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The Parliament of India enacted the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of Indian was established on 1st September, 1956, 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, providing them adequate financial cover at a reasonable cost. The main objective of the organization of the life insurance business was to spread the message of life insurance in the country and mobilize people’s savings for nation building activities.
• The Life Insurance Corporation with its Central Office in Mumbai and eight Zonal Offices at Mumbai, Kolkata, Delhi, Chennai, Hyderabad, Kanpur, Bhopal and Patna operates through 109 Divisional Offices including one Salary Savings Scheme (SSS) Division at Mumbai, 2048 Branch Offices and 1004 Satellite Offices as at 31.3.2010.
The Corporation also transacts business abroad and has branch offices in Fiji, Mauritius and United Kingdom. LIC also operates in overseas Insurance Market through Joint Venture Companies namely Life Insurance Corporation (International) B S C (C), registered in Manama (Bahrain), Kenindia Assurance Company Ltd., registered in Nairobi, Life Insurance Corporation (Nepal) Ltd. registered in Kathmandu, Life Insurance Corporation
(Lanka) Ltd. registered in Colombo and Saudi Indian Company for Co-operative Insurance registered in Riyadh. An offshore company, Life Insurance Corporation (Mauritius) Offshore Ltd. registered in Port Louis, Mauritius is a Joint Venture Company between LIC of India and GIC of India. It has been decided that this company defers its life business activities and contemplates to pursue non-life reinsurance business with active participation of GIC. • A Representative Office has been established recently in Singapore to study the Regulatory Issues and to assess the market potential in order to find an appropriate mode of entry into Singapore insurance market. Among the above, Kenindia Assurance Co. Ltd., Nairobi, Kenya & Saudi Insurance
Company for Co-operative Insurance, Riyadh, Kingdom of Saudi Arabia are composite companies transacting life and non-life business.
Life Insurance Corporation of India From Wikipedia, the free encyclopedia Jump to: navigation, search Life Insurance Corporation of India
Industry Insurance Founded 1 September 1956
Headqu Mumbai, India arters T. S. Vijayan (Chairman) D. K. Mehrotra, Thomas Mathew and A. Dasgupta (MD)
Life insurance Products Pensions Mutual funds Total assets 9.31 trillion (US$206.68 billion)
Owner(s Government of ) India Employe 115,966 (2010) es Subsidia LIC Housing ries Finance Limited
LIC(Nepal)Ltd LIC(Lanka)Ltd LIC(Internation al)BSC(C) Website www.licindia.in The Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा िनगम) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$206.68 billion). It was founded in 1956 with the merger of more than 200 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 101 divisional offices located in different parts of India, at least
2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public. Contents [hide] • 1 History • 2 Nationalization • 3 Current status • 4 References • 5 External links  History The Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Bernard 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 (1896) • United India (1906) • National Indian (1906) • National Insurance (1906) • Co-operative Assurance (1906) • Hindustan Co-operatives (1907) • Indian Mercantile • General Assurance • Swadeshi Life (later Bombay Life) The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's
independence. The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover. The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail. A bill was also introduced in the Legislative Assembly in 1944 to nationalize the insurance industry.  Nationalization In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners 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 years. Eventually, the Parliament of India passed the Life Insurance of India Act on 1956-06-19, and the Life Insurance Corporation of India was created on 1956-09-01, 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 the Industrial 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.  Current status
LIC building, at Connaught Place, New Delhi, designed by Charles Correa, 1986. Over its existence of around 50 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$177.6 billion). The recent[when?] Economic Times Brand Equity Survey rated LIC as the No. 1 Service Brand of the Country. The slogan of LIC is "Zindagi ke saath bhi,Zindagi ke baad bhi"in hindi. In english it means "with life also,after life also.
According to The Brand Trust Report 2011, LIC is the 8th most trusted brand of India.  References 1. ^ "The Telegraph - Calcutta (Kolkata) | Business | LIC seeks to pack greater funds punch". Telegraphindia.com. 2010-03-08. http://www.telegraphindia.com/1100308 /jsp/business/story_12190577.jsp. Retrieved 2010-08-30. 2. ^ Life Insurance Corporation of India 3. ^ "Life Insurance Corporation of India LIC - LIC India". Iloveindia.com. http://www.iloveindia.com/finance/insur ance/companies/lic.html. Retrieved 2010-08-30. 4. ^ "UNdata | record view | Exchange rate, US$ per national currency, period average (IMF)". Data.un.org. 2008-0522. http://data.un.org/Data.aspx? d=CDB&f=srID:6080. Retrieved 201008-30. [dead link]
^ http://www.indiainfoline.com/Markets/N ews/Nokia-is-Indias-most-trustedbrand/5056496522  External links • Life Insurance Corporation of India Official LIC Website
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