Life Insurance Corporation

The abbreviation LIC stands for Life Insurance Corporation of India. It is not an initiative by the government of India. The motto of the Life Insurance Corporation of India is "Yogakshemam Vahamyaham," which means "your welfare is our responsibility". They indeed have been serving the citizens of India by making the best policies and schemes. They are honest and reliable in their dealings, and that is why people still have a lot of faith in them. They mainly deal with life insurance products and investment plans. These are secure and safe investments. 

Some of Their Products

It offers a lot of products, which include life insurance policies, savings, and investment products. Some of the popular LIC products/plans launched in 2016-2017 are given below;

1. LIC Jeevan Pragati

2. LIC Bima Diamond Plan

3. LIC Jeevan Shikhar Plan

4. LIC Jeevan Labh Plan

Some More Facts About the LIC

Get to know the LIC a little better with the following facts:

• It was established in 1956 after the Parliament of India passed the Life Insurance of India Act. 

• The LIC headquarters is in Mumbai, India. 

• There are 8 zonal offices, 113 divisional offices, and more than 2000 branches. 

• Presently, LIC is the largest life insurance company in India. 

• The state-owned Life Insurance Corporation was created after merging and nationalizing around 245 private insurance companies and provident societies to create.

• More than 14 lakh LIC agents work to promote their insurance business across the country.

Why Must You Trust LIC?

People have been trusting the Life Insurance Corporation of India because of the following reasons:

• The products and services of LIC are highly promising.

• There have been no scandals or cases of fraud and forgery that they have been involved in.

• The returns of the policies and investments are great.

• LIC agents are also trustworthy and knowledgeable. 

• You will get to know about the company and its reliability from anyone.

• The details of their services are registered, and anyone can learn more about them.

What Must One Do to Work as a LIC Agent?

Interested candidates must understand the meaning of LIC first. Then they must prepare for the entrance exam of LIC. Once you crack the exam, you have to face an interview, after which you will be a certified LIC agent. 

As of 2019, LIC has a total fund of 28.3 trillion $. LIC India settled 26 million claims in 2018-19. Lic India has a total of 290 million policyholders.

LIC is an insurance and final service company. It was established by the Act of Parliament- LIC act of 1956.

MR Kumar is the current chairman of the LIC. Mukesh Gupta is the current managing director of a Life insurance corporation.

Smt. Ipe Mini, Siddharth Mohanty, and Rajkumar are also the managing directors of the company.

History

Oriental Life Insurance was the first company in India to offer life insurance coverage. It was established in Kolkata in the year of 1818. Its primary targets were to cover the Europeans. Surendernath Tagore founded the Hindustan Insurance Society. It later became the Life insurance Corporation.

In 1955, member of parliament Feroze Gandhi raised the matter of insurance fraud by owners of private insurance agencies. In the investigation, one of India's wealthiest businessmen, Sachin Devkekar was sent to prison for two years. He was the owner of the Times of India newspaper.

In this regard, the parliament of India passed the life insurance of India act on 19 June 1956. It created the Life Insurance Corporation of India. In the Industrial Policy Resolution of 1956, a policy framework was created that extended control over at least 17 sectors of the economy. It also included life insurance. It led to the nationalization of LIC.

Structure of LIC

The LIC executive board consists of a chairman and managing directors.

Currently, MR Kumar is the chairman of the LIC executive board, and Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta, and Raj Kumar are managing directors.

The central office of LIC is based in Mumbai. The central office consists of the offices of the chairman, all four managing directors, and all executive directors. LIC has a total of 8 zonal offices. These offices are present in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna.

Conclusion

This is all about the Life Insurance Corporation of India (LIC) and its history. It is one of the biggest public sector corporations that take care of the future of a majority of the population of India. Make sure you focus on the facts and figures of this topic by seeking the right information.