Life Insurance Corporation of India was created on 1st September 1956, with the objective of spreading insurance much more widely. Particularly, in rural areas with a view to reach all insurable persons in the country and to provide adequate financial cover at a reasonable cost. The company is an Indian state-owned insurance group and investment corporation owned by Government of India.
|COMPANY TYPE||Public Limited|
|Managing Director & CEO||Shri. Vipin Anand Shri. T.C Suseel Kumar Shri. Mukesh Kumar Gupta Shri. Raj Kumar|
|Contact Details||Telephone: 022 6827 6827 Toll-free : 1800 103 7766 Website : www.licindia.in SMS : LICHELP <Policy No> to 9222492224 LICHELP <Policy No> to 56767877|
|Latest Claim Settlement Ratio||98.27% in the FY 2018-19|
|Solvency Ratio||160% as on 31st March 2019|
|New Business Premium||51.012 crore as on 31st March 2019|
|Mission||Ensure and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.|
|Vision||A trans-nationally competitive financial conglomerate of significance to societies and pride of India.|
|Year of start||1956|
|IRDAI registration No||512|
|Corporate Office||Life Insurance Corporation of India Yogakshema Building, Jeevan Bima Marg, P. O. Box No – 19953, Mumbai – 400 021.|
1) LIC Jeevan Anand
2) LIC Jeevan Labh
3) LIC Jeevan Shanthi
4) LIC Jeevan Arogya
5) LIC Nivesh Plus
6) LIC Bhagya Lakshmi
|Awards & Recognitions||
|Social Media Links||
Twitter : twitter.com/licindiaforever
Facebook : facebook.com/LICIndiaForever/
You Tube : youtube.com/user/licindiaforever
ABOUT LIFE INSURANCE CORPORATION OF INDIA
LIC was formed after the Parliament of India passed the Life Insurance of India act on 1956. At the time of formation of LIC, apart from its corporate office, the company had 5 zonal offices, 33 divisional offices and 212 branches.
Since, life insurance contracts are long term contracts and that requires variety of services for the currency of policy. Later, re-organization of LIC took place and large number of branches opened and the servicing functions are transferred to respective branches to made the process simple. As a result, that makes wonders in LIC, about to got 200 crores of new business and also crossed 1000 crores during the year of 1969-70.
Hence, today LIC functions with 2048 fully computerized branch offices, 113 divisional , 8 zonal offices 1382 satellite offices and corporate offices.
OPERATIONS OF LIC
LIC’s wide area network covers 113 divisional offices and connects all branches through a Metro Area Network. Currently, LIC has ties up with 12 public sector banks, 6 private banks, 18 reginal rural bank, 41 co-operative bank, and 1 foreign bank.
The company also having 64 corporate agents & 83 insurance marketing firms were appointed. By using those banks and corporate agents tie up LIC can reach maximum people in the country to sell and provide coverage for them.
Apart from the corporate agents, financial advisors (individual agents) playing a major role in the growth of LIC. The company having 10,69,816 number of active agents as on 31st March 2019. With the help of these agents LIC could serve all remote areas across the country.
OBJECTIVES OF LIC
The objectives of LIC is to spread life insurance widely across the country. Particularly, the company tries to cover the people in rural areas and to the socially, economically backward classes with a view to reaching all insurable persons in the country and also providing them adequate financial cover against death in a reasonable cost.
To maximize mobilization of people’s savings by making insurance-linked savings. Also, to conduct business with utmost economy and with the full realization that the money belongs to the policyholders.
The company seeks to act as trustees of the insured public in their individual and collective capacities. Also, to meet various life insurance needs of the community that would arise in the changing social and economic environment.
Also, the company try to involve all people working in the corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
They continuously promote amongst all agents and employees of the corporation a sense of participation, pride satisfaction through discharge of their duties with dedication towards achievement of corporate objective.
LATEST ACTIVITIES ABOUT LIC
The company continuous to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records.
During the financial year of 2018-19, the company has procured 2,14,03,905 policies with a first-year premium income of Rs.41,086 crore. The achievement to budget in NOP was 85.62% and in TFPI 86.96%. Rs.12,997.43 crore earned under 1,94,418 policies of Pradhan Mantri Vaya Vandana Yojana.
From then to now, LIC has crossed many milestones and has unprecedented performance records in various aspects of life insurance business.
The same motives which inspired their forefathers to brought insurance into existence in the country inspired them at LIC to take this message of protection to light the lamp of security in as many homes as possible and to help the people in providing security to their families.
As a part of it, LIC launches new policies periodically to meet the customers need in various aspects in various stages of their life.
In the pandemic Covid-19 period, LIC has promised to provide death claims even for corona virus death and also provide coverage to their customers for Covid-19, those who all are had health policies with them.
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