements after the 20 years, without having to cancel the policy. I have never seen anything this aggressive and I have to openly admit the products are pretty amazing. I can see why when the Indian community decides to purchase Canadian Life Insurance they have some disappointment,but our conservative approach might be beneficial in the future if there were any kind of economic collapse. I was also very impressed with a certain LIC product that allows One Time Payment insurance . I know many of my clients ask me about it all the time. Although i don’t have much more information then what I have stated, I know in Canada money laundering is a big deal and hence the reason one time payment insurances are not openly advertised nor to my knowledge exist. So in summary I love the LIC approach to life insurance, their products are awesome.
When the Indian Community arrive in Canada you can see the difference and special attention they pay to insurance protection. They are a very responsible culture and I for one am always impressed with there care for and responsible foresight to their family needs.