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investment company in India. Its a state-owned where Government of India has 100%stake. LIC also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of
(US$241.15 billion). It was founded in 1956 with the merger of 243 insurance companies and provident societies. Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including 2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public. The slogan of LIC is "Yogakshemam Vahamyaham" which translates from Sanskrit to "Your welfare is our responsibility". The slogan is derived from the Ancient Hindu text, the Bhagavad Gita's 9th Chapter, 22nd verse.The literal translation from Sanskrit to English is "I carry what you require". The slogan can be seen in the logo and is written in Devanagiri script below the hands holding the lamp.
The Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in Calcutta
LIC Zonal Office, Night View Frrom Connaught Place Park
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
Bharat Insurance Company (1956) United India (1906) National Indian (1906) National Insurance (1906) Co-operative Assurance (1906)
LIC is continuously winning the Readers' Digest Trusted brand award. which started its business with around 300 offices. Life Insurance Corporation of India. Eventually. and the Life Insurance Corporation of India was created on 1956-0901. The first half of the 20th century also saw a heightened struggle for India's independence. 4 Service Brand of the Country.7 million policies and a corpus of INR 459 million (US$ 92 million as per the 1959 exchange rate of roughly Rs. which had created a policy framework for extending state control over at least seventeen sectors of the economy. LIC is the 8th most trusted brand of India. India's First War of Independence. created huge surpluses. the organization is consistently among the top rated service company of the India. Ram Kishan Dalmia. and in between them the period of world wide economic crises triggered by the Great depression. In the ensuing investigations. 5. Nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956. which commanded a monopoly of soliciting and selling life insurance in India. 5 for a US $.  Current status Over its existence of around 50 years. was sent to prison for two years. owner of the Times of Indianewspaper. The aggregate effect of these events led to a high rate of bankruptciesand liquidation of life insurance companies in India. 1956) The first 150 years were marked mostly by turbulent economic conditions. From the year 2006.  Though in the year 2010 is ranked at 4. Awards and recognition The Economic Times Brand Equity Survey 2010 rated LIC as the No. parliamentarian Amol Barate raised the matter of insurance fraud by owners of private insurance companies. . by consolidating the life insurance business of 245 private life insurers and other entities offering life insurance services. The Corporation. one of India's wealthiest businessmen. including the life insurance. Nationalization In 1955. It witnessed. has grown to 25000 servicing around 350 million policies and a corpus of over 8 trillion (US$145.6 billion). This had adversely affected the faith of the general public in the utility of obtaining life cover. According to The Brand Trust Report 2012. and contributed around 7% of India's GDP in 2006. adverse effects of the World War I and World War II on the economy of India. the Parliament of India passed the Life Insurance of India Act on 1956-06-19. Hindustan Co-operatives (1907) Indian Mercantile General Assurance Swadeshi Life (later Bombay Life) Sahyadri Insurance (Merged into LIC.
later with the efforts of eminent people like Babu Muttylal Seal. insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. But the Act discriminated between foreign and Indian companies on many accounts. Starting as Indian enterprise with highly patriotic motives. Out of all the activities conducted by the organization. this award is given to the meritorious students in standard XII of school education or equivalent. National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906. and the Provident Fund Act were passed. that life insurance in India was nationalized. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. Golden Jubilee Scholarship awards is the best known. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. About 154 Indian insurance companies. and providing better living conditions for the under privileged. In 1907. 1956. 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. 1956. providing them adequate financial cover at a reasonable cost. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil.44 crore. . in Calcutta. initially the management of the companies was taken over by means of an Ordinance.298 crore in 1938. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. house of the great poet Rabindranath Tagore. 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.22. The first two decades of the twentieth century saw lot of growth in insurance business. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko. putting the Indian companies at a disadvantage. From 44 companies with total business-in-force as Rs. However. This entity has the aim of promoting education. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. In the year 1912. Brief History Of Insurance The story of insurance is probably as old as the story of mankind. Each year. the foreign life insurance companies started insuring Indian lives.Golden Jubilee Foundation LIC Golden Jubilee Foundation was established in 2006 as a charity organization. Prior to 1912 India had no legislation to regulate insurance business. the ownership too by means of a comprehensive bill. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. it rose to 176 companies with total business-in-force as Rs. The Indian Mercantile. Though the concept of insurance is largely a development of the recent past. The Life Insurance Companies Act.000 Rupees. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras. alleviation of poverty. Life Insurance in its modern form came to India from England in the year 1818. Nationalization was accomplished in two stages. the Life Insurance Companies Act. and the Life Insurance Corporation of India was created on 1st September. and covered Indian lives at normal rates. and later. who wish to continue their studies and have a parental income less than 60. it was much later on the 19th of January. However.
Chennai. Being trustworthy to the customers and develop the spirit of corporate social responsibility. LIC has issued over one crore policies during the current year.67% over the corresponding period of the previous year. ATM premium payment facility.LIC had 5 zonal offices. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. Apart from on-line Kiosks and IVRS. For providing customer satisfaction the organization has introduced various schemes such as ECS. It worked wonders with the performance of the corporation. Pune and many more.955 new policies by 15th Oct. and it took another 10 years for LIC to cross 2000.32.00 crores only in the year 1969-70.00 crores of New Business in 1957 the corporation crossed 1000. online premium collection facility is being offered in selected cities as LIC has tied up with some banks and service providers. The satellite offices are smaller.00 crore Sum Assured on new policies. Bangalore. It may be seen that from about 200. How many branches of lic: LIC now has 2048 fully computerized branch offices. LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. 992 satallite offices and the Corporate office. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Kolkata. At present. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. posting a healthy growth rate of 16. leaner and closer to the customer. Kolkata. With a vision of providing easy access to its policyholders. LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. by 1985-86 LIC had already crossed 7000. Chennai. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. 7 zonal offices and the corporate office. It has crossed the milestone of issuing 1. But with re-organisation happening in the early eighties. 2005. As a result of re-organisation servicing functions were transferred to the branches. 33 divisional offices and 212 branch offices. Info centers which are set up in various cities including Mumbai.01. New Delhi. Info Centres have been commissioned at Mumbai. Hyderabad. Today LIC functions with 2048 fully computerized branch offices. LIC has crossed many milestones and set standards for itself fostering unmatched performance. IVRS. Bringing attractive savings plans and making them easily accessible to the policyholders. 100 divisional offices. and branches were made accounting units. 109 divisional offices. 8 zonal offices. Giving attractive returns to the people and keeping in mind national priorities. Spreading insurance in both rural and urban areas and covering all the insurable persons at a . It has also come up with SATELLITE SAMPARK offices providing easy access to policyholders. LIC has launched its SATELLITE SAMPARK offices.00 crore mark of new business. There are various objectives of the organization: Holding the money with obligation and using it in the best possible manner in the interests of the policyholder and the community. Bangalore. apart from its corporate office in the year 1956. Pune and many other cities. Ahmedabad. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families. From then to now. Re-organization of LIC took place and large numbers of new branch offices were opened. New Delhi. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter.
Mr Ramamurthy said: "Investment in securities abroad will be examined.reasonable cost. told pressprsons after the Budget announcements that the details for the fund would be worked out over the next fortnight. he added. who also heads LIC's asset management arm. The Infrastructure Development Finance Company (IDFC) will be the nodal agency for administering the fund. he said. Besides LIC. said LIC was planning to set up call centres in eight cities to tap data of potential policy-holders.'' Mr Ramamurthy. Providing efficient service and involving people in the organization for their satisfaction. were expected to contribute to the Rs 1. would also take advantage of the proposal to allow joint ventures abroad. Though the JV partners have not yet been finalised. he indicated that they were likely to be existing players in the life insurance markets in both the countries.'' LIC. This proposal allows domestic companies to invest in foreign ventures. Ramamurthy. which is being created exclusively to hasten financial closure of projects suffering from "last mile bottlenecks. . announced in the Budget proposals for 2002-03.'' Asked whether investors would target any rate of return on such investments. he said: "The returns would be expected to match the risk. On the proposal to allow mutual funds to invest in rated cross-border securities. These ventures were expected to become operational over the next three months. Mr A. Bringing in plans and policies favorable to the changing environment. THE Life Insurance Corporation (LIC) has started working out the details for participation in the infrastructure equity fund. though the business will be confined to the domestic markets. LIC was setting up two joint ventures in the US and the UK respectively. The acting Chairman and Managing Director of LIC. Accordingly. including general insurance companies and some banks. Its equity contribution in these ventures would be subject to the solvency ratios prescribed in these countries.000-crore corpus. other financial institutions. up to 50 per cent of their domestic networth. especially since infrastructure projects have high revenue risk.
Plan no.168 Endowment Policy Endowment with Profits .148 New Jeevan Suraksha Plan no. 90 Jeevan Anurag .102 Jeevan Chhaya . 163 . 149 Jeevan Mitra Triple Cover .Plan no. 156 157 Bima Bachat.88 New JanaRaksha Policy .108 Jeevan Bharati Plan No 160 Jeevan Samriddhi Plan No 154.Plan no.Plan no.106 Jeevan Surabhi 20 yrs .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 Shiksha Sahayog Yojana Joint Life Policy Jeevan Saathi .Plan no.89 Money Back Policy Money Back with Profit .14 Limited Payment Endowment with Profits .Plan no.Products offered by lic: Children's Policy Komal Jeevan .Plan No.91 Jeevan Anand Plan no.103 Marriage Endowment/Educational Annuity .Plan no.Plan no.Plan no.Plan no.75 New Money Back .Plan no.Plan no.Plan no. 147 Jeevan Akshay II Plan no.107 Jeevan Surabhi 25 yrs .Plan no. 155.Plan no.Plan no.41 Jeevan Kishore .48 Jeevan Mitra .175 Pension Plans or Annuities New Jeevan Dhara .Plan No. 159 Children Deferred .93 Jeevan Surabhi 15 yrs .
two of them are designed for setting up their business in future.52 Jeevan Aadhar .5 Single Premium Whole Life . 169 Jeevan Akshay V Plan no. 183 Special Plans Term Assurance . 136 Jeevan Saral Plan No. Though these CHILD PLANS are best CHILD PLANS in the entire industry but if they are clubbed together with other LIC PLANS they are unmatchable.Plan no.58 New Bima Kiran Term Assurance Anmol Jeevan I Plan No.8 Jeevan Tarang.Plan no.164 Amulya Jeevan-Plan No-177 Whole Life Policy Whole Life with Profits .Plan no. Please let us know your requirement and get the best individual/combination of insurance plan. three of theseCHILD PLANS are designed for their education from 16yrs of age to 22yrs of age. 167 Bima Nivesh 2005 Plan No 171 Money Plus-Plan No 180 Term Policy Convertible Term Assurance .178 child plan LIC OF INDIA has maximum number of CHILD PLANS with all having special features.114 Market Plus .Plan no.2 Limited Payment Whole Life with Profits .Plan No 181 Jeevan Vishwas Plan No. some CHILD PLANS are guaranteed plans with highest rate of guaranteed bonus and the best of these CHILD PLANS are designed to give them regular and guaranteed amount of pension life time with whole life insurance.Plan no. Some CHILD PLANS are designed for the provisions of Child Marriage.Plan no.Jeevan Nidhi Plan no. .Plan no.43 Mortgage Redemption . 165 Jeevan Pramukh Plan No.Plan no.
Endowment plan (Table 14) provides for family income in the event of unfortunate death of the life assured or makes provision for retirement in case of living too long. Endowment Plan Summary: It is one of the oldest and popular LIC plan. Endowment plan (Table 14) provides financial assistance to the family of the life assured in the event of policy holders early death or a lumsum amount on policy holders survival upto the selected term. But now this is possible with the best CHILD PLAN Jeevan Tarangof LIC OF INDIA. Every parent wants their children to be doctors. in such a uncertain situation CHILD PLANS like Komal Jeevan gives guaranteed returns. It fulfills educational requirement of the child and provisions for safe and secure future. It provides a regular income to the child throughout their life with insurance cover. Endowment Plan is best for every reason. Benefits: Natural Death: Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any. For those who wants guaranteed returns Komal Jeevan best child plan for them.A special CHILD PLAN where Parents are insured and the beneficiary is the child. Hence. Parents love their children most. There are many endowment plans in LIC OF INDIA but this is an endowment plan of LIC provides a lump sum maturity to the parents so that they can use the maturity proceeds wisely for their child and in case of the absence of the parents the maturity goes to the child which can be used for marriage or setting up business. Stock markets are not reliable and interest rates in banks are changing every day. engineers or well settled professional. Accidental Death: Double Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any. . Good education is the foundation of prosperous future. They always try to provide them all kind of happiness throughout their life. This CHILD PLAN provides amount for education from 18yrs of age and a big lump sum at the age of 22yrs to start a business for child’s future. Parents wish for all kind of happiness for their child is possible with Jeevan Tarang. as the education for engineer or doctor starts from 18th yrs of age (12th Class) so this CHILD PLAN provides a big lump sum at 18yrs of age for college entrance & admission fees and a regular income for annual college expenses from 18yrs of age to 22yrs of age. for all long and short term financial needs.
Premium Payment: You can pay premium Yearly. Half-yearly.50.1Lakh for 25 years term. Accident And Permanent Disability Benefit: Accident benefit is maximum Rs. Group Term Insurance Schemes Group Insurance Scheme in Lieu Of EDLI Group Gratuity Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme Group Mortgage Redemption Assurance Scheme Group Critical Illness Rider .14. Tax Benefit: Tax beneift on your premium u/s 80C and Maturity/Death Claim u/s 10 (10D) Loan: Loan Facility is available on this policy after 3 years.20. 14. Eligibility Conditions and Restrictions: Minimum age: 12 years Maximum age: 65 years Maximum age at Maturity: 75 years Min.000 as maturity benefit (Rs. Mr. In this case.per 1000 = 50. This scheme is ideal for employers. Monthly or Single premium.a.50 lakh. He dies due to a disease after 3 yrs. 400 being Bonus for 3 yrs at an estimated Rs. Quarterly.Maturity: Sum Assured + Bonus + Terminal Bonus.000/-) Group insurance policy: Group Insurance Scheme is life insurance protection to groups of people.1.000/Max.). you can also use it as Housing Loan collateral. societies etc. associations.48 per 1000 p.a. Term: 5 years Max Term: 55 years Minimum SA: Rs. + FAB @ 500/. Sum Assured: No Limit Example: Mr.2.48 per 1000 p. Rajesh buy an Endowment policy under Table-14 for Rs.400(Rs.70. and allows you to enjoy group benefits at really low costs. If Rajesh survive till maturity he would receive Rs.000 being Bonus for 25 yrs at an estimated Rs. Rajesh’s family/nominee will receive Rs.1.
nomination is allowed under the policy.JanaShree Bima Yojana (JBY) Shiksha Sahayog Yojana Aam Admi Bima Yojana Joint life policy: Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policyholders. If one or both the lives survive to the maturity date. notably. Offering risk cover for life and continued percentage of the assured sum during lifetime of the policy. being a leading advisory service provider for insurance plans. Money Return Policy India of LIC has emerged as the best insurance option for a better today and a brighter tomorrow. suggest Money Back Plan as an ideal financial investment. Vested bonuses would also be paid besides the sum assured after the death of the survivor. In case both the lives are covered under Double Accident Benefit (DAB). the surviving life is covered under DAB until the end of the policy year. Advantages . whichever is earlier. The premiums payable cease on the first death or on the expiry of the selected term. To avoid such an eventuality. the sum assured as well as the vested bonuses are payable on the maturity date. Accident benefits equivalent to the sum assured are available under Joint life insurance policies on the first death. We. Both the policy holders can avail these benefits. for a married couple or for partners in a business firm. To avoid such an eventuality. But joint life policies are categorized separately as they cover two lives simultaneously. thus offering a unique advantage in some cases. nomination is allowed under the policy OR Both of them die within the specified period as a result of the same accident OR The second policy holder also dies in the same policy year as result of another accident. in which the first life dies under the cover of the policy. if Both the policy holders die simultaneously owing to an accident. Under a joint life policy the sum assured is payable on the first death and again on the death of the survivor during the term of the policy. which can meet all your need of today as well as tomorrow. apart form covering risks like all life insurance policies. Joint life insurance policy is ideal for married couples as it provides financial security and risk protection to both the individuals Money back policy: Money Back Plans are an ideal investment option for people looking for a savings option which would also provide risk cover for unforeseen events. We guide the esteemed clients on very intricate points of LIC Money Back Policy & Money Back Policy so as to help them exploit its benefits fully.
investment and a lifetime of happiness! New Bima Gold Jeevan Madhur Jeevan Mangal Jeevan Deep Bima Nivesh 2005 Jeevan Saral Term policy: . Reliable financial assistance for long as well as short term goals Different plans with varied conditions and cash benefit schedules Risk Cover with Savings options Easy documentation work Immediate release of claim fund in case of accidental death Continued provision of funds till maturity of plan Flexible investment or premium options Special plans: LIC’s Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance.
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