The
Life Insurance Corporation of India is better known as LIC and came into existence in September, 1956 after the Life Insurance Corporation Act was passed by the Indian government in June, 1956. The corporation was set up with the primary objective of increasing the popularity of life insurance in rural as well as urban areas by imparting financial indemnity at affordable rates.
With more than 10,00,000 agents spread all over India, LIC is the largest life insurance concern in the country. The company has 5 zonal offices, more than 200 branch offices, and around 30 divisional offices. The Life Insurance Corporation of India underwent certain structural re-organization in the 1960s and as a result of this the company was able to garner Rs. 2,000 crore worth of new business transactions by 1980 and it also attained new business worth Rs. 7,000 crore after further re-organization in the 1980s.
In keeping with modern times and the changing needs of customers, LIC has arranged for additional branches, divisional offices, bank tie-ups, ATM premium payment options, ECS facilities, IVRS, online kiosks, and information units that are spread across metros such as Mumbai, Delhi, Kolkata as well as other important cities such as Pune, Hyderabad, and Ahmedabad.
LICI Products:
Apart from the usual schemes such as money back plans, whole life plans, and term assurance plans, the company offers several special insurance plans for children, women, physically challenged dependants, and high net-worth individuals.
The Life Insurance Corporation of India also offers several attractive pension plans such as Jeevan Nidhi, Jeevan Akshay, Jeevan Dhara, and Jeevan Suraksha. The company has 3 Unit plans - Market Plus, Profit Plus, and Fortune Plus.
Group schemes are also offered by The Life Insurance Corporation of India under plans such as Gratuity Plus, Group gratuity Scheme, and Group Leave Encashment Scheme.
The Life Insurance Corporation of India is almost synonymous with the concept of insurance in India in spite of the fact that the Indian government has opened up the insurance market to private insurance companies. In 2005-06 itself, LIC added as many as 100,00,000 policies to its already impressive portfolio and grew by almost 17% during the given period.
Objectives of LIC:
- When The Life Insurance Corporation of India was set up in 1956, its primary objective was to propagate the idea and practice of life insurance in rural areas among financially backward people so that their risks were covered in the event of death.
- The Life Insurance Corporation of India intends to increase the mobility of individual savings to the maximum extent possible.
- The Life Insurance Corporation of India seeks to employ the investments of its customers in the best possible manner while at the same time prioritizing matters of national importance.
- The company aims at meeting the dynamic expectations of its investors by adding innovative schemes and products to its portfolio.
The Life Insurance Corporation of India is headed by Mr. T.S. Vijayan, who is the company chairman. The company has 3 managing directors - Mr. D.K. Mehrotra, Mr. Thomas Mathew T, and Mr. A.K. Dasgupta.
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