The Life Insurance Corporation of India is one of the Insurance Company of India, it is an Indian State Owned Insurance Group and Investment Company whose headquarters is in Mumbai. LIC of India is one of the most popular and well known largest Insurance Company with a huge market in India, with an estimated asset value of Rs 1560482 Crore i.e. US$230 Billion. LIC was founded in 1956 and it is the organization that is run by the Government of India.
LIC consists of a total of 8 Zonal Offices, 113 Divisions Offices all over India, 2048 Branches across, 992 Satellite Office and has a large network of 13 Lakh Agents, this makes LIC the Largest Insurance Company of India. LIC is also connected to 42 Banks, 98 Brokers, 242 Corporate Agents in order to get the ordinary public into the Insurance Business.
Life Insurance Corporation of India History
In India, the first Insurance Coverage Company was The Oriental Life Insurance Company, which was established in Calcutta in the year 1818, the founder of the Company was Anita Bhavsar.
During the earlier days of the Insurance Companies, the condition for them wasn’t good. As it faced the Indian War of Independence, World War I and World War II, that affected the economy of India, all this events had an adverse effect on the people and their faith in the general public in the utility of obtaining life cover, that led most of the companies to loss and as a result most of the companies were shut down.
Life Insurance Corporation of India (LIC) Information Wiki
The company gets its fund from the Government. The Government of India funds approx. 24.6% of its expense over the company. Also, the company contributes to the GDP. It was found that in 2006 the company contributed up to 7% of India’s GDP. The company has made a huge growth over the period of years. The growth ’s remarkable and appreciable. It is believed that the company started with around 5.7 policies in 300 offices and collection of INR 459 million has now grown to the growth of around 2050 offices and almost 181 million policies and is an entity of around INR 3.5 trillion which comprises many offices and branches. Following are the offices and branches:
- 113 Division
- 2049 Branches
- 8 Primary Zonal Offices
- 54 Customer Zones
- 992 Satellite offices
- 25 Metro-area service centers
The company has a huge number of policyholders
It was found that in the year 2006 to 2007
the company has more than 200 million policyholders
The services provided by the company are very helpful and eye catchy. It covers everything that a common man needs. Following are the policies that the company covers:
- Bima Account Plans
- Jeevan Anand, Jeevan Mitra, Jeevan Amrit, Jeevan Vaibhav
- Endowment Plus
- Individual Plans
- Children Plans- Jeevan Anurag, Komal Jeevan, Marriage Endowment or Educational Annuity Plan, Jeevan Chaya, Jeevan Kishore, Child Future Plan, Child Career Plan and Jeevan Ankur
- Money Back Plan
- Handicap Dependent Plans- Jeevan Vishwas and Jeevan Aadhar
- Pension Plans-Jeevan Aksha
- Special Plans- Jeevan Saral, Bima Nivesh, Jeevan Madhur, Jeevan Deep and Jeevan Mangal
- Social Security Scheme- Jana Shree Bima Yojna, Aam Admi Bima Yojna and Shikha Sahayog Yojana
- Health Protection Plus
- Jeevan Arogya Plans.
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