NAGESH KARAJAGI ORCHID COLLEGE OF ENGG. & TECH.SOLAPUR.

PRESENTATION ON Introduction to LIC &PIC Major Schemes & Features.

PRESNTED BY Anand Marda (MB - 2031) Ambadas Mittapalli (MB - 2032) Page 1 Prashant Myadam (MB – 2033)

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Page 3 .  The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also.  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. 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.History Of Insurance  The story of insurance is probably as old as the story of mankind.

it rose to 176 companies with total business-in-force as Rs. Page 4 .44 crore.  During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably.298 crore in 1938. From 44 companies with total business-in-force as Rs.22. 16 non-Indian companies and 75 provident were operating in India at the time of nationalization.  About 154 Indian insurance companies.

apart from its corporate office in the year 1956. 109 divisional offices. 33 divisional offices and 212 branch offices.  LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. 8 zonal offices. 992 satallite offices and the Corporate office. LIC had 5 zonal offices.  Today LIC functions with 2048 fully computerized branch offices. Page 5 .

 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and nonlife insurance businesses. 1956. 5 crore from the Government of India. the first Indian life insurance company started its business. the first life insurance company on Indian soil started functioning.  1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. Page 6 . LIC Act.  1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.  1870: Bombay Mutual Life Assurance Society. viz. Some of the important milestones in the life insurance business in India are:  1818: Oriental Life Insurance Company. with a capital contribution of Rs.  1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. LIC formed by an Act of Parliament.

OBJECTIVES OF LIC • • • • • • • • Wide Coverage Savings Mobilization Funds Investment Economy Trustee Meeting Growing Needs Efficient Service Motivating People Page 7 .

LIC ) Shri Thomas Mathew T. Gopalan. of India. of India. LIC ) Shri T. Govt. (Current-in-Charge & CHAIRMAN. Ministry of Finance. (Secretary. LIC ) Shri R. Dasgupta.K. (Managing Director.K. (Managing Director. Ministry of Finance.BOARD OF DIRECTORS Shri D. Mehrotra. LIC ) Shri A.) Shri D. Vijayan. Department of Economic Affairs. Department of Financial Services. Mittal. (Secretary.) Page 8 . (Managing Director. S. Govt.K.

S. GIC of India ) Shri M. Sooranad Rajashekhran Shri Monis R.Shri Yogesh Lohiya. (Chairman & Managing Director.V.) Shri Anup Prakash Garg Shri Sanjay Jain Shri Ashok Singh Shri K. Kidwai Lt. (Chairman Cum Managing Director. Central Bank of India) Dr. General Arvind Mahajan (Retd. Tanksale. Sampath Page 9 .

List of insurance companies in India Types of insurance Public sector companies Private sector companies Total Life insurance 01 General insurance 06 Reinsurance 01 23 18 00 24 24 01 Page 10 .

Sahara Life Insurance 7. Birla Sunlife 10. SBI Life Insurance Company Limited 11. ICICI Prudential 4. TATA AIG Life Insurance 8. Bajaj Allianz Life Insurance 5. Max New York Life Insurance 6.Life insurance Companies • • • • • • • • • • • • 1. MetLife India Life Insurance 3. Life Insurance Corporation of India (Public Sector) 2. Kotak Life Insurance 12. Aviva Life Insurance Page 11 . HDFC Standard Life 9.

Edelweiss Tokio Life Insurance Co. Ltd Page 12 . ING Vysya Life Insurance 15. Shriram Life Insurance 16. Star Union Dai-ichi Life Insurance Co. AEGON Religare Life Insurance 1 20. Future Generali Life Insurance Co Ltd 18. 23. DLF Pramerica Life Insurance 21. IndiaFirst Life Insurance Company 24.13. Ltd. IDBI Fortis Life Insurance 19. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE 22. Bharti AXA Life Insurance Co Ltd 17. Reliance Life Insurance Company Limited Formerly known as AMP Sanmar LIC 14.

General insurance companies • • • • • • • • • • • • 1) New India Assurance Co Ltd (Public Sector) 2) United India Insurance Co Ltd (Public Sector) 3) Oriental Insurance Co Ltd (Public Sector) 4) National Insurance Co Ltd (Public Sector) 5) ICICI Lombard 6) Bajaj Allianz 7) Reliance General Insurance 8) IFFCO Tokio 9) HDFC ERGO 10) Royal Sundaram 11) Tata AIG General 12) Cholamandalam MS Page 13 .

13) Shriram General Insurance 14) Future Generali 15) Bharti AXA 16) Universal Sompo 17) Raheja QBE General 18) SBI General Insurance 19) L & T General Insurance Standalone Health Insurance Companies 20) Star Health Insurance 21) Apollo Munich Health Insurance 22) Max Bupa Health Insurance Export Credit Guarantee Insurance 23) Export Credit Insurance (Public Sector) Agriculture Insurance Company 24) Agriculture Insurance (Public Sector) Page 14 .

ICICI prudential life insurance company • Was established on 24th Nov. 2000 with commitment to expand and reshape the life insurance industry in India • It is first private sector insurance company to begin operation after receiving approval from IRDA Page 15 .

SBI life insurance company • Was established on 30th Mar. 2001 by IRDA • Authorized capital is 250crore • Paid up capital is 125crore.2001 • Joint venture company between SBI and Cardiff S A from France • License issued on 29th March. • 74% total equity of SBI and 26% of Cardiff Page 16 .

2001 and 12th Feb.TATA AIG • It is General insurance company and life insurance company • General insurance and life insurance company of TATA AIG was established on 22th Jan.2001 respectively • joint venture company between TATA Group and AIG Page 17 .

2001 • Joint venture company between Bajaj auto limited and Allianz A G Page 18 .BAJAJ ALLIANZ life insurance company • Was established on 3rd Aug.

. Page 19 . – Early remove ….Major schemes of Insurance • Endowment plan – An endowment plan means…… – Maturity period are…… – Types of policy….

..? – Features…. . • Tax free benefits • Holiday destination • Reinvest .Money-back policy – Are useful for ….Or death of insurer Page 20 .Outliving the term….

Whole-life policy • Also called as Whole life Assurance Page 21 .

– Purely a risk protection….Term insurance policy – For limited period of time… – Is better then life insurance plan…. • Eg: auto insurance or home insurance Page 22 .

Page 23 .ThAnK YoU…….