The Life Insurance Corporation of India (LIC) 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 was founded in 1956.
Headquartered in Mumbai, which is considered the financial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around one million and 200 thousand agents for soliciting life insurance business from the public,
The Oriental Life Insurance Company, the first corporate entity in India offering life insurance cover was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Europeans in India were its primary target market, and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
The LIFE INSURANCE Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail. A bill was also introduced in the Legislative Assembly in 1944 to nationalize the insurance industry.
The Corporation, which started its business with around 300 offices, 5.6 million policies and a corpus of INR 459 million, has grown to 2,048 offices servicing around 180 million policies and a corpus of over INR 3.4 trillion.
The organization now comprises 2048 branches, 100 divisional offices and 8 zonal offices, and employs over 1 million agents. It also operates in 12 other countries, primarily to cater to the needs of Non Resident Indians.
With the change in the India's economic philosophy from the early 1990s, and the subsequent relaxation of state control over several sectors of the economy, the monopolistic position of the Life Insurance Corporation of India was diluted, and it has had to compete with a number of other corporate entities, Indian as well as transnational Life Insurance brands.
In the fiscal year 2006-07 Life Insurance Corporation of India's number of policy holders are said to have crossed a whopping 200 million (fourth in terms of population of the countries of the world)
LIC owns the following subsidiaries:
The insurance giant opted for internet services for all its subscribers and developed massive networking for own usage and internal governance. While the pros and cons of internal networking remains concealed within the officials and hidden for the common customers, the customer portal somehow fails to satisfy the 21st century customers. Apparently, low bandwidth, unwise web page hyper linking, illogical page set ups, all just contribute to the irritation of common net age customers.
The portal gives opportunity to register any policy to be tagged up with any one. As a matter of fact, if Mr. 'A' knows the policy number and premium value of certain policy 'X' of Mr. 'B,' 'A' can tag up 'X' with his own Profile in LICI portal and get all the details of the policy. Moreover, though the organization is officially known as Life Insurance Corporation of India, abbreviated, LICI, the portal welcomes a customer to LIC. As a result of all these, online payment of premium through the site could not be a popular option for the customers. The site fails to show the details of all its recognized agents in its Agent locator section.It has a great significance in today's life.
Tender Notice: Life Insurance Corporation of India Seeks Cameras, Supply, Installation, Testing, Commissioning Services (India)
Oct 24, 2009; TAMIL NADU, India, Oct. 24 -- Life Insurance Corporation of India, Chennai, said it was soliciting services for the supply,...
LIC: The big daddy ; LIC, or the Life Insurance Corporation of India, is practically synonymous with insurance in the country.
Aug 21, 2011; As a home loan officer with a private sector bank, Yatindra Pathak says he has often heard people say: "Mere pass ICICI ka hi LIC...