LIFE INSURANCE

CORPORATION OF
INDIA (LIC)
ABOUT LIFE INSURANCE CORPORATION
(LIC)
 Life Insurance Corporation of
India is an Indian state-
owned insurance group
and investment corporation owned
by the Government of India.
 The Life insurance Corporation of
India was founded on September
1, 1956, when the Parliament of
India passed the Life Insurance of
India Act that nationalized the
insurance industry in India.
 Over 245 insurance companies and
provident societies were merged
to create the state-owned Life
Insurance Corporation of India.
MISSION/ VISION OF LIC
 Mission
 "Ensure 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."
 Vision
 "A trans-nationally competitive financial
conglomerate of significance to societies and Pride
of India.
OBJECTIVES OF LIC
 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.
 Maximize mobilization of people's savings by making insurance-
linked savings adequately attractive.
 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.
FUNCTIONS
 The main function of LIC is to collect the savings of the
people through a life insurance policy and invest that
money in various financial markets.
 One of the main functions of LIC is to invest fund into
government securities so as to protect the capital of the
people who have given their money to LIC.
 LIC has to issue an insurance policy at affordable rates to
people
 It also invests in the various corporates via bonds and
securities, thus supports corporate funding in an indirect
way.
 It also gives loan to the various national projects which
are important for economic growth.
 It provides financial supports to socially-oriented projects
like electrification, sewage, and water channelizing, etc
 It also gives a housing loan at reasonable rates.
 It is the main channel between savings and investment for
the people in India.
ORGANISATIONAL STRUCTUREOF LIC
 To perform the functions of LIC, a committee consisting
of 15 members is appointed by the central government.
One of these member is appointed as the chairman. The
organization structure of LIC has four-tier structure.
There are:
 1.Central office:-perform the function relating to
investments, framing and administration of the laws for
the corporation.
 2.Zonal office:-there are seven zonal offices based on
geographical locations.
 3.Divisional offices:-they help in discharging the co-
ordinating functions related to central office and zonal
office
 4.Branch offices:-they carry almost 90%of the work
related to policyholders.
 HEAD OFFICE

CHAIRMAN

BOARD OF DIRECTOR

DIRECTORS AND GENERAL MANAGERS

DEPUTY OR GENERAL MANAGERS

ZONAL OFFICES

REGIONAL
SECRETARY CHIEF DEPARTMENTAL
ACCOUNTANTS ZONAL MANAGERS
MANAGER
AUDIT INSPECTION
MANAGEMENT OF LIC