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.
The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the 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.
The headquarters of LIC is in Mumbai, Maharashtra. LIC’s slogan ‘yogakshemam vahamyaha’ is in Sanskrit language which translates in English as “Your welfare is our responsibility”.
Mission of LIC:
“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.”
Objectives of LIC:
- Reach every person of the country including socially and economically backward classes and provide them with financial cover against death at a reasonable cost.
- Make insurance-linked savings 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.
- 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.
Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 Zonal offices, 1381 Satellite offices and the Corporate office. LIC’s Wide Area Network covers 113 Divisional offices and connects all the branches through a Metro Area Network (MAN).
All 8 Zonal Offices and all the MAN centres are connected through a Wide Area Network (WAN). This will enable a customer to view his policy data and pay premium from any branch of any MAN city.