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What is difference bet lic and bank?

Updated: 9/18/2023
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13y ago

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A Bank is an organization that provides banking services like bank accounts, credit cards, loans etc. to the customers.

LIC stands for Life Insurance Corporation of India. The main difference between a bank and LIC is the fact that LIC is not a bank. It provides insurance services to the citizens of India and it does not provide services like bank accounts, credit cards etc. to customers (However, LIC does provide home loans)

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What is the difference between bank and LIC?

A Bank is an organization that provides banking services like bank accounts, credit cards, loans etc. to the customers. LIC stands for Life Insurance Corporation of India. The main difference between a bank and LIC is the fact that LIC is not a bank. It provides insurance services to the citizens of India and it does not provide services like bank accounts, credit cards etc. to customers (However, LIC does provide home loans)


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