CONTENTS

And of course nothing could have come true

without the support of my family, friends and all the
classmates for their constant encouragement and
useful tips through out my project. I will always
grateful to them.
Gaurav Kumar Gupta
 Introduction
 Preface

 Acknowledgement
 Objective of the project
 Methodology
 Finding
 Project Analysis
 Conclusion
 Li
Gaurav Kumar Gupta
BML/01/14
INTRODUCTION
 mitation
Bibliography
LIC of India is the one and only public sector life
insurance
Company in India.
Some of the important milestones in the life insurance
business in
India are:
1818: Oriental Life Insurance Company, the first life
insurance
company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the
first Indian life
insurance company started its business.
1912: The Indian Life Assurance Companies Act
enacted as the
first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted
to enable the
government to collect statistical information about
both life and
non-life insurance businesses.
1938: Earlier legislation consolidated and amended to
by the
Insurance Act with the objective of protecting the
interests of the
insuring public.
1956: 245 Indian and foreign insurers and provident
societies are
taken over by the central government and
nationalised. LIC formed
by an Act of Parliament, viz. LIC Act, 1956, with a
capital
contribution of Rs. 5 crore from the Government of
India.
Gaurav Kumar Gupta
BML/01/14
The General insurance business in India, on the other
hand, can
trace its roots to the Triton Insurance Company Ltd.,
the first
general insurance company established in the year
1850 in
Calcutta by the British.
Nationalization
In 1955, parliamentarian Feroze Gandhi raised the
matter of
insurance fraud by owner's of private insurance
companies. In the
ensuing investigations, one of India's wealthiest
businessmen,
Ram Kishan Dalmia, owner of the Times of India
newspaper, was
sent to prison for two months. Eventually, the
Parliament of India
passed the Life Insurance of India Act on1956-06-19,
and the Life
Insurance Corporation of India was created on1956-
09-01, by
consolidating the life insurance business of 245
private life insurers
and other entities offering life insurance services.
Nationalization of
the life insurance business in India was a result of
theIndustrial
Policy Resolution of 1956, which had created a policy
framework
for extending state control over at least seventeen
sectors of the
economy, including the life insurance. The company
began
operations with 5 zonal offices, 33 divisional offices
and 212
branch offices.
Current status
Over its existence of around 50 years, Life Insurance
Corporation of India, which commanded amonopol y
of soliciting and selling life insurance in India, created
huge surpluses, and contributed around 7 % of
India'sGDP in 2006.
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
Gaurav Kumar Gupta
BML/01/14

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 financial 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)
Subsidiaries
LIC owns the following subsidiaries:
•

Life Insurance Corporation

Subsidiaries
LIC owns the following subsidiaries:
•

Life Insurance Corporation of India International: This is

a joint venture offshore company promoted by LIC
which
commenced operations in July, 1989 with the
objectives of
offering US$ denomimated policies to cater to the
insurance
needs ofNRIs and providing insurance services to
holders of
LIC policies currently residing in the Gulf. LIC
International
operates in allGCC countries.
•

LIC Nepal: A joint venture company formed in 2001 with

the
Vishal Group of Industries,Nepal.
•

LIC Lanka: A joint venture company formed in 2003 with

the
Bartleet Group of Companies, Sri Lanka.
Gaurav Kumar Gupta
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School Of
Management
Science
Lucknow
Certificate
It is to certify that the project work entitled “Life
Insurance Corporation of India” which is being
submitted by me in partial fulfillment of the requirement for
award of the diploma of PGDM (IST SEM). is an authentic
work carried out by me at School of
Management Science under the supervision and
Gaurav Kumar Gupta
BML/01/14

When LIC was formed in 1956 through the

amalgamation of 225 private companies, its
business objectives complemented its social
objectives. The main objective is to spread life
insurance to every nook
and corner of the country especially rural areas, to
socially and
economically backward classes and provide them
reasonably-priced
financial cover against death.
Other objectives include encouraging
people to save for the future by making insurance-
linked savings
more attractive and secure. The funds created are
then utilized
and invested for nation building. The insurance
business is
conducted with the full realizations that LIC is only a
trustee of the
insured public and priority is given to meet the needs
that arise
due to change in the social and economic
environments.
Even today after 50 years, the core value of social
commitment
has not changed. What have changed in recent times
are
customers’ expectations and the environment in
which the life
Gaurav Kumar Gupta

When LIC was formed in 1956 through the

amalgamation of 225 private companies, its
business objectives complemented its social
objectives. The main objective is to spread life
insurance to every nook
and corner of the country especially rural areas, to
socially and
economically backward classes and provide them
reasonably-priced
financial cover against death.
Other objectives include encouraging
people to save for the future by making insurance-
linked savings
more attractive and secure. The funds created are
then utilized
and invested for nation building. The insurance
business is
conducted with the full realizations that LIC is only a
trustee of the
insured public and priority is given to meet the needs
that arise
due to change in the social and economic
environments.
Even today after 50 years, the core value of social
commitment
has not changed. What have changed in recent times
are
customers’ expectations and the environment in
which the life
Gaurav Kumar Gupta
BML/01/14

Objective of the Project

When LIC was formed in 1956 through the

amalgamation of 225 private companies, its
business objectives complemented its social
objectives. The main objective is to spread life
insurance to every nook
and corner of the country especially rural areas, to
socially and
economically backward classes and provide them
reasonably-priced
financial cover against death.
Other objectives include encouraging
people to save for the future by making insurance-
linked savings
more attractive and secure. The funds created are
then utilized
and invested for nation building. The insurance
business is
conducted with the full realizations that LIC is only a
trustee of the
insured public and priority is given to meet the needs
that arise
due to change in the social and economic
environments.
Even today after 50 years, the core value of social
commitment
has not changed. What have changed in recent times
are
customers’ expectations and the environment in
which the life
Gaurav Kumar Gupta
BML/01/14
IT for Insurance
IT policy flows from the
business and social objectives.
IT usage
covers all business activities of
the organization. This includes
finance, investment, product
development, actuarial,
underwriting,
customer relationship
management, marketing, policy
servicing,
human resource development,
office servicing, and estate
management.
Its role is not to automate
processes. Rather, it is a
strategic tool to
simplify procedures and revamp
processes. This helps create a
very efficient customer service
management system. It not only
provides anywhere, any time
service, it also provides greater
accountability, transparency
and responsiveness in all
business
processes.
In today’s world, IT is a must for
any industry to keep pace with
the
customer’s changing
expectations. This is especially
relevant in
the service industry. The
insurance sector has to ensure
that the
technology it chooses does not
lag behind where customer
expectations are concerned.
In our case, LIC has more than
16 crore policy holders. So it
has to
induct the best IT products
available and use them to cater
to the
needs of the customers and
deliver anywhere any time
service on
demand and to add value to its
new products. The trust and the
goodwill of the customer gained
in the last 50 years have to be
consolidated by making all
activities more customer-
focused.
For instance, LIC has a
corporate Web site to provide
information
on products, services, policy
status, grievances and premium
calculator. Other facilities
include touch-screen
information kiosks
at central locations to provide
24 x 7 inquiry services to
customers.
Info centers are set up at major
cities to provide call centre
type services. Alternate premium
payment channels like ECS,
Internet payment gateways as
well as ATMs of Bank’s
•

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
Gaurav Kumar Gupta
BML/01/14
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.
•

Bear in mind, in the investment

of funds, the primary obligation
to its policyholders, whose
money it holds in trust, without
losing sight of the interest of the
community as a whole; the
funds to be deployed to the
best advantage of the investors
as well as the community as a
whole, keeping in view national
priorities and obligations of
attractive return.
•

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.
One True Objective R m+ A4 O/
I( E
This attitude-and the resulting
vagueness-seems to come
from the
fact that most of us don't really
know what we mean by career
objective. Reading between the
lines of expert opinions, we
begin
to see that they may really be
talking about two different kinds
of
objectives:
1. A career objective for your life;
and
Gaurav Kumar Gupta
BML/01/14

2. A career objective for your

resume
Come again? Focus those glazing
eyes, and let's take a closer
look.
The entry of private players in life
insurance-
The entry of private players in life
insurance has resulted in a drop
in the market share for Life
Insurance Corporation.
But what has perhaps been lost
in all the heat and dust of
market
share and topline growth is that
the Life Insurance Corporation
has
emerged as a regional giant
with assets of over Rs 8-lakh
crore,
which has been providing
consistent, returns to the
government
and policyholders for 52 years.
Life Insurance Corporation
chairman TS Vijay an speaks of
how LIC is a growing
organization
and the corporation’s plans of
regaining its lost market share.
Impact of the financial crisis on Life
Insurance Corporation
LIC is a public sector insurer
and a domestic investor. As
such, we
are not directly affected by the
global financial crisis. However,
the
volatility in Indian financial
market due to the uncertainty in
global
markets may affect returns we
get on our investments. But LIC
has
an indisputable record of
prudently planning its
investments and
getting the maximum returns on
the policyholders’ money. We
will
continue to do that in any type
of scenario.
Why has the new business
growth slowed? What will be
the
impact of the lower growth on
LIC’s performance? Will it affect
ratios?
Total premium growth of LIC
has always been quite stable,
even
when there are periodical ups
and downs in new premium
income.
Last year, we ended the year
with around 10% growth in First
Premium income despite
several odds. However, the
growth in
total premium income was quite
healthy, indicating better
conservation ratio.
Our overall expense ratio is the
least in the industry. Last year, I
Gaurav Kumar Gupta
BML/01/14
was only 11.94%, and it was
just 5.56%, excluding the
commission. The surplus
generated was a record high of
Rs
16,598.65 crore, which enabled
us to give higher terminal bonus
to
our “with profit” policyholders
and to increase dividend to the
government.
Having said that, I agree that
there has been a decline in the
new
premium in the current financial
year. One of the reasons was
that
after withdrawal of our
successful old plans, we did not
immediately introduce any new
ULIP. Since then, we have
launched new products and the
response has been very
positive
and encouraging.
Also, we had some issues with
the union of development
officers,
which have been more or less
sorted out through series of
consultations and discussions.
In September, the figures have
started picking up, and I am
sure, we will recapture the lost
ground
very soon.
Private insurers are growing
their market share by growing
distribution. LIC is close to
saturation level in terms of
distribution.
How will you retain the market
share?
It is not accurate to say that LIC
has reached its saturation point
in terms of distribution, as we
are expanding our reach and
network. Other insurers are
perhaps expanding very fast
and the effect is reflected in
their balance sheets. We do
have constraints of capital and
any growth has to be supported
by internal accruals only.
Hence, we follow the policy of
steady and profitable growth
and
distribute 95% of surplus to our
“with profit” policyholders. Such
a
practice makes our products
better. And I am sure, this will,
in the
long run, determine who
becomes winner in the life
insurance
market in India.
How do you propose to comply
with IRDA’s decision to cap single
company exposure at 10% of a
company’s capital?
First of all, let me say that new
regulations are not only about
equity exposure, but
encompass several other
aspects too.
Second, these norms are not
just LIC-centric, but applicable
to the
whole industry. Our total assets
of more than Rs 8-lakh crore
are
our legacy built on the basis of
earlier regulations and
norms under
Gaurav Kumar Gupta
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TYPE OF RESEARCH-
To study the Insurance
company in India. I have gone
through various news papers,
magazines, websites and
collected information and data.
This study is exploratory in
nature because I am not going
to give any suggestion or
recommendation.
Gaurav Kumar Gupta
BML/01/14

Methodology
the Insurance Act.
We have always followed
applicable norms in our
operations and
we have an impeccable track
record of being a prudent
investor,
keeping in view the best
interests of our policyholders.
New
investment norms have several
changes from the
earlier one and we are working
on them and are in touch with
IRDA where we have problems.
Will the exposure limit force LIC
to divest in blue chips and invest
in companies that have a lower
credit rating?
Data collection:- (Secondary data)
In data collection method we shall collect the secondary
data
from the following sources.
• News paper
• Magazine
• Internet
• Visual vmpro software(Lic)
•

Other sources for information.

STATICAL TOOL’S
• SPSS 16.0
• MS EXCEL
• MS Word.
• MS Power point
Parameters of Research
• Product range offered.
• Service quality.
• Claim’s settlement’s history.
•

Network
• Benefit offered to customer’

Gaurav Kumar Gupta

BML/01/14
Products offerd
Service Quality
Your Policy Bond And Its Safety
Your Policy Number
Policy Conditions
Alterations In Policy
If Your Policy Is Lost
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Your Contact Address – Keep Us Posted Without Fail

Admission Of Age
Nomination
Assignment
When To Pay The Premiums
Grace Period For Premium Payment
How And Where To Pay The Premiums
Policy Status – Where Available
Revival Of Lapsed Policies
Availing Loans On Policies
Surrender Value
Maturity, Survival Benefits, Disability And Death Claims
Policies Under Salary Savings Scheme
Helpline
Your Policy Bond and Its Safety
The policy bond is the document that is given to you after we
accept
your proposal for insurance.
The risk coverage commences after acceptance of your
proposal
and the conditions and privileges of your policy are mentioned
in
the policy bond.
This is an important document which would be referred to for
various servicing interactions with you – Keep the policy bond
safe.
It will be required at the time of settlement of claims on the
policy.
You will also require it if you are availing a loan or want to
assign
the policy.
Inform your spouse/Parents/Children as to where the policy is
kept.
In case you are handing over the policy bond to any person or
office, please take a written acknowledgement. Keep a
Photostat
copy of the policy for your reference.
Your Policy Number
Gaurav Kumar Gupta
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The policy number is consisting of nine digits and can be found at

the top left hand corner of the schedule of your policy bond.
This is a unique identification number that distinguishes your
policies from other policies and will remain unchanged
throughout
the lifetime of the policy.
Remember to quote the policy number every time in your
correspondence, as it helps us to locate your records for reference.
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.
The policy schedule contains on the first page of your policy,
like the
ones mentioned above as well as other information like
nominee,
your address etc. It also shows the date of commencement of
your
policy, date of birth, date of maturity, due dates and months in
which the renewal premiums are to be paid etc.
The second page onwards carries the various policy conditions
like
risk coverage, additional risks coverage if opted for, standard
benefits that are available for all policies, accident benefit if
opted
for, exclusion of risks if any and other conditions that govern the
contract of insurance. Apart from death benefits there are other
standard benefits and benefits opted by the policyholder
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.
If Your Policy Is Lost
Kindly make a thorough search before concluding that you have lost
the policy bond. Look for the same within your residence, among
Gaurav Kumar Gupta
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your investment papers, at your office and even with your agent
to
whom you might have entrusted the document for some reason.
It could have been
It could have been even pledged with LIC/any other financial
institution for availing a loan by you. LIC retains the policy bond
when you go in for a loan against the policy. Make sure that the
document you are searching is not one that has already been
assigned to LIC, or to another financial institution.
If the policy bond is partially destroyed due to natural causes
like, fire, flood, etc, the remaining portion may be returned as
evidence of loss of policy to LIC, while applying for a duplicate
policy.
In case you are sure that the policy bond is untraceable due to
unknown causes, there is a simple procedure to comply with
while
applying for the duplicate policy at the branch that services your
policy
Your Contact Address – Keep Us Posted
without Fail
Your address is very important for us. Without your latest
address
we would not be in a position to contact you for any service
offering. We would not like to keep any benefit that is due to you
pending for want of this very important information. Whenever
you
shift residences, please inform the new address to us.
Otherwise
any communication we send to you, like premium notices,
discharge
vouchers for maturity and survival benefits etc., will get delayed
in
reaching you.
LIC provides for change of addresses, inclusion of telephone
numbers, mobile numbers and email addresses in your contact
addresses information. Kindly inform your servicing branch to
incorporate the same in your policy records.
Admission of Age
Check your policy bond and see if your date of birth is correctly
given therein.
This is one of the factors on which the premiums you pay for
your
policy is arrived at.
This would also form the basis of all future policies you might
avail
from us.
In case your earlier policies do not have your date of birth
incorporated and you do have a date of birth certificate issued
by
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the competent authority, you may send an attested copy of the
same to us, with a request to admit your age (Click here to find
out the certificates of age that LIC accepts.)
Nomination
Ensure that the nominees name is correctly incorporated in the
policy bond.
You may change the nomination in your policy any time during
the
lifetime of the policy
In case you have not included the name of the nominee till now,
please do not delay; inform us your nomination immediately.
Kindly
note that the change of nomination has to be done in the branch
that services your policy.
The nominee is the person to whom the insurance claim
amounts
would be payable, in case anything unfortunate within the
purview
of the policy conditions happens to you.
The policy is usually taken by you to benefit your family –
nominate
the persons who’ll have the welfare of your family in your
absence;
the usual preferences being spouse and children.
You may nominate even minors like your children, in which
case you
have to name another person who’ll have the welfare of the
minor
children, as an appointee
Assignment
In case you are raising a loan against your policy from LIC or
any
other financial institution, your policy would have to be assigned
to
LIC or the financial institution.
When you assign the policy the title of the policy is shifted from
your name to that of the institution.
The policy would be reassigned to you on the repayment of the
loan.
A fresh nomination should be done after reassignment of the
policy.
Assignment of policies can be done even when a loan is not
required
or for some special purposes
When to Pay the Premiums
Remember to pay your premium in time, even if our notices do not
Gaurav Kumar Gupta
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reach you. There may be a postal delay.

LIC usually sends premium notices one month in advance to
the due
month of the premium.
The months in which premiums are due are given on the first
page
of the Policy bond.
Grace Period For Premium Payment
In case you have not paid the premium within the due date
there is
still time for you to make the payments without payment of
interest
on the premium. This period is called the grace period. (With
the
exception of some plans)
The grace period for policies where the premium payment mode
is
monthly is 15 days from the due date.
The grace period for policies where the premium payment mode
is
quarterly, half-yearly or yearly is one month but not less than30
days.
How and Where To Pay the Premiums
 By cash, local cheque (subject to realization of cheque),
Demand Draft at Branch Office.
 The DD and cheques or Money Order may be sent by post.
 You can pay your premiums at any of our Branches as 99% of
our Branches are networked.
 Many Banks do accept standing instructions to remit the
premiums. So by providing a standing instruction to your
Bank to debit your account for the premium amount and send
it vide a banker’s cheque to LIC, on the due dates and months
mentioned on your policy bond.
 Through Internet : Payment of premiums can be made
through Internet through Service Providers viz.HDFC Bank,
ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of
Punjab, Citibank, Corporation Bank, Federal Bank and
BillDesk.
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 Premium payment can also be made through ATMs of

Corporation Bank and UTI Bank.
 Premium payment can also be made through Electronic
Clearing Service (ECS) which has been launched at Mumbai,
Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore,
Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum. A
policyholder having an account in any Bank which is a
Member of the local Clearing House can opt for ECS debit to
pay premiums. The policyholders wishing to use this system
would have to fill up a Mandate Form available at our
Branches/DO and get it certified by the Bank. The certified
Mandate Forms are to be submitted to our BO/DO.

Policy can be anywhere in India:

•

Citibank Kiosks at Industrial Assurance Building, Church gate,

New India Building, Santa Cruz, Jeevan Shikha Building,
Borivili are dedicated for collection of premiums through
cheques.
Policy Status – Where Available
Status of your policy indicates if your policy is in force or has
lapsed
due to non-payment of premium. It also provides other
important
information with respect to your policy, for your reference.
The status of your policy is available at the branch that services
your policies.
It is also available through our Interactive Voice Response
Systems
in select cities
In cities connected by our computerized networks the status will
be
available in any of the branches.
Now the policy status of policies being serviced in the cities
connected by network
are also available through Internet In select
Gaurav Kumar Gupta
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cities online touch screen kiosks are also provided where you can
view your policy status.
Revival of Lapsed Policies
If your policy has lapsed due to non-payment of premiums
within
the due date, the terms and conditions of the policy contract are
rendered void, till you revive your policy.
A lapsed policy has to be revived by payment of the
accumulated
premiums with interest as well as giving the health requirements
as
required. Always keep your policy in force to ensure that your
family
gets their financial protection assured by your policy.
However certain concessions dependent on the term for which
you have paid the premiums are available with the exception of
some plans for claims concession
Availing Loans on Policies
Many of our plans are of endowment type and you would be
allowed
to raise a loan against your policy should you require funds.
You repay the loan with interest or continue paying the interest
and
allow the loan to be deducted at the time of the claim payments.
Further loans on policies are also allowed after deduction of
earlier
out standings Most financial institutions too allow loans against
LIC
policies based on the value LIC quotes on request from you.
Surrender Value
This is the value which is the amount payable to you should you
decide to discontinue the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums
are
paid to LIC. More over if it is a participating policy the Bonus get
attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value
would always be proportionately low.
Should you decide to go in for insurance at this stage further
insurance would be available to you at a much higher premium
because your age would have advanced since taking out the
earlier
policy.
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Therefore retention of earlier policies and continuation of all

policies
without allowing them to lapse is the best strategy for continuing
life insurance protection.
Maturity, Survival Benefits, Disability And
Death Claims:
When your Survival Benefits (For Money back policies) or
maturity
benefits are due, we send intimations to you in advance.
However, if
the survival benefit amount is less than or equal to Rs.60, 000/-
the
same will be sent to you directly without policy or discharge
forms
with a few exceptions.
If such intimations have not come to you before the due date
kindly
inform us so that we may take necessary action
 Policies Under Salary Savings Scheme
If you have taken your policy under salary Saving Scheme please
read the following suggestions:
1. For each Salary Savings Scheme Policy your employer deducts
the premium from your salary and sends a consolidated
cheque for all the policies of the employees to a designated
Branch of LIC, where all the policy files are maintained.
2. You can find out which Branch of LIC your policy file will be
serviced either from your Agent or from the pay roll
department of your employer.
3. You will need to know which branch of LIC services your policy
because you will require their help in getting your
Maturity/Survival Benefits, for any alterations like change of
address and for availing loans etc.
4. In case you are in a transferable job please inform the
designated Branch of LIC about your new place of posting.
After you join your new place of posting please ask your
employer the LIC Branch where the premiums are being
remitted by your office there and inform the LIC Branch which
was servicing you earlier so that your policy files can be
transferred.
5. This way your records will never be at correct place and will
receive the services from us like maturity, in time.
In case you are leaving your employer for a new job or joining
another firm, you have the facility to either continue the
Gaurav Kumar Gupta
BML/01/14

policy under the Salary Savings Scheme of your new firm or

to convert the payment mode into quarterly, half yearly or
yearly mode.
6. Always ensure the continuity of premium payments to avoid
frequent revivals of policy. This may become a cumbersome
process for a person who is in a transferable job.
7.Please do not send any installments directly to us. Your
premium must come through your employer only. We do not
have systems to adjust single installments received from our
policy holders. Otherwise please convert the mode into
quarterly, half yearly, or yearly and pay directly. This way you
also get a discount on the premium payable.
8. Leave a permanent local address with us so that we can reach
you wherever you are even after many years.
Disclaimer:
The information contained herein is only to guide you and does
not purport to be binding on either party. The contractual
implications of your policy will be subject to the terms and
conditions of your proposal and the policy document issued to
you. They may be also subject to the rules and regulations of
the corporation notified from time to time which may be subject
to revision and change. The contract will also be subject to the
prevailing laws of the country.
Helpline
To ensure that you get the best out of your policy please read our
guidelines carefully.
1.Keep the policy bond safe. It will be required at the time of
maturity or Survival Benefit. You will also require it if you are
availing a loan or want to assign your policy.
2. Inform your spouse/Parents/Children as to where the policy is
kept.
3. When you shift residences, please inform the new address to
us. Otherwise any communication we send to you, like
premium notices, discharge vouchers, etc., will get delayed in
reaching you.
4. Ensure that the nominees name is correctly incorporated in
 the policy bond.
Gaurav Kumar Gupta
BML/01/14

5. Remember to pay your premium in time, even if our notices

do not reach you. There may be a postal delay. The months in
which premium are due are given in the Policy bond.
6.You may pay the premium by Cheque, DD or Money Order.
Remember to quote the policy number every time in your
correspondence. The policy number is consisting of nine digits
and can be found at the top left hand corner of the policy
bond.
7. Check your policy bond and see if your date of birth is
correctly given therein.
8. In case you are handing over the policy bond to any person or
office, including the LIC office please take a written
acknowledgement.
9. When your Survival Benefits (For Money back policies) or
maturity benefits are due, we send intimations to your three
months in advance. If such intimations have not come to your
even within one month of the due date kindly inform us so
that we may take necessary action.
10.When in doubt call your agent or the Branch from where you
took the policy.
Our Branches are our Operating Units. Hence, for any servicing
matter, contact the Servicing Branch of your policy. However,
for
obtaining general information, you can contact any of the
Branches
of LIC.
Claim’s Settlement’s History
MUMBAI: The percentage of rejected claims to total
claims is
much higher for private life insurance companies
compared with
state-owned Life Insurance Corporation (LIC).
According to data released by the Insurance
Regulatory and
Development Authority (IRDA), private life insurers
received
13,139 individual death claims in 2006-07 compared
with 6.02 lakh
claims recorded by LIC. Of the total number of claims
received,
private life insurance companies settled 72.7% of the
claims, while
LIC managed to settle 96.94% of claims.
The number of claims rejected by private insurers as
a percentage
of claims booked was 13.98% in 2006-07, while the
claims
rejected by LIC were 1.43%. Claims pending with
private insurers
Gaurav Kumar Gupta
BML/01/14

as on March 31, 2007 stood at 13.32% of total claims

received
against 1.63% for LIC. LIC paid Rs 4289.28 crore as
death claim
benefits against Rs 155.46 crore paid by private life
insurers.
Life insurers receive two types of claim, the first are
the maturity
claims where the policyholder gets the savings that
accrue under
his policy at the end of the term. Bulk of the claims
comes under
this category, and usually there is no dispute on
maturity claims, as
these payments are akin to repayment of a maturing
bond.
The second set of claims, which are far fewer, are
death claims.
Section 45 IA of the Insurance Act 1938 allows
insurers to reject
claims if there is suppression of material fact by the
insured. In life
insurance, any information that has bearing on the
mortality of the
proposer is considered to be a material fact. So, if a
proposer
suffers from a serious ailment which is not disclosed,
the insurer
can reject his claims.
However, the Supreme Court has said that the clause
cannot be
used unilaterally and it is for the insurer to establish
that the non-
disclosure has a bearing on mortality. In the first few
years of
operations, private life insurers did not have much of
a claims
experience. Therefore, a comparison on claims
servicing between
the private sector and LIC was not possible. Now,
with the private
life industry being in its seventh year, there has been
a substantial
number of maturity and death claims.
According to an official with a private life insurance
company,
repudiations were higher in group policies. Also, given
that private
companies have been only a few years in existence,
their share of
early claims are higher. Early claims are those which
occur within
two years of the policyholder acquiring a policy. In
such claims,
insurers double check on whether the terms of the
policy have
been strictly met.
 intimation from the Branch Office concerned, he/she
should
contact them, quoting the Policy Number.
•

Survival Benefit payment up to Rs.60,000/- are settled

without insisting for Policy Bond and Discharge Voucher.
Death Claims:
•

If the life assured dies during the term of the policy,

death claim arises. The death of the policyholder
should be immediately intimated in writing to the
Branch Office where
the policy is serviced along with the following
particulars:
1. The No./s of the policy/ies
2. The name of the policyholder
3. Death Certificate issued by concerned Authority
4. The date of death
5. The cause of death and
6. Claimant’s relationship with the deceased
•

On receipt of the intimation of death, necessary claim

forms are sent by the Branch Office for completion
along with instructions regarding the procedure to be
followed by the claimant.
•

The claims which have arisen after a period of three

years are treated as non-early claims and settled
within 30 days from the date of receipt of all
requirements.
•

The claims that have arisen within a period of two

years from the date of commencement of the policy,
are treated as early claims and investigation is
compulsory in such cases.
•

The claim is usually payable to the nominee/assignee

or the legal heirs, as the case may be. However, if the
deceased policyholder has not nominated/assigned
the policy or if he/she has not made a suitable
provision regarding the policy moneys by way of a
Will, the claim is payable to the holder of a
Succession Certificate or some such evidence of title
from a Court of Law.
•

The Corporation grants claims concessions under

certain Plans whereby payment of full sum assured is
made, subject to the deduction of unpaid premiums
with interest till the date of death and unpaid
premiums falling due before the next anniversary of
the policy, in the event of the death of the life
Assured within a period of six months or one year
from the date of the first unpaid premium, provided
premiums have been paid for at least three years and
five years respectively.
Gaurav Kumar Gupta
BML/01/14

Network of LIC
Claim Review Committee:
The Corporation settles a large number of Death
Claims every year. Only in case of fraudulent
suppression of material information is the liability
repudiated. This is to ensure that claims are not paid
to fraudulent persons at the cost of honest
policyholders. The number of Death Claims
repudiated is, however, very small. Even in these
cases, an opportunity is given to the claimant to make
a representation for consideration by the Review
Committees of the Zonal office and the Central Office.
As a result of such review, depending on the merits of
each case, appropriate decisions are taken. The
Claims Review Committees of the Central and Zonal
Offices have among their Members, a retired High
Court/District Court Judge. This has helped providing
transparency and confidence in our operations and
has resulted in greater satisfaction among claimants,
policyholders and
public.
All Life Insurance Corporation branches in the country
would be
interconnected under Metro Area Network (MAN)
inaugurated here
on Thursday.
Speaking at the function, K Vaidyalingam, LIC
southern zonal
manager, said about 1500 branches would be getting
covered
under MAN in which the premium amount of the
policy holder
could be remitted in any branch. Besides, the policy
holder gets his
status report, policy position, revival and quotation
from the
network. In every one hour the system got upgraded,
he said.
In southern region there are about 10 lakh new policy
holders with
a business of Rs 6500 crore. About settlement of
claims, 92 per
cent of policies were settled on or before maturity, he
said, adding,
Gaurav Kumar Gupta
BML/01/14

LIC was in a better position and 100 per cent

connectivity was
taking place.
Kottayam stood third in premium collection during the
period
between April to August 2002, the first being
Kozhikode and
Thiruvananthapuram in second position in southern
region.
The premium amount collected in 2001 was
Rs.74,000 crore
through 2.32 crore new policies by 8.2 lakh agents.
LIC has
introduced a new group insurance scheme for
Corporation Bank
deposit holders.
INTERNATIONAL OPERATIONS/ASSOCIATES
LIC has always acknowledged the need to expand. Our
expanding efforts have been consistent and are evident though
our associations given below for your reference.
INTERNATIONAL OPERATIONS
 LIC Fiji
 LIC Mauritius

 LIC United Kingdom

 LIC (International) B.S.C (C), Bahrain

 LIC (Nepal) Ltd
 LIC (Lanka) Ltd
Gaurav Kumar Gupta
BML/01/14

 Saudi Indian Company for Co-op. Insurance,

KSA.
 LIC Mauritius Offshore Ltd.
 LIC Co-ordinating Office in India
ASSOCIATES
 LIC Housing Finance Ltd.

 LICHLF Care Homes Ltd.

 LIC Mutual Fund AMC Ltd.

Benefit offered to Customer’s
LIC the best-known Indian brand: Chidambaram
Gaurav Kumar Gupta
BML/01/14
FROM STRENGTH TO STRENGTH: Union Finance Minister P.
Chidambaram launching LIC’s web portal in Chennai on
Tuesday. Others from left are D.K. Mehotra, Managing
Director, LIC, and A.K. Shukla, Chairman. — Photo: Shaju
John
CHENNAI: Describing Life Insurance Corporation of
India as the
best-known Indian brand, Union Finance Minister P.
Chidambaram,
said on Tuesday that even after the opening up of the
insurance
sector to private firms, the Corporation remained the
market
leader.
Launching LIC's e-portal here, he said the
Corporation "supported
us (government) when we opened up insurance
because it was
confident of doing better in a competitive
environment. LIC
continues to be the market leader with 88 per cent
market share of
new policies and 78 per cent of premium. It is clearly
recognised
as the market leader."
Gaurav Kumar Gupta
BML/01/14

The e-portal (licindia.com) will provide information on

policy status,
bonus, premium payment, loans and change of
address. It will
facilitate online payment of premium and has details
of the doctors
and agents. It also has a branch locator and `maturity
alert' facility.
The objective is to provide world-class service.
Noting that the State-owned Corporation utilised
information
technology in its relentless effort to remain the leader,
Mr.
Chidambaram said: "My goal is to make LIC a world
class
insurance company. It is nearly world class now." All
2,048
branches of LIC, which had been adjudged the best
user of IT by
NASSCOM, were fully automated. Barring ten, all the
branches
were networked.
Mr. Chidambaram said the e-portal was another
example of LIC's
constant innovation using information technology.
Some of the
multi-interfaces it offered to customers included call
centres, IVRS,
SMS and satellite branches.
Bonus rates
Announcing the bonus rates on LIC policies, Mr.
Chidambaram
said on Whole Life policies it would be Rs. 71 (per Rs.
1,000 sum
assured). On endowment policies the bonus ranges
from Rs. 34 to
Rs. 50. It will be between Rs. 32 and Rs. 45 on
money-back
policies.
 The bonus for Jeevan Dhara and Jeevan Suraksha
schemes has
been enhanced and the terminal bonus retained at
last year's
level. The bonus is in addition to the special bonus
announced
during the golden jubilee celebrations of LIC in
September.
LIC Chairman A.K. Shukla said the Corporation
catered to 18 crore
policy holders and the size of the life fund had
crossed Rs. 3.85
lakh crores.
Stating that LIC believed in deploying the latest
technology for the benefit of all concerned, he said
the portal would enable customers to access a range
of services from the comfort of their home.
K. Sridhar, managing director of LIC, said: "Better
servicing alone
can give us new business."
Gaurav Kumar Gupta
BML/01/14

Why LIC is trusted brand of India?

1. As a Govt of India owned Company, LIC is 51 +
years old in the field of life insurance and money
management. LIC's Life Fund size as on day is more
than Rs 5 Lakh Thousand Crores !
2.Any LIC policyholder or the nominee will vouch for the
best
claims settlement from LIC. Perhaps, this is the only
institution where you as a policyholder are virtually
chased till such time your claim cheques is handed
over to you !
3.LIC has won `NDTV Profit Leadership Award 2007 under
Life Insurance Category', `Outlook Money Award 2007
as the best Life Insurer', `CNBC Awaaz Consumer
Award 2007 as the best Life Insurance Company',
`Golden Peacock Award for excellence in Corporate
Governence 2007', `Web 18 Genius of the Web Award
2007 and many more'.
4.LIC adjudged No.1 Trusted Service Brand for the 4th
successive year by ET Brand Equity Survey.
5.LIC has been adjudged Superbrand India for 2004-06 and
Reader's
Digest
`Trusted
Brand'
Asia
2007.
6. This is the only corporation that is catering to more than
190
million satisfied policyholders in India and abroad.
7. This is one of the very few institutions that pays ex-
gratia interest on pending maturity claims !
8. More than 2050 LIC branches all over India are
connected together to serve you. You can pay your
premium anywhere in the country.
9. During its long existence, LIC has kept on updating
its portfolio by bringing in new plans depending on
public requirement. More than 50 of them are most
popular and can be customized to meet any of your
requirements. LIC ULIPs have become extremely
popular due to the returns they offer. Money Plus-
latest LIC Unit Linked Plan is a case in point.
10.All LIC Plans come with Sovereign Guarantee i.e., Govt
of India Guarantee regarding repayment. Infact, as of
now, only LIC plans enjoy this Govt Guarantee.
Gaurav Kumar Gupta
BML/01/14
Beneficiary for this Sovereign Guarantee is you and you
alone as the policyholder/ would-be policyholder.
11.All LIC plans are characterized by low premium, high
life insurance coverage and a vast package of
benefits offered by them. Add to this package, section
80C benefit and section 10(10D) benefit on the
maturity proceeds, you will find investment on LIC
plans one of the most coveted investment options
available to you.
12.Premium paid under Key-Man Insurance plan is a
recognized business expense under section 37(I) of
the Income-Tax Act. For companies making profits,
this is a very good incentive indeed.
13.Through Employer-Employee Insurance scheme,
you can recognize the worth of your most valuable
employees whose absence you can ill afford to loose.
14.Entire contribution to LIC Group Gratuity Scheme is
a recognized business expense in the hands of the
employer. In addition, through this scheme, the
employer can transfer his gratuity liability to the
corporation and fund the same under cash
accumulation scheme. The most popular among all
the companies.
15.LIC is declaring quite an impressive bonus (profits) on
all its
with-profits policies every year. Extra attraction under
LIC Bonus is (a) it is calculated every year on the
insured amount and not on the premium paidand (b)
entire bonus received along with insured amount
either by you on maturity of your policy(ies) or by your
nominee in your absence during the currency of your
policy(ies) is free from income-tax under section
10(10D) of the Income-tax Act.
16.On most of the LIC plans, you can borrow to take
care of your immediate monetary requirements. None
of the policy benefits get affected as a result of
borrowal. Infact, policy loans offer one of the most
attractive investment opportunities.
17.You can pay your premium 3 years in advance at 5%
discount. Chief attractions of this advance payment of
premium are (a) there is no possibility of your
 overlooking your premium payment and getting your
policy(ies) lapsed wherever you are in the world and
(b) you will be earning 5% tax-free interest on the
unutilized portion of the amount left with LIC after
apportioning the regular installment.
Gaurav Kumar Gupta
BML/01/14

18.Most of the LIC plans come with Riders to take care

of Total and Permanent Disablement due to Accident
and some of the most dread diseases that may result
in loss of income.
19.LIC pension plans that guarantee you life pension
are extremely popular. You can park your hard
earned money safely with the corporation and enjoy
pension as long as you are alive.
Due to these reasons and lot more, LIC should be your
obvious choice for all your life insurance requirements.
LIC is India’s most trusted brand, INSURING LIVES AND
ENSURING
SMILES
from
more
than
50
Years. SUPER
BRAND & MOST TRUSTED SERVICE BRAND OF
INDIA. BEST IT USER
IN
INDIA (NASSCOM
–
2003). Largest
Institutional Investor in India and Second largest in
Asia among
insurers.
(Source:
Asian
Investor) LIC - An
Institution Builder promoting many financial and
insurance institutes like NSE, NCDEX, LIC Mutual
Fund, Stock Holding Corporation of India, National
Insurance Academy, Insurance Institute
of
India
etc.
LIC
is
the
largest
life
insurer
of
India
Asset value as on 31.3.2004: 3,673,598.4 mn(INR).
Offers over 45 plans to cover your life at various
stages Over 160 million customers and 1.1 million
agents. It has underwritten
more
than
160
million
policies. 2,048
branch offices (all computerized) of which 2019 are
networked
”From all above we can say our money is safe and secure with
assured returns.”

Project Analysis

The Positive side

of LIC as well as Negative side of LIC. I
encourage other readers to correct me if I am wrong
and also add
light to any point that I may have missed.
First let’s talk about the Positive side of LIC
1. LIC is owned by the government and therefore it is
the only
company besides the PPF that has the sovereign
guarantee of the
govt. of India. It is a different story that today LIC has
become so
powerful that the govt. leans on LIC every time that
the Stock
Market crashes. Imagine having an Asset base of
over Rs 6 Lac
Crore. . That’s a 14 digit number! No company in
India can boast
of such figures. Mind boggling.
2. LIC is the only Life Insurance Company making
profits. Most of
the Private Insurers including the self proclaimed
market leaders
like ICICI and Bajaj Allianz are booking heavy losses.
Check IRDA
website in the Annual Report column. The point is that
if an
insurance company makes losses year over year,
then how will
they manage to pay the Claim amount? Afterall no
Insurance
company is here to do charity business.
3. When it comes to paying claims, again LIC is
Number One with
the claims settlement ratio of more than 99%. Private
Insurers
cannot match LIC’s ability on claims settlement.
Again, please visit
IrDA’s website to see the claims settlement
performance of various
companies.
4. LIC has the world’s largest sales force, yes over 10
lac agents
and now universities in western countries are trying to
study how a
company managed to appoint such a large sales
force. A sales
force of over 1 million! Truly a remarkable
achievement.
Gaurav Kumar Gupta
BML/01/14

Project Analysis
5. Many people argue that LIC has not been able to
penetrate the
market as it has insured only 15% of the population.
My point is, in
a poor country like India where there are so many
people living
below the poverty line, so many people who die of
starvation, so
many people who don’t have access to basic
medication, so many
people who don’t have basic necessities of life like
food, shelter,
education and clothing. Will such a person first feed
his children or
buy Insurance ? Lets not forget that a majority of the
Indian
population is poor and a substantial percentage is
living below the
poverty line. At a personal level i feel that LIC has
done a
satisfactory job of insuring people.
# NOW THE NEGATIVE POINTS OF LIC #
1. The Administrative staff in LIC is in deep slumber.
Try writing a
complaint to them and they wont even bother to reply
back. If you
ask the Branch Manager for the complaints book, he
probably
wont have it in place. If an Agent complains
If an Agent complains against any staff,
then the Agent is black listed and next time onwards
his work is
not done.
2. In order to show a better performance & achieve
branch Targets,
Agents are motivated by the Managers to split the
policies. This
not only adds to the inconvinience of the policyholders
but it
also increases the expenses of LIC. Competitions for
Agents are
held with Prizes being offered on the number of
policies sold and
not on the number of lives insured. Therefore many
Agents are
tempted to split the policies in order to get better
prizes. However if
an agent wants the forms or sales literature, most of
the time its
out of stock. But surprisingly just a week before any
scheme is
about to close, the office is flooded with forms & sales
literature.
This is very disturbing.
3, As I earlier said, LIC is lacking in Effective
Leadership in recent
times. Managers having designations like Marketing
Manager or
Sales Manager donot have the capability to motivate
an audience
at a meeting. Yes this is true even in a city like
Mumbai. Even the
Senior level managers cannot make effective
presentations or
design a sales strategy. Their only mantra at an
Agents meeting is
"Friends, bring more policies!’. If you ask them how
to bring more policies, they wont know. Its a pity !
Gaurav Kumar Gupta
BML/01/14

4. Though LIC has more than 2000 branches, they

are not
systematically located. In Mumbai’s Fort area, LIC
has more than
20 branches within a radius of 1.5kms. Whats the use
? In the
suburbs where most of the people reside, there are
no branches at
all. LIC has no branches in Bandra East, Khar East &
West,
Santacruz East, Vile Parle East, Andheri West,
Jogeshwari West,
Mahim, Matunga, etc. If LIC gives a thought to
systematic
relocation of its offices, it will immensly help the
policyholders.
5. Even though LIC claims to have taken several
initiatives in the
IT sector, policyholders still face problems in revival of
their
policies, payment of premium in several branches,
change of
mode, change of address, etc. The After-sales policy
services
department needs to be revamped. Policyholders feel
that LIC
agents are humble while selling a policy and
thereafter they fail to
provide any service to the client. The truth is that LIC
is so weak in
policy services department, that even a good agent
finds it difficult
to get the work done from the administrative staff.
To sum up, i would say that LIC will never cheat a
Policyholder in
payment of claim, but at the same time everyone will
agree that
LIC is not responsive to the needs of the customer. If
you have
purchased an LIC policies then dont forget to pay the
premium on
time, and when your policy gets matured LIC will
honestly pay your
Maturity amount on time.
The employees are sometimes rude in their behaviour
with the
Policyholder. If a claim cheques is handed over by a
courteous and
smiling employee of LIC, it will enhance the image of
LIC in the
mind of the policyholder.
Today LIC is not just an Insurance Company, LIC is a
Movement,
LIC is a Cult, LIC is a Religion. Imagine 10 lac agents
and 1
lac employees serving 16 crore policyholders in India.
You cannot
deny that LIC has become the way of life in India.
Daily you can
hear someone or the other talking of LIC in local
trains, at fish
markets, at restaurants, on News Channels, in your
own offices,
etc.
As i earlier said, LIC has started lacking in effective
leadership. If a company like LIC starts sponsoring
irrelevant awards like Zee Cine awards which it had
done 2 years ago, then it will send the wrong
message in the minds of the policyholders. Imagine
India’s most
Gaurav Kumar Gupta
BML/01/14
famous institution sponsoring a Cine Awards function
stating that it
was done to increase the brand awareness of LIC.
That sounded
like a big joke. It is time that the top level officials of
LIC come out
of their air-conditioned cabins and travel by public
transport for
sometime in order to feel the pulse of the common
man.
Conclusion
After Finding’s we can see about LIC features and his The
tendency to take the expedient approach and focus on the far
right of the LIC spectrum, Peacetime Contingency Operations
and conduct training as usual, while briefing that the LIC block
has been checked, will lead us to a possibly fatal false sense
of security.
Instinctive behavior and ingrained
training must be adjusted to fit new circumstances. STXs
must be developed locally or borrowed from units who have
already been through the training.
The probability of becoming involved in a LIC operation is
high. The potential to attract international attention, even with
limited forces, is also great. Units have demonstrated that with
a balanced training focus and proper preparation, many
pitfalls outlined above can be avoided.
LIC is not conventional warfare. This is critical for the
counterinsurgent to understand. The insurgent’s violent and
coercive strategy is applied so as to achieve political, civil,
military and psychological results. Hence, the
counterinsurgent must counter all of these strategic elements
individually. In
Gaurav Kumar Gupta
BML/01/14

addition, the target of the insurgent’s violence and coercion is

the population. This is because the population is the centre of
gravity in LIC. Therefore the counterinsurgent must also focus
on the population to be successful. In terms of military
principles in counterinsurgency, doctrinal precision,
professionalism, independence, initiative, force precision,
restraint, combined arms, precision engagement, joint force,
effective population based intelligence, integrated
communications, a civil affairs approach and high levels of
training are critical.
So we can say that so many merit’s and Demerit’s in life insurance
Corporation of India

B IBL IO GR A PHY
Books

 CMIE Database programming with MS Office,

 MS office,

 Visual vmpro software (Lic)

Important websites–
 www.google.com
 www.licindia.com
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 Yogkshem –Lic Magazine

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LIMITATION OF THE
PROJECT

Lic has been so many limitations--- --

A.A Dealer is not required to obtain the seller’s identification,
photograph the seller, record the seller’s thumbprint, or have
the
seller complete the Declaration of Proof of Ownership if the
Dealer
complies with the remaining requirements in the Administrative
Rules and if:
1.The item is acquired through consignment by a Dealer from a
person who lives more than 150 miles from the City of Portland
and the consigned property is mailed, shipped, or sent by courier
to the Dealer.
2.The item is acquired during a trade show. All items acquired
during a trade show by a Dealer must be reported. At the time of
Gaurav Kumar Gupta
BML/01/14
the transaction, the Dealer must write on the transaction report
a
complete, legible and accurate description of the regulated
property
of sufficient detail to distinguish like objects one from the other.
The
Dealer must also record the name and date of the event and the
address of the venue in the name, date, and address fields of
the
transaction report form. Items acquired during a trade show
may be
sold or traded during the trade show without being held. Items
still
in a Dealer’s possession at the end of the show will be subject
to
the hold period requirement in effect for that Dealer’s
acquisitions of
regulated property.
3.The item is acquired from a business whose acquisitions of
regulated property consist exclusively of donated items and/or
purchases from a 501(c)3 organization. The Dealer must record
the
name and location address of the business in the name and
address
fields of the transaction report form and the date of the
acquisition.
4.The item is acquired through an internet transaction. The Dealer
must record on the transaction report the seller’s email address
or seller’s identification, the name of the internet website that
listed the item, and the date of the acquisition.
5.The item is acquired by the Dealer from a yard sale, garage sale,
estate sale or swap meet. The Dealer must record on the
transaction report the physical address of the sale location and
the
date of the acquisition.
Items acquired under Subsection A. must be held in compliance
with the hold period requirement in effect for the Dealer’s other
acquisitions of regulated property.
B.A Dealer is not required to obtain the seller’s identification,
photograph the seller, record the seller’s thumbprint, or have
the
seller complete the Declaration of Proof of Ownership if the
Dealer
complies with the remaining requirements in the Administrative
Rules and if the item is used, regulated property acquired from
a
licensed business. The Dealer must keep a receipt for the item
from
the licensed business that includes the licensed business’ name
and
a description of the item. The receipt must be retained at the
Dealer’s business location for one year or until the item is sold,
whichever is longer. The Dealer must record on the transaction
report the name and location address of the business in the
name
and address fields of the transaction report form, and the date
of
the acquisition. The item does not have to be held.
C. A Dealer is not required to make a copy of the acceptable
identification obtained from the seller, photograph the seller, or
Gaurav Kumar Gupta
record the seller’s thumbprint if the Dealer complies with the
following requirements:
1. Conducts each and every acquisition of regulated property by
either:
a. not tendering payment to the seller for a minimum of 15 days
after the regulated property is delivered to the Dealer; or
b. offering in-store credit that must be used for merchandise only
and not redeemed for cash; and
2. Holds each and every item of regulated property for a
minimum of 15 days from the date of acquisition; and
3.Complies with the remaining requirements set forth in the
Administrative Rules; and
4.Notifies the Director and the Chief of Police in writing that
each and every acquisition of regulated property will be
conducted
by not tendering payment to the seller for a minimum of 15 days
after the regulated property is delivered to the Dealer.
D.A Dealer is not required to make a copy of the acceptable
identification obtained from the seller, photograph the seller, or
record the seller’s thumbprint when the Dealer acquires an item
of
regulated property on consignment if the Dealer complies with
the
following requirements:
1.Does not tender payment to the consignor for a minimum of
15 days after the regulated property is delivered to the Dealer;
2.Holds each and every item of consigned regulated property
for a minimum of 15 days;
3. Complies with the remaining requirements in the
Administrative Rules.
“So these are the limitation of life insurance
Corporation of India.
In every company has so many limitation but LIC has
limitation but
It is no -1 and trusty brand of India.”
So we can say that LIC is best service provider
and trusty brand of India.
Gaurav Kumar Gupta