LIC, or life insurance corporation, is a financial institution that provides life insurance policies to the public. There are several synonyms for the term, including life insurance, life assurance, life coverage, and life protection. These terms essentially mean the same thing, that a policyholder pays premiums in exchange for financial protection for their loved ones in case of their untimely death. Other related terms to LIC could include annuities, pensions, and endowments. While the terminologies may differ slightly, the underlying concept of providing financial security to loved ones remains the same across the board.