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Abstract
Life Insurance Corporation of India is one of the prominent insurance companies in India. It offers financial security and life assurance to the policyholder. An event insurable refers to the occurrence causing damage/injury to an entity, which is unforeseen and unintended. LIC strives hard to insure life hazards of individuals living in insurance the changing social and economic environment. The main focus of the life insurance corporation of India is to safeguard the interests of the life insured and act as a trustee in their individual and collective capacities. A life insurance policy is an agreement between an insurance company and a policy holder insured that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insurance plans. In order to calculate the sum assured of a life insurance policy, LIC takes various factors such as age lifestyle, occupation, sum assured etc. into consideration.