3. 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
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5. . On September 1st, 1956 Life Insurance Corporation of India was created, by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs 5 crore from the Government of India . With an objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
6. The Life Insurance Corporation of India It is the largest life insurance company in India and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 5 Trillion Rupees.
7. 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."
8. VISION: "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
20. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, and the corporate office in the year 1956. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the Corporate office
23. GOLDEN PEACOCK AWARD FOR EXCELLENCE IN CORPORATE GOVERNANCE, 2007 CNBC Awaaz Consumer Awards 2008 ASIA BRAND CONGRESS BRAND LEADERSHIP AWARD 2008 Pitch Award -" Rank 1 " India's Top 50 service Brands
24. Trusted Brand Award 2009 in the Platinum category Brand Equity Most Trusted Brand 2009 Top in Insurance Category Golden Peacock Innovative Product / Service Award - 2009
46. The advancement of any other object of general public utility.It also provides scholarships to students from economically weaker families for pursuing higher studies under the scheme “LIC GOLDEN JUBILEE SCHOLARSHIP”
50. INSURANCE PLANS: Children plans (JeevanKishore,JeevanChhaya etc) Plan for handicapped dependents (JeevanAadhar , JeevanVishwas) Endowment assurance plans (JeevanMitraJeevanJanraksha,JivanAmrit etc)
51. CONTD.. Money back plans (JeevanVarsha, JeevanSurabhi 15 ,20 ,25 years bimabachat etc.) Whole life plan (JeevanAnand , JeevanTarang etc.) Term assurance plan (Anmol Jeevan-1, Amulya Jeevan-1)
64. Strengths: High penetration rate in rural area. It is the oldest and most well experienced player having a Pan India presence. LIC has a strong and very well developed distribution network It has a large product portfolio and claim settlement is easier to get. It has the advantage of government guarantee accompanied with it.
65. Weakness: The corporation's managers are too bureaucratic. Inefficient use of its human resources. After sales ,customer grievance redressal mechanism is inefficient. Agents not taking into account the needs of people and promote policies having high commissions only.
66. Opportunity: Emergence of a huge middle class income consumer market in the country. People becoming more aware and demanding so there is scope for a whole lot of innovative products. Pension markets, health insurance and large real estate portfolio. Strong growth potential.
74. Strategy: In January 2000, International consultants Booze Allen & Hamilton were hired And it adopted a three-pronged business strategy for business, which involved Reduction in premiums, Higher returns and Introduction of new products.
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76. Spread of financial services in rural areas and amongst socially less privileged.
82. People repose a lot of faith in the LIC as when most of the private insurance firms were not showing any upward trend, LIC was one of the few players in the insurance sector to show surplus growth.
83. LIC have hired about 5,000 employees and 500 officers despite the economic slowdown.
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