Life Insurance Corporation of India

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Life Insurance Corporation of India (LIC) is the biggest provider of insurance and investment services in India. It is a publicly held organization held totally by the Union Government of India and also provides almost 24.6 percent of the government’s expenses. Its assets have been valued at INR 13.25 trillion. It was established during 1956 when 243 provident societies and insurers merged together.

In the 2020 Budget, Finance Minister Nirmala Sitharaman declared that the government will trade a part of its stake in Life Insurance Corporation (LIC) through an Initial Public Offering (IPO). She further added that this will bring a lot of financial discipline among the entities. As of now, the government owns the entire 100 per cent stake in LIC.

Life Insurance Corporation Employees

Following is the employee break-up of Life Insurance Corporation:
  • 1,537,064 individual agents
  • 242 corporate agents
  • 42 banks
  • 79 referral agents

LIC Board of Directors

The board of directors of LIC comprises the following:

Members On The Board of The Corporation

Members On The Board of The Corporation
Shri MR KumarChairman, LIC of India
Shri TC Suseel KumarManaging Director, LIC of India
Shri Vipin AnandManaging Director, LIC of India
Shri Mukesh Kumar GuptaManaging Director, LIC of India
Shri Raj KumarManaging Director, LIC of India
Shri Debashish PandaMember, LIC of India
Shri Injeti SrinivasMember, LIC of India
Ms. Padmaja ChunduruMember, LIC of India
Shri Devesh SrivastavaEx-Official Director
Shri R N ChaturvediNon-Official Director
Shri R ChandrasekaranNon-Official Director

Life Insurance Corporation Products

The products offered by Life Insurance Corporation may be mentioned as below:

Insurance Plans

  • Bima Account Plans – Bima Account 1 and Bima Account 2
  • Endowment Assurance Plans – The Endowment Assurance Policy, Jeevan Anand, The Endowment Assurance Policy-Limited Payment, New Janaraksha Plan, Jeevan Mitra (Double Cover Endowment Plan), Jeevan Amrit, Jeevan Mitra (Triple Cover Endowment Plan), and Jeevan Vaibhav (Single Premium Endowment Assurance Plan)
  • Endowment Plus
  • Plans for high worth individuals – Jeevan Pramukh, and Jeevan Shree-I
  • Children Plans – Jeevan Anurag, Komal Jeevan, CDA Endowment Vesting at 21, Marriage Endowment Or Educational Annuity Plan, CDA Endowment Vesting at 18, Jeevan Chhaya, Jeevan Kishore, Child Future Plan, Child Career Plan, and Jeevan Ankur
  • Money Back Plans – The Money Back Policy-20 Years
  • Plans for Handicapped Dependents – Jeevan Vishwas, and Jeevan Aadhar

Pension Plans

  • Jeevan Akshay - VI

Unit Plans

  • Endowment Plus

Special Plans

  • Golden Jubilee Plan – New Bima Gold
  • Special Plan – Jeevan Saral, and Bima Nivesh 2005
  • Micro Insurance Plans – Jeevan Madhur, Jeevan Deep, and Jeevan Mangal

Group Scheme

  • Group Scheme - Group Term Insurance Schemes, Group Leave Encashment Scheme, Group Insurance Scheme in Lieu Of EDLI, Group Mortgage Redemption Assurance Scheme, Group Gratuity Scheme, Group Critical Illness Rider, and Group Savings Linked Insurance Scheme
  • Social Security Scheme - JanaShree Bima Yojana (JBY), Aam Admi Bima Yojana, and Shiksha Sahayog Yojana

Health Plans

  • Health Plans – Health Protection Plus
  • Jeevan Arogya Plans – Jeevan Arogya

Life Insurance Corporation of India News

The Indian government has appointed SB Mathur, who has previously worked as the chairman of the Life Insurance Corporation of India, as a part time Insurance Regulatory and Development Authority (IRDA) member. He replaces Ela Bhatt whose term expired during September 2012.

Apart from his tenure as the Life Insurance Corporation of India chairman, Mathur has also served as the head of the Life Insurance Council, an association body of the insurance industry. This appointment is being seen as an effort to get the insurance industry represented on the IRDA board.

Other similar members of IRDA are the ICAI President and the Joint Secretary Insurance from the Union Finance Ministry.

Employees of the Life Insurance Corporation of India operating at the Swarnalok Complex branch in Eluru Road, Vijayawada put up a demonstration during lunch hours in order to protest the Union Government’s decision to the increase the foreign direct investment (FDI) limit in the insurance sector to 49 percent from the previous limit of 29%.

While speaking to the demonstrators, CH Kaladhar, the branch secretary, stated that the decision will ensure that international companies have greater control over the savings of Indian people and the decision may not have any concrete benefits either for India or its people. He also stated that the decision could put at risk the national economy.

He also alleged that the Indian government had caved in to the pressure strategies being applied by the US and not thought of the interests of the people it is governing. Kaladhar also iterated that the government should go back and think about the decision for the betterment of the country and the people.

KVVSN Krishna Kumar, a Class I Federation leader of LIC, and SHHN Raju, the President of the LIC Development Officers’ Association also spoke at the event. The demonstration also saw union leaders Ramanjaneyulu, NLN Singh, Ratna Jyothi, and Mani Kumari. The demonstration was organized under the All India Insurance Employees’ Association’s banner.

Life Insurance Corporation of India is also celebrating October as the Social Security Month. In a statement provided on October 6, the organization stated that the Indian government had entrusted with different social security programs and it is presently working on them.

At present the insurer is operating a couple of insurance programs for the economically disadvantaged sections of the Indian society:

  • Aam Admi Bima Yojana
  • Janashree Bima Yojana

In the 2011-12 fiscal the insurer paid INR 403.91 crores in claims in both the above mentioned schemes.

Life Insurance Corporation Network

The head offices of Life Insurance Corporation are at Mumbai, and it presently has 100 divisional offices and 8 zonal offices located in various parts of India. It also has approximately 3500 service offices inclusive of the following:

  • 2048 branches
  • 25 metro area service hubs
  • 54 customer zones
  • Several satellite offices

Its office locations may be further enumerated as below:

Central Zone

  • Bhopal
  • Jabalpur
  • Bilaspur
  • Raipur
  • Gwalior
  • Satna
  • Indore
  • Shahdol

Eastern Zone

  • Begusarai
  • Sambalpur
  • Berhampur
  • Asansol
  • Bhagalpur
  • Bongaigaon
  • Bhubaneswar
  • Guwahati
  • Cuttack
  • Howrah
  • Hazaribagh
  • Jalpaiguri
  • Jamshedpur
  • Jorhat
  • Muzaffarpur
  • Kharagpur
  • Patna
  • Silchar

North Central Zone

  • Agra
  • Gorakhpur
  • Aligarh
  • Haldwani
  • Allahabad
  • Kanpur
  • Bareilly
  • Lucknow
  • Dehradun
  • Meerut
  • Faizabad
  • Varanasi

Northern Zone

  • Ajmer
  • Jodhpur
  • Amritsar
  • Karnal
  • Bikaner
  • Ludhiana
  • Chandigarh
  • Rohtak
  • Delhi
  • Shimla
  • Jaipur
  • Srinagar
  • Jalandhar
  • Udaipur

South Central Zone

  • Bangalore
  • Nellore
  • Belgaum
  • Raichur
  • Dharwad
  • Rajahmundry
  • Hyderabad
  • Secunderabad
  • Kadapa
  • Shimoga
  • Karimnagar
  • Udupi
  • Machilipatnam
  • Vizag
  • Mysore
  • Warangal

Southern Zone

  • Chennai
  • Salem
  • Coimbatore
  • Thanjavur
  • Ernakulam
  • Thrissur
  • Kottayam
  • Tirunelveli
  • Kozhikode
  • Trivandrum
  • Madurai
  • Vellore

Western Zone

  • Ahmedabad
  • Nagpur
  • Amravati
  • Nanded
  • Aurangabad
  • Nashik
  • Bhavnagar
  • Pune
  • Gandhinagar
  • Rajkot
  • Goa
  • Satara
  • Kolhapur
  • Surat
  • Mumbai
  • Thane
  • Nadiad
  • Vadodara

Last Updated on 20 February 2020