The Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा निगम)(Marathi: भारतीय जीवन विमा निगम) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$202.03 billion) It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.
HistoryThe Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Bernard Dasgupta and others. Europeans in India were its primary target market, and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included.
Bharat Insurance Company (1896), United India (1906), National Indian (1906), National Insurance (1906), Co-operative Assurance (1906), Hindustan Co-operatives (1907), Indian Mercantile, General Assurance, Swadeshi Life (later Bombay Life).
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail. A bill was also introduced in the Legislative Assembly in 1944 to nationalize the insurance industry.
LIC building, at Connaught Place, New Delhi, designed by Charles Correa, 1986.Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of India's GDP in 2006.
The Corporation, which started its business with around 300 offices, 5.6 million policies and a corpus of INR 459 million (US$ 92 million as per the 1959 exchange rate of roughly Rs. 5 for a US $ , has grown to 25000 servicing around 180 million policies and a corpus of over 8 trillion (US$173.6 billion).
Economic Times Brand Equity Survey rated LIC as the No. 1 Service Brand of the Country. The slogan of LIC is "Zindagi ke saath bhi,Zindagi ke baad bhi"in hindi. In english it means "with life also,after life also.
Pls. visit - www.licindia.com
Welcome to our Website, Am Mrs. Josephine Reginald, I work for LIC of India as Development Officer. I did my M.Com at a leading women's college in Chennai. I also completed Cost Accounting (ICWAI) –Inter.
I joined LIC of India, Chennai Division, during early 1990's as Assistant/Clerk. I have worked in ALL the divisions like Policy Services, Claim Settlement, New Business and others. I gained good experience in every desk and more especially with the Claim Settlement. Gained strong service experience in serving large Public Organizations like Southern Railways and others.
With my Comprehensive Services Strength in LIC, I thought that I can serve my customers MUCH BETTER and moved as Development Officer since last few years.
I work at LIC – Ambattur Branch, Chennai and With my work experience, Am sure that I will be able to best-guide you in Planning Your Savings/Taxes and provide All other Services with regards to Payment of Premium, Policy Services, Claim Settlement, NEW LIFE INSURANCE POLICY and many more from LIC OF INDIA.
Pls. reach me at..
||Mrs. Josephine Reginald|
||Development Officer - LIC of India|
||0 - 9841196310 / 0-9952065418|