Life Insurance Corporation (LIC) of India is the largest insurance company in India and was founded in 1956 when the Parliament of India passed the Life Insurance Corporation Act. More than 200 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
The asset value of LIC is Rs 1560482 crore (US$250 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
The Slogan of LIC is yogakshemam vahamyaha, which means “Your welfare is our responsibility“.
The Chairman of LIC is Mr.S.K.Roy. The Managing Directors are Mr.S.B.Mainak, Mr.V.K.Sharma, and Smt.Usha Sangwan.
LIC is Headquartered at Mumbai.
Operations
LIC has 8 zonal offices, around 109 divisional offices, 2,048 branches and 992 satellite offices and corporate offices.
LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC’s ECS and ATM premium payment facility is an addition to customer convenience.
Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities.
With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.
Objectives of LIC
Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes and providing them adequate financial cover against death at a reasonable cost.
Maximize mobilization of people’s savings by making insurance-linked savings adequately attractive.
Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
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.
Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.
LIC in Shares and Stakes
The major companies where LIC has raised its stake include Infosys, RIL and Cairn India. Other such companies are ITC, Power Grid Corp, NTPC, Siemens, Bharti Airtel and Hero MotoCorp.
Among the Nifty companies, LIC’s holding in terms of value is estimated to be highest in ITC (Rs 27,326 crore), followed by RIL (Rs 21,659 crore), ONGC (Rs 17,764 crore), SBI (Rs 17,058 crore), L&T (Rs 16,800 crore), and ICICI Bank (Rs 10,006 crore).
Products of LIC
- Children’s Policy
- Endowment Policy
- Group Insurance Policy
- Joint Life Policy
- Money Back Policy
- Pension Policy
Associates of LIC
- LIC Housing Finance Ltd
- LICHLF Care Homes Ltd
- LIC Mutual Funds AMC Ltd
Source LIC Official Website and Wiki
