Professional Documents
Culture Documents
)
2022-23
SUMMER INTERNSHIP
PROGRAME
On
AN ANALYTICAL STUDY OF SAVING
SCHEME
(LIFE INSURANCE CORPORATION AT
SAGAR )
SUBMITTED TO SUBMITTED BY
DEVPRIYA CHOUHAN ABHISHEK KUMAR BACHKAIYA
( Lecturer) MBA 3RD YEAR
Department of MBA Roll No. 21181217
Gyanver Institute of Management & Gyanver Institute of Management &
Science, Sagar Science, Sagar
Preface
The Project work is field which uses tools and techniques to transfer
subjectivity in the environment into objectives, also the findings of the
research, when applied show results, which can be measured and evaluated
so there is feedback this is what makes it a dynamic activity.
I would like to whole hearty thank and express my sincere gratitude to MR.
MANISH JAIN Head of the Department of Busines Studies, GYANVEER
INSTITUTE OF MANAGEMENT & SCIENCE for suggesting me this
problem and for giving an insight in dealing with the subject
Lastly, I Must express my gratitude to all the elders of the family and
citizen of the city who blessed me in course of discussion. I also extend my
sincere thanks to my family and my friends for their encouragement and
support.
-
DECLARATION
SCIENCE. I also ensure that this work done by me is purely original and
is my own creativity.
Place :
INDEX
Table of Contents
Student Declaration i
CHAPTER -2 4
Company Profile
CHAPTER -3 21
Research Methodology
CHAPTER-4 25
Policies and Plans
CHAPTER -5 53
Findings
CHAPTER -6 55
Conclusion
BIBLIOGRAPHY 57
In India, Insurance is a national matter, in which life and general insurance is yet a
booming sector with huge possibilities for different global companies, as life
insurance premiums account to 2.5% and general insurance premiums account to
0.65% of India's GDP. The Indian Insurance sector has gone through several phases
and changes, especially after 1999, when the Govt. of India opened up the insurance
sector for private companies to solicit insurance by passing Insurance Regulatory and
Development Authority (IRDA) Bill, allowing FDI up to 26%. Since then, the
Insurance sector in India is considered as a flourishing market amongst global
insurance companies. However, the largest life insurance company in India is still
owned by the government.
The history of Insurance in India dates back to 1818, when Oriental Life Insurance
Company was established by Europeans in Kolkata to cater to their requirements.
Nevertheless, there was discrimination among the life of foreigners and Indians, as
higher premiums were charged from the latter. In 1870, Indians took a sigh of relief
when Bombay Mutual Life Assurance Society, the first Indian insurance company
covered Indian lives at normal rates. Onset of the 20th century brought a drastic
change in the Insurance sector.
In 1912, the Govt. of India passed two acts - the Life Insurance Companies Act, and
the Provident Fund Act - to regulate the insurance business. National Insurance
Company Ltd, founded in 1906, is the oldest existing insurance company in India.
Earlier, the Insurance sector had only two state insurers - Life Insurers i.e. Life
Insurance Corporation of India (LIC), and General Insurers i.e. General Insurance
Corporation of India (GIC). In December 2000, these subsidiaries were de-linked
from parent company and were declared independent insurance companies: Oriental
Insurance Company Limited, New India Assurance Company Limited, National
Insurance Company Limited and United India Insurance Company Limited.
With an annual growth rate of 15-20% and the largest number of life insurance
policies in force, the potential of the Indian insurance industry is huge. Total value of
the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion).
The life insurance industry in India grew by an impressive 36%, with premium
income from new business at Rs. 253.43 billion during the fiscal year 2004-2005,
braving stiff competition from private insurers. This report, "Indian Insurance
Industry: New Avenues for Growth 2012", finds that the market share of the state
behemoth, LIC, has clocked 21.87% growth in business at Rs.197.86 billion by
selling 2.4 billion new policies in 2004-05. But this was still not enough to arrest the
fall in its market share, as private players grew by 129% to mop up Rs. 55.57 billion
in 2004-05 from Rs. 24.29 billion in 2003-04.
Though the total volume of LIC's business increased in the fiscal year (2004-2005)
compared to the previous one, its market share came down from 87.04 to 78.07%.
The 14 private insurers increased their market share from about 13% to about 22% in
a year's time. The figures for the first two months of the fiscal year 2005-06 also
speak of the growing share of the private insurers. The share of LIC for this period
has further come down to 75 percent, while the private players have grabbed over 24
percent.
There are presently 12 general insurance companies with four public sector
companies and eight private insurers and private insurance companies collectively
have a 10% share of the non-life insurance market.
COMPANY PROFILE
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 Indian lives at normal rates.
Starting as Indian enterprise with highly patriotic motives, insurance companies came
into existence to carry the message of insurance and social security through insurance
to various sectors of society. Bharat Insurance Company (1896) was also one of such
companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise
to more insurance companies. The United India in Madras, National Indian and
National Insurance in Calcutta and the Co-operative Assurance at Lahore were
established in 1906. In 1907, Hindustan Co-operative Insurance Company took its
birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath
Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life
(later Bombay Life) were some of the companies established during the same period.
Prior to 1912 India had no legislation to regulate insurance business. In the year 1912,
the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies Act, 1912 made it necessary that the premium rate tables and
periodical valuations of companies should be certified by an actuary. But the Act
discriminated between foreign and Indian companies on many accounts, putting the
Indian companies at a disadvantage.
The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to
176 companies with total business-in-force as Rs.298 crore in 1938. During the
mushrooming of insurance companies many financially unsound concerns were also
floated which failed miserably. 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. 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. However, it was much later on the 19th of January, 1956, that life
insurance in India was nationalized. About 154 Indian insurance companies, 16 non-
Indian companies and 75 provident were operating in India at the time of
nationalization. Nationalization was accomplished in two stages; initially the
management of the companies was taken over by means of an Ordinance, and later,
the ownership too by means of a comprehensive bill. The Parliament of India passed
the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance
Corporation of India was created 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.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956. 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. Re-organization of LIC took place and large numbers of new
branch offices were opened. As a result of re-organization servicing functions were
transferred to the branches, and branches were made accounting units. It worked
wonders with the performance of the corporation. It may be seen that from about
200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only
in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark
of new business. But with re-organization happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional
offices, 7 zonal offices and the corporate office. LIC’s Wide Area Network covers
100 divisional offices and connects all the branches through a Metro Area Network.
LIC has tied up with some Banks and Service providers to offer on-line premium
collection facility in selected cities. LIC’s ECS and ATM premium payment facility
is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info
Centers have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of
providing easy access to its policyholders, LIC has launched its SATELLITE
SAMPARK offices. The satellite offices are smaller, leaner and closer to the
customer. The digitalized records of the satellite offices will facilitate anywhere
servicing and many other conveniences in the future.
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. LIC has issued over one crore policies during the current year. It has
crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting
a healthy growth rate of 16.67% over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented
performance records in various aspects of life insurance business. 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.
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 nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
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.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies’ viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.
LIC SUBSIDIARIES
Unlike provisions for private players in the insurance sector, the LIC Act provides for
setting up subsidiaries through policy holders fund. It is due to the LIC act that LIC of
India has a number of subsidiaries which help it in leveraging its potential to the
maximum, providing an enhanced set of diversified services to its customers. These
subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance
and LIC Mutual Fund.
LIC INERNATIONAL
This is a joint venture offshore company promoted by LIC which commenced
operations in July, 1989 with the objectives of offering US$ denominated policies to
cater to the insurance needs of NRIs and providing insurance services to holders of
LIC policies currently residing in the Gulf. LIC International operates in all GCC
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.
LIC HOUSING FINANCE LTD.
The Company is recognized by National Housing Bank and listed on the National
Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE). LIC Housing
Finance Ltd. is one of the largest Housing Finance Company in India. Incorporated
on 19th June 1989 under the Companies Act, 1956, the company was promoted by
LIC of India and went public in the year 1994. Its main objective is to provide long
term finance for construction or purchase of houses or apartments. It has a Dubai
office.
LIC MUTUL FUND LTD.
Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989 and
contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was
constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882.
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 and providing them adequate financial cover against death at a
reasonable cost.
MISSION/VISSION
MISSION
"Explore and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns, and by
rendering resources for economic development."
VISSION
"A trans-nationally competitive financial conglomerate of significance to societies
and Pride of India."
BOARD OF DIRECTORS
INDY's Silver Award for Best INDY's Silver Award for Best in
Corporate Film House Magazine
The objectives behind the study of the plans and policies of LIFE INSURANCE
CORPORATION OF INDIA are:
1. To impart knowledge about the history and objectives of the company and also its
different subsidiaries.
2. To aware the readers about the different plans and policies provided by LIC, there
value and benefits to its customers.
METHODOLOGY
DATA COLLECTION:
STATICAL TOOLS:
Secondary resources used in the study for information collection is internet and
magazines. Magazines & websites have been used and the information retrieved from
these sources is then gathered in this project. Other tools used in the study which are
used in the preparation of the project after collecting information are:
1. MS Word
2. MS Excel
POLICIES (SCHEMES)
Life Insurance Corporation of India provides number of products to its costumers.
LIC differentiated their policies into five different types which are:
1. Insurance Plans
2. Pension Plans
3. Unit Plans
4. Special Plans
5. Group Scheme
INSURANCE PLANS
As individuals it is inherent to differ. Each individual’s insurance needs and
requirements are different from that of the others. LICs Insurance Plans are
policies that talk to you individually and give you the most suitable options that
can fit your requirement.
Jeevan Aadhar
Jeevan Vishwas
Jeevan Shree-I
Jeevan Pramukh
Jeevan Bharati - I
Mortgage Redemption
PENSION PLANS
Pension Plans are Individual Plans that gaze into your future and foresee
financial stability during your old age. These policies are most suited for senior
citizens and those planning a secure future, so that you never give up on the
best things in life.
Jeevan Nidhi
Jeevan Akshay-VI
UNIT PLANS
Unit plans are investment plans for those who realize the worth of hard-earned
money. These plans help you see your savings yield rich benefits and help you
save tax even if you don't have consistent income.
Market Plus I
Profit Plus
Fortune Plus
Money Plus-I
SPCIAL 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, investment and
a lifetime of happiness!
Health Plus
Jeevan Saral
Jeevan Madhur
Jeevan Mangal
GROUP SCHEME
Group Insurance Scheme is life insurance protection to groups of people. This
scheme is ideal for employers, associations, societies etc. and allows you to
enjoy group benefits at really low costs.
Gratuity Plus
Features
Product summary:
These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table
No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity /
pension business. Policies get a share of the profits in the form of bonuses. Simple
Reversionary Bonuses are declared per thousand Sum Assured annually at the end of
each financial year. Once declared, they form part of the guaranteed benefits of the
plan. Final (Additional) Bonuses may also be payable provided policy has run for a
certain minimum period.
Benefits
Death Benefit:
On death of the Life Assured during the term of the policy the basic premiums paid,
excluding any rider premiums or extra premiums, up to the date of death accumulated
with interest at such rates as decided by the Corporation will be payable to the
nominee. Currently, the interest rate is 3%, 4% or 5 % if the death occurs within the
first 10 years, 20 years or thereafter respectively.
Maturity Benefit:
At maturity the policyholder can encash up to a maximum 25% of the maturity
proceeds as a tax-free lump sum. The balance should be compulsorily converted to an
annuity at the rates applicable at the time of maturity of the policy. The policyholder
has the choice of opting for any one of 5 annuity options. The annuity options
available are:
Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra
protection/option. An additional premium is required to be paid for these benefits.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender
value is available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 2 years or more but
before the vesting date. The guaranteed surrender value is 90% of the basic
premiums paid excluding the first year’s premium. In case of a single premium
policy the guaranteed surrender value is allowed after 2 years from the date of
commencement of the policy.
Corporation’s policy on surrenders:
In practice, the company will pay a Special Surrender Value – which is equal to or
higher than the Guaranteed Surrender Value. The benefit payable on surrender
reflects the discounted value of the reduced claim amount that would be payable on
death or at maturity. This value will depend on the duration for which premiums have
been paid and the policy duration at the date of surrender. In some circumstances, in
case of early termination of the policy, the surrender value payable may be less than
the total premium paid.
UNIT PLANS-I
1. Market plus-I
This is a unit linked pension plan wherein the pension is payable after a specified
period. Four types of investment Funds namely Bond, Secured, Balanced and
Growth Fund are offered. Though primarily a Pension product, the plan has many
attractive features and options which make it an ideal Retirement solution for the
future.
BENEFITS
A) - On Vesting:
On vesting of the policy, the Fund Value will be utilized to provide a pension based
on the then prevailing Annuity rates. An option to commute up to one third of the
payable benefit in a lump sum is available.
B) On Death:
In event of the unfortunate death of the policy holder the Fund Value along with the
Riders, if any, will be payable in a lump sum or as a pension.
OPTIONS
Three attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness
Benefit are available as options or riders. Life option is available within certain limits
depending on the age at entry of the life assured. The other options are available to all
proposers who have opted for Life Cover. The quantum of the risk covers can also be
reduced; subject to the minimum limits, once a year. A policy can be taken without
any of the riders also.
REVIVAL
An attractive feature of the plan is that provided the premiums have been paid for a
minimum period of three years, all the riders under the policy will continue for a
period of two years from the due date of first unpaid premium by deduction of
relevant charges from the policy fund. This period of two years is called the “Revival
Period”. Further, if premiums have been paid for a minimum period of three years,
revival can be effected merely by paying the arrears of premium, within the Revival
Period.
PAYMENT OF PREMIUMS
Premiums can be paid in a lump sum (single premium) and also by monthly (ECS),
quarterly, half-yearly and yearly modes.
OTHER FEAUTRES
There will be no spread between the Bid and Offer price. The Net Asset Value
(NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1,000
can be paid without any limit at anytime during the term of policy.
SPECIAL PLANS
1. Bima Nivesh
Features
Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty
additions. This is the revised version of our popular Bima Nivesh Plan 2004 and is
introduced to meet the overwhelming demand for a single premium plan from our
customers. It is a single premium, ideal investment plan for those who have no
regular income but good periodical income. Bima Nivesh 2005 is available for terms
5 and 10 years. The guaranteed surrender value is payable after the policy has run for
at least one year. Term Assurance Rider is also available by payment of a single
premium at the option of the proposer.
Benefits
Surrender Value: Surrender value is payable after the policy has run at least for
one year.
Riders: Term Assurance rider is available.
Single Premium rates for Rs.1000 Sum Assured are Rs.995 for 5 years term and Rs.
976 for 10 years term;
The Term Rider Premium depends on the age nearer birthday and the term of the
policy.
REBATES
1% of basic premium on the premium in excess of Rs.50,000.
Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.
LOAN
Loan will be available to the policyholders under this plan within the Surrender
Value.
GROUP SCHEME
1. PREMIUM:
The premium under such scheme may be wholly paid by the employer or the Nodal
Agency. However, the scheme may be contributory i.e. the members may also
contribute.
Features
The objective of the scheme is to provide life insurance protection to the rural and
urban poor persons below poverty line and marginally above the poverty line.
ELIGIBILITY:
A person who is
*Aged between 18 and 59 years.
*Below or marginally above poverty line
*A member of any of the approved vocation/occupation groups
NODAL AGENCY:
A State Government Department which is concerned with the welfare of any such
vocation/occupation group, a Welfare Fund/ Society, Village Panchayat,NGO,Self-
Help Group,etc.
3. List of students eligible for scholarship under Shiksha Sahayog Yojana (Proforma
B)
4. Certificate of utilization ( Proforma C )
Benefits
In the events of
*Death (other than by accident) of the member, an amount of Rs.30,000/- is payable.
*death/total permanent disability, due to accident, an amount of Rs.75,000/-is
payable.
*Permanent partial disability, due to accident, an amount of Rs.37,500/- is payable.
PREMIUM:
*The premium under the scheme is Rs.200/-per annum per member. *50% of the
premium i.e. Rs.100/- will be contributed by the member and/or Nodal Agency/State
Government.
*Balance 50% will be borne by the Social Security Fund.
APPROVED VOCATION & OCCUPATIONAL GROUPS:
A) The group that can be covered are like workers in -
(i) Foodstuffs like khandsari
(ii) Textile
(iii) Manufacture of wood products
(iv) Manufacture of paper products
(v) Manufacture of leather products
(vi) Printing
(vii) Rubber and coal products
(viii) Chemical products like candle manufacture
(ix) Mineral products like earthen toys manufacture
(x) Fire cracker's workers
(xi)Construction workers
(xii)Other related cottage industries to be identified by Nodal
Agencies and other groups as identified by the Nodal Agency and approved by LIC.
PLAN’S NAV
The net asset value of different schemes of life insurance Corporation of India for the
insured’s is as follows:
NAV TABLE
EFFECTIVE
NAV'S AS ON DATE 21.08.2009
FOR 21.08.2009
BASIC
NAV AS ON REPURCHASE SALE
UNIT
DATE VALUE VALUE
VALUE
DATE OF
BIMA PLUS (140) LAUNCH
02.02.2001
DATE OF
FUTURE PLUS (172) LAUNCH
04.03.2005
DATE OF
JEEVAN PLUS (173) LAUNCH
18.10.2005
The aggregate amount of deduction under all the relevant sections viz. section 80C,
section 80CCC and section 80CCD shall not, exceed Rs.1 Lakh.
All the benefits payable under a Life Insurance policy are tax free. However in cases
the premium paid in excess of 20% of the capital sum assured within a year,
benefits paid excess of premiums will be taxable. The benefits from a key man
Insurance policy and any sum received under Sec 80DD, Sub-section (3) are also
taxable.
3) Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan (U/s. 80CCC)
Amounts paid from the taxable income to premiums of the above
annuity are deductible.
Premium paid for LIC’s Jeevan Aadhar Plan (for the maintenance of an
handicapped dependent) is eligible for deduction from the total income to the extent
of Rs.50,000 and to the extent of Rs.75,000/- where handicapped dependent is
suffering from specified severe disability.
CONCLUSION
After completing the project it is concluded that LIC develop its various plans and
policies, flexible in nature, according to the requirements of its targeted market or
customers and is thus beneficial to its customers in various ways. The most important
benefit it provides to its customers is that it is a government owned company. This
lead to increase in the satisfaction level of its customer that is why LIC has more than
200 million policyholders which is equal to the fourth largest country in world.
Therefore it is not only beneficial but better than other insurance companies not only
regarding its product but also its services.
BIBLIOGRAPHY
Information and data used in the project has been collected from the
following sources:-
1. www.licindia.com
2. www.licmutual.com
3. www.lichousing.com
4. www.wikipedia.org
5. www.reportbuyer.com
6. Outlook Money Magazine
12th August 2009, 09 September 2009
7. Money Today Magazine
11 June 2009, September 2009