2. Introduction
• Life insurance in its modern form came to India from
England in the year 1818.
• Oriental life Insurance company, started by Europeans In
Calcutta was the first life Insurance company on Indian soil.
• Before 1912 India had no Legislation to Regulate Insurance
Business.
• In the year 1912, the life insurance companies act the
provident fund act were passed.

3.  It made necessary that the premium rate tables & periodical
valuations of companies should be certified by an actuary &
actuaries means one who calculates insurance risks & premiums
according to statistical probabilities.
 It was much later on the 19th Jan 1956, India parliament passed
the LIC Act on the 19th Jan 1956 & the LIC of India was created on
1st sept,1956.
LIC lad 5 zonal offices, 33 divisional offices 212 Branch offices,
apart from its corporate offices in the year 1956.
Today LIC function with 2048 fully computerized branch offices.
105 divisional offices.
8 zonal offices & the corporate office

4. LIC’s wide area network covers 100 divisional
offices & connects all the branches through a metro
area network with satellite offices attached to about
some 50 branches.
And has a network of around 1.2 million agents for
soliciting life insurance from the public.
It has crossed the milestone of issuing 1,01,32,955.
New policies by 15th oct,2005-growth of 67% of
previous year.

5. MISSION
“Explore 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.”

6.  Spread Life Insurance widely and in particular to
the rural areas and to the Socially and
economically backward classes with a view to
reaching all insurable persons in the country and
providing them adequate financial cover against
death at a reasonable cost.
Maximize mobilization of people’ savings by
making insurance-linked savings Adequately
attractive..

7. •Conduct business with utmost economy and with the full
realization that moneys belong to the policyholders.
• Act as trustees of the insured public in their individual and
collective capacities.
•Promote amongst all agent and employees of the corporation a
sense of participation, pride and job satisfaction towards
achievement of corporate objective.
•INTERNATIONAL OPERATIONS..
•LIC has always acknowledged the need to expand. our
expanding efforts have been consistent & are evident through
our associations.

8.  LIC Fiji.
 LIC Mauritius
 LIC United Kingdom
 LIC (International) B.S.C (C), Bahrain
 LIC (Nepal) Ltd
 LIC (Lanka) Ltd
 Saudi Indian Company for Co-op. Insurance,
KSA.
 LIC Mauritius Offshore Ltd.
 LIC Coordinating Office in India

10. PUBLIC RELATION DEPARTMENT
The Public Relation Department in LIC is divided into
three major
categories. Namely:
1. Communication Department
2. Crisis Management Department
3. Publicity Department

11. COMMUNICATION DEPARTMENT
•The PRO of this Department is an external PR.
• In short, the communication Department PRO ensures that
there is no communication gap between the company and the
external concerned bodies.

12. The PRO in this department is an internal one.
“Wash the utensil before having food in it.”
PUBLICITY DEPARTMENT
Hence a separate publicity department was formed which
worked only for publicity strategies. Initially it was
looked up by the Communication Department.
CRISIS MANAGEMENT DEPARTMENT

13. Product offered to customer
Children's Policy
Komal Jeevan - Plan No. 159
Children Deferred - Plan no.41, Jeevan Kishore – Plan no.102
Jeevan Chhaya - Plan no.103
Marriage Endowment/Educational Annuity - Plan No. 90
Jeevan Anurag - Plan no.168
Endowment Policy
Endowment with Profits - Plan no.14 Limited Payment
Endowment withProfits - Plan no.48, Jeevan Mitra - Plan no.88
New JanaRaksha Policy - Plan no.91, Jeevan Anand Plan no. 149
Jeevan Mitra Triple Cover - Plan no.133

14. Group Insurance Policy
Janashree Bima Yojana
Group Insurance Scheme in lieu of EDLI
Group (Term) Insurance Scheme
Group Savings Linked Insurance Scheme, Group Superannuation Scheme
Group Mortgage Redemption Assurance Scheme
Joint Life Policy
Jeevan Saathi - Plan no.89
Money Back Policy
Money Back with Profit - Plan no.75, New Money Back - Plan no.93
Jeevan Surabhi 15 yrs - Plan no.106, Jeevan Surabhi 20 yrs - Plan no.107
Jeevan Surabhi 25 yrs - Plan no.108, Jeevan Bharati Plan No 160
Jeevan Samriddhi Plan No 154, 155, 156 157
Bima Bachat- Plan no.175

15. Pension Plans or Annuities
New Jeevan Dhara - Plan no.148, New Jeevan Suraksha Plan no. 147
Jeevan Akshay II Plan no. 163, Jeevan Nidhi Plan no. 169
Jeevan Akshay V Plan no. 183
Special Plans
Term Assurance - Plan no.43, Mortgage Redemption - Plan no.52
Jeevan Aadhar - Plan no.114, Market Plus - Plan No 181
Jeevan Vishwas Plan No. 136, Jeevan Saral Plan No. 165
Jeevan Pramukh Plan No. 167, Bima Nivesh 2005 Plan No 171
Money Plus-Plan No 180
Term Policy
Convertible Term Assurance - Plan no.58
New Bima Kiran
Term Assurance
Anmol Jeevan I Plan No- 164
Amulya Jeevan-Plan No-177

16. Admission Of Age:
Age is the main basis of calculation of premium under life
insurance policies. The following are accepted as evidence of age:
Payment of Premium:
By cash, local cheque, Demand Draft at Branch Office. Through
Internet Premium payment can also be made through ATMs of
Corporation Bank and UTI Bank.
Days Of Grace:
Policyholder should pay the premiums on due dates. However, a
grace period of one month but not less than 30 days will be allowed for
payment of yearly/half-yearly/quarterly premiums and 15 days for
monthly premiums. If the premium is not paid before the expiry of the
days of grace, the policy lapses.
Service Quality

17. Renewal of Lapsed Policy:
If the policy has lapsed, it can be revived during the life time
of the life assured, within a period of five years from the date of the
first unpaid premium but before the date of maturity subject to
certain conditions.
Change of Address and Transfer of Policy Records:
The policyholder should immediately intimate the change of
his/her address to the Branch Office servicing the policy. The correct
address facilitates better Service and quicker settlement of claims.
Loss of Policy Document:
Loss of the Policy Document should be immediately
intimated to the Branch Office where it is serviced.

18. Loans:
Loans are granted on policies to the extent of 90% of Surrender
Value of the policies which are in force and 85% of the Surrender Value
in case of policies, which are paid-up, inclusive of the cash value of
bonus. The rate of interest charged at present is 9% p.a. payable half-
yearly. Loans are not granted for a period shorter than six months.
Relief to Policyholders:
The Corporation generally allows concessions on payment of
premiums, settlement of claims, issue of duplicate policies, etc when the
policyholder are affected by natural calamities such as droughts, cyclones,
floods, earthquakes, etc.
Nomination:
The Nominee does not get any other benefit except to receive the
policy moneys on the death of the Life Assured.

19. Survival Benefit/Maturity Claims:
LIC settles survival benefit/maturity claims on or before
the due date. Survival Benefit payment up to Rs.60,000/- are
settled without insisting for Policy Bond and Discharge
Voucher.
Your Policy Bond and Its Safety:
The policy bond is the document that is given to you after we
accept your proposal for insurance.
Inform your spouse/Parents/Children as to where the policy is
kept..
Your Policy Number
This is a unique identification number that
distinguishes your policies from other policies and will remain
unchanged throughout the lifetime of the policy.

20. Policy Conditions:
Every policy is taken for different types of needs;
therefore the conditions for your policy will vary according
to the Plan and Term of the policy.
Alterations In Policy:
There may be instances when you would like to make
alterations in your policy like change of premium payment
mode, reduction in premium paying term etc. your
applications may be given in writing to the branch that
services your policy for our further action.

21. In the individual new business segment, while LIC, ICICI, and
HDFC improved WNRP industry market share (YTD) by 3.8
percentage points, 1.5 percentage points, and 0.7 percentage
points, respectively, Bajaj Allianz (1.8 percentage points), Birla
(1.25 percentage points), SBI (1.26 percentage points) and
Reliance (0.31 percentage points) lost significantly. At 5mFY11
end, private insurers’ market share stood at ~50%.
Here is how Various Life Insurers stack up against each in the
Industry as a whole. The following Data suggests that LIC of
India is still the market leader followed by ICICI Prudential,
HDFC Standard Life, SBI, Reliance, Bajaj, Birla Sun Life, Max
New York etc.

22. Competitors..
2%
1% 2%
3% 4%
6%
5%
8%
4%
5%
10%
50%
Sales
Kotak
Met
Tata
Max
Birla
HDFC
Reliance
Others
Bajaj
SBI
ICICI
LIC

23. ASSOCIATES…
LIC Housing Finance Ltd.
LICHLF Care Homes Ltd.
LIC Mutual Fund AMC Ltd.

24. • Over its existence of around 53 years, Life Insurance Corporation of
India, which commanded a monopoly of soliciting and selling life
insurance in India, created huge surpluses, and contributed around
7 % of India's GDP in 2006.
• The Corporation, which started its business with around 300 offices,
5.6 million policies and a corpus of INR 459 million (US$ 92 million as
per the 1959 exchange rate of roughly Rs. 5 for a US $ , has grown to
25000 servicing around 180 million policies and a corpus of over 8
trillion (US$173.6 billion).
• The recent Economic Times Brand Equity Survey rated LIC as the No. 1
Service Brand of the Country. The slogan of LIC is "Zindagi ke saath
bhi,Zindagi ke baad bhi"in hindi. In english it means "with life also,after
life also.

25. • CNBC Awaaz Consumer
Award..
• Reader digest Trusted Brand
Insurance Category 2010..
Outlook Money– NDTV Profit
Award..
• “Best Insurer Category”
World Brand Congress
Award..

26. • Golden Peacock Innovative
Product/Service Award-2009 ASIA
PACIFIC HRM..
• Congress, 2009 Award for
Innovative HR Practices..
• Loyalty Award-2009, NDTV profit
Business Leadership Award 2008..
• INDY’S Silver Award for Best
Corporate Film NASCOM IT User..
In line with expectations, life
insurance industry’s New
business volumes in the
individual new business
segment remained strong,
growing 36% Y-o-Y and 23%
M-o-M, in August 2010.

27. ADD..