LIFE INSURANCE CORPORATION OF INDIA

Life Insurance Corporation Of

Introduction
India

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.

 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 19 th 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

LICs 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.

MISSION & VISION

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.

OBJECTIVES
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..

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.

INTERNATIONAL
OPERATIONS
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

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

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.

The PRO in this department is an internal

one.
CRISIS
DEPARTMENT
WashMANAGEMENT
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.

 Children's
Policy to customer
Product
offered

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

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

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

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

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.

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.

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.

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.

Competitors..
Sales
Kotak
Met
Tata
Max
Birla
HDFC
Reliance
Others
Bajaj
SBI
ICICI
LIC

3%
4%
2%1% 2%

50%

6%

10%

5%
8%
4%

5%

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

CURRENT STATUS OF
LIC
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.

Awards &
Achievements..
CNBC Awaaz Consumer
Award..
Reader digest Trusted
Brand Insurance
Category 2010..
Outlook Money NDTV
Profit Award..
Best Insurer
Category World
Brand Congress
Award..

 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..
INDYS Silver Award for Best
Corporate Film NASCOM IT
User..
In line with expectations, life
insurance industrys New
business volumes in the
individual new business
segment remained strong,
growing 36% Y-o-Y and 23%
M-o-M, in August 2010.

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