Comparison Of L.I.C. With Its Competitors By- Sheetesh Rajpoot Roll No. 0102927015
Content INDUSTRY OVERVIEW COMPANY PROFILE INSURANCE SCHEMES OF LIC COMPETETORS SWOT ANALYSIS RECOMMENDATIONS & ANALYSIS 2
Insurance Industry In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured, or policyholder, is the person or entity buying the insurance policy. 3
What Is Life Insurance Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during: -The date of maturity, or -Specified dates at periodic intervals, or -Unfortunate death, if it occurs earlier.
Overview of L.I.C In India 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. The main head quarter of LIC is in Mumbai.
Today LIC functions with 2048 fully computerized branch offices,
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.
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. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective. 8
Mission & Vision 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." Vision"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
Members On The Board Of The Corporation ShriD.K. Mehrotra, (Current-in-Charge & CHAIRMAN, LIC )Shri T. S. Vijayan, (Managing Director, LIC )Shri Thomas Mathew T. (Managing Director, LIC )Shri A.K. Dasgupta, (Managing Director, LIC )Shri R. Gopalan, (Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India.)
LIC can capture market share through better pricing and client segmentation.
It needs to apply different set of rules and treatment strategies to different customer segments. However, to personalize interactions, insurers are required to capture customer information in an integrated system.
The Group Insurance scheme is required to be promoted.