LIFE INSURANCE CORPORATION (LIC

)

HISTORY
The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. 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. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years. Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. 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. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered

The first two decades of the twentieth century saw lot of growth in insurance business. National Indian and National Insurance in Calcutta and the Cooperative Assurance at Lahore were established in 1906. initially the management of the companies was taken over by means of an Ordinance. Starting as Indian enterprise with highly patriotic motives. and later. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. it rose to 176 companies with total business-in-force as Rs. and the Provident Fund Act were passed.298 crore in 1938. 1956.Indian lives at normal rates. that life insurance in India was nationalized. insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. 1956. The United India in Madras. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912. The Indian Mercantile. and the Life Insurance Corporation of India was created on 1st September. 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. the Life Insurance Companies Act. putting the Indian companies at a disadvantage.22. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956. Nationalization was accomplished in two stages. General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. From 44 companies with total business-in-force as Rs. 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. However. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. About 154 Indian insurance companies. 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. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism.44 crore. But the Act discriminated between foreign and Indian companies on many accounts. 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. providing them adequate financial cover at a reasonable cost. The Life Insurance Companies Act. 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 was much later on the 19th of January. in Calcutta. the ownership too by means of a comprehensive bill. In 1907. Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko.

2005. posting a healthy growth rate of 16. Info Centres have been commissioned at Mumbai. It may be seen that from about 200.32. 8 zonal offices. LIC has issued over one crore policies during the current year.00 crore Sum Assured on new policies. LIC has launched its SATELLITE SAMPARK offices.LIC had 5 zonal offices. and branches were made accounting units. apart from its corporate office in the year 1956. But with reorganisation happening in the early eighties. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future. The satellite offices are smaller. and it took another 10 years for LIC to cross 2000.955 new policies by 15th Oct. Apart from online Kiosks and IVRS. It has crossed the milestone of issuing 1. Reorganization of LIC took place and large numbers of new branch offices were opened. New Delhi.00 crores of New Business in 1957 the corporation crossed 1000. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Bangalore.00 crore mark of new business. leaner and closer to the customer. LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. It worked wonders with the performance of the corporation.67% over the corresponding period of the previous year. 992 satallite offices and the Corporate office. 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. by 1985-86 LIC had already crossed 7000. . 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. 33 divisional offices and 212 branch offices. 109 divisional offices. Ahmedabad. As a result of re-organisation servicing functions were transferred to the branches. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. From then to now. Hyderabad. Today LIC functions with 2048 fully computerized branch offices. 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. Pune and many other cities.01. LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. With a vision of providing easy access to its policyholders. Kolkata.00 crores only in the year 1969-70. Chennai.

1957: General Insurance Council. frames a code of conduct for ensuring fair conduct and sound business practices. 1870: Bombay Mutual Life Assurance Society. LIC Act. 5 crore from the Government of India. 1956. LIC formed by an Act of Parliament. the first company to transact all classes of general insurance business. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. the first life insurance company on Indian soil started functioning. a wing of the Insurance Association of India. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. set up. The General insurance business in India.. with a capital contribution of Rs. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. the first general insurance company established in the year 1850 in Calcutta by the British. 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. viz. on the other hand.Some of the important milestones in the life insurance business in India are: 1818: Oriental Life Insurance Company. can trace its roots to the Triton Insurance Company Ltd. . the first Indian life insurance company started its business. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

.. the National Insurance Company Ltd. GIC incorporated as a company. .1972: The General Insurance Business (Nationalisation) Act. LOGO OF LIC DISCRIPTION :This is a logo for Life Insurance Corporation of India PORTION USED :The entire logo is used to convey the meaning intended and avoid tarnishing or misrepresenting the intended image LOW RESOLUTION :The logo is of a size and resolution sufficient to maintain the quality intended by the company or organization. without being unnecessarily high resolution. 1972 nationalised the general insurance business in India with effect from 1st January 1973. the New India Assurance Company Ltd. 107 insurers amalgamated and grouped into four companies viz. the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd.

assure the readers that they have reached the right article containing critical commentary about the organization. and by rendering resources for economic development . Any substitute that is not a derivative work would fail to convey the meaning intended. and illustrate the organization's intended branding message in a way that words alone could not convey. MESSAGE:Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns. would tarnish or misrepresent its image. or would fail its purpose of identification or commentary. The significance of the logo is to help the reader identify the organization. REPLACEABLE :Because it is a logo there is almost certainly no free equivalent.PURPOSE OF USE :The image is used to identify the organization Life Insurance Corporation of India. a subject of public interest.

After doing post graduation. a hygienic mess. Educational Streams Lovely Professional University offers multi-level academic and professional courses in a wide array of disciplines. It offers separate hostel facilities for boys and girls. students can also go for Doctorate in variety of disciplines. LPU has established precedence . gymnasium and laundry facility. Facilities LPU has provided comprehensive hostel facilities within the University campus.. LOVELY PROFESSIONAL UNIVERSITY (LPU) HISTORY AND BACKGROUND Lovely Professional University is one of the largest Universities in India in terms of on-campus number of students. LPU has been approved by the University Grants Commission (UGC) and is also included in the list of universities maintained by UGC. The University has also been recognized by Distance Education Council (DEC) for open and distance learning. The University has been conducting various undergraduate and postgraduate programmes that provide students with sufficient international exposure. The University has established partnership across globe with other world class institutions in the area of academics and administration so that it could emphasize on developing curriculum of international relevance.

and multiple play grounds. journals. audio/videos. research reports. sizzling eating-joints. green lawns. online databases and data analysis software. It has a collection of books and Journals in all academic areas. magazines. Faculties/Departments: • • • • • • • • • • • • • • • • • • • • • • • • • • • Department of Management Department of Engineering Department of Commerce Department of Computer Applications Department of Economics Department of Biotechnology Department of Hotel Management Department of Biochemistry Department of Architecture Department of Microbiology Department of Interior Design Department of Chemistry Department of Fashion Technology Department of Physics Department of Animation. beautiful gardens. History Lovely Professional University was founded by Late Shri Baldev Raj Mittal who was also the chairman of the Lovely Group. CD-ROMs. He began his entrepreneurial journey with contractorship and it was his hard work and earnestness that brought him accolades. The University has a Central Library that has a collection of text and reference books.in creating high-class infrastructure for recreation activities that includes a world class auditorium. Film and TV Production Department of Mathematics Department of English Department of Botany Department of Punjabi Department of Zoology Department of Arts Department of Education Department of Physical Education Department of Pharmaceutical Sciences Department of Ayurvedic Pharmaceutical Sciences Department of Physiotherapy Department of Paramedial Sciences .

PORTION USED:The entire logo is used to convey the meaning intended and avoid tarnishing or misrepresenting the intended image. a subject of public interest. and illustrate the organization's intended branding message in a way that words alone could not convey. assure the readers that they have reached the right article containing critical commentary about the organization.LOGO OF LPU DISCRIPTION:This is a logo for Lovely Professional University. LOW RESOLUTION:The logo is of a size and resolution sufficient to maintain the quality intended by the company or organization. . The significance of the logo is to help the reader identify the organization. without being unnecessarily high resolution. PURPOSE OF USE:The image is placed in the infobox at the top of the article discussing Lovely Professional University.

and were the result of the royal charters. namely. or would fail its purpose of identification or commentary.REPLACEABLE:Because it is a logo there is almost certainly no free equivalent. was established on 2 June 1806. when the Bank of Calcutta. MESSAGE:TRANSFORMING EDUCATION TRANSFORMING INDIA. later renamed the Bank of Bengal. the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). Any substitute that is not a derivative work would fail to convey the meaning intended. would tarnish or misrepresent its image. These three banks received the exclusive right to . STATE BANK OF INDIA (SBI) HISTORY The roots of the State Bank of India rest in the first decade of 19th century. The Bank of Bengal and two other Presidency banks. All three Presidency banks were incorporated as joint stock companies.

The Canadian subsidiary. enabling the State Bank of India to take over eight former State-associated banks as its subsidiaries. merged with State Bank of India. The bank has 131 overseas offices spread over 32 countries as on 31st Dec 2009. acquired a controlling interest in the Imperial Bank of India. Male in the Maldives. SBI has acquired local banks in rescues. In 1990 it established an offshore bank. Frankfurt. Canoga Park. For instance. The Imperial Bank of India continued to remain a joint stock company. It has seven branches. The Govt. . This bank began in 1981 as the IndoNigerian Merchant Bank and received permission in 2002 to commence retail banking. one of its Associate Banks. State Bank of Travancore. Bahrain. Fresno. four in the greater Toronto area and three in British Columbia. The seven branches in California are located in Los Angeles. New York. Sydney. Los Angeles. San Jose. In 1959 the Government passed the State Bank of India (Subsidiary Banks) Act. San Diego and Bakersfield. and Singapore. which is India's central bank. International presence The Israeli branch of the "State Bank of India" located in Ramat Gan. a right they retained until the formation of the Reserve Bank of India. and representative offices in Bhutan and Cape Town SBI operates several foreign subsidiaries or affiliates. of India recently acquired the Reserve Bank of India's stake in SBI so as to remove any conflict of interest because the RBI is the country's banking regulatory authority. SBI was the acquirer as its affiliate. It has offshore banking units in the Bahamas. the bank established a subsidiary. It has branches of the parent in Colombo. State Bank of India (Canada) too dates to 1982. Johannesburg. Dhaka. and the reorganized banking entity took as its name Imperial Bank of India. in 1985. already had an extensive network in Kerala. Muscat. Osaka. Hong Kong. State Bank of India (Mauritius). London and environs. Artesia. and Tokyo. which had 120 branches. The Presidency banks amalgamated on 27 January 1921. On 30 April 1955 the Imperial Bank of India became the State Bank of India. State Bank of Saurashtra. In Nigeria SBI operates as INMB Bank. It now has five branches in Nigeria. In 1982. State Bank of India (California). Pursuant to the provisions of the State Bank of India Act (1955).seven branches in the state of California and one in Washington DC that it opened on 23 November 2009. it acquired Bank of Cochin in Kerala. which now has eight branches .issue paper currency in 1861 with the Paper Currency Act. On 13 September 2008. the Reserve Bank of India.

1960.In Nepal. The process of merging of State Bank of Indore was completed by April 2010.State Bank of Hyderabad . and the SBI Indore Branches started functioning as SBI branches on 26 August 2010. All use the same logo of a blue keyhole and all the associates use the "State Bank of" name followed by the regional headquarters' name.3% in State Bank of Indore. SBI's total assets will inch very close to the Rs 10-lakh crore mark.119 crore as on March 2009. which it acquired for US$8 million in October 2005. SBI owns 50% of Nepal SBI Bank. as on 26 August 2010.000 ATMs. In Moscow SBI owns 60% of Commercial Bank of India. the then seven banks that became the associate banks belonged to princely states until the government nationalised them between October. with itself. SBI alone has 13076 Branches (including the branches of State Bank of Indore). inclusive of branches that belong to its Associate banks. State Bank of Indore. SBI holds 98. which has branches throughout the country.[6] In Kenya.State Bank of Mysore. In tune with the first Five Year Plan.State Bank of Indore . emphasizing the development of rural India. State Bank of India owns 76% shareholding in Giro Commercial Bank. In Indonesia it owns 76% of PT Bank Indo Monex. State Bank of India already has a branch in Shanghai and plans to open one up in Tianjin. SBI has about 21000 ATMs and SBI group(including associate banks) has about 45000 no of ATMs. SBI has 26500 branches. with Canara Bank owning the rest. Total assets of SBI and the State Bank of Indore stood at Rs 998. Also. [8] The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI. (Individuals who held the shares prior to its takeover by the government hold the balance of 1..State Bank of Patiala. . the government integrated these banks into State Bank of India to expand its rural outreach. Then on 19 June 2009 the SBI board approved the merger of its subsidiary. reducing the number of state banks from seven to six. There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and streamline operations. 1959 and May. [10] Branches of SBI • • • • State Bank of India has 131 foreign offices in 32 countries across the globe.)[9] The acquisition of State Bank of Indore added 470 branches to SBI's existing network of 12. But now SBI has only five associate banks that with SBI constitute the State Bank Group.77%.[7] Associate banks SBI had seven associate banks. following the acquisition.448 and over 21. Originally. State Bank of Sourashtra & State Bank of Travancore.

-> Slogans are: • • • • With you all the way Pure banking nothing else The Banker to every Indian The Nation banks on The Symbol of State Bank of India is a Circle and not Key hole and a small man at the centre of the Circle. Cirlce depicts perfection and the common man being the centre of the banks business. whose meaning is "Welcome to SBI". .Symbol and slogan -> Symbol is the Key Hole.

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