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L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
L I C &  G I C
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L I C & G I C

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A presentation on LIC & GIC. enjoy!!!

A presentation on LIC & GIC. enjoy!!!

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  • 1. Welcome to Presentation on LIC & GICBYB N HARSHA
  • 2. INSURANCE
    Insurance is a form of contract under which one
    party agrees in return for a consideration to pay an
    agreed amount of money to another party to make
    good the loss to something in which the insured has
    a pecuniary interest as a result of some uncertain
    event. It is a device by which the loss likely to be
    Caused by an uncertain event is spread over a large
    number of persons who are exposed to it & who
    propose to insure themselves against such an event.
  • 3. LIFE INSURANCE
    Life insurance is a contract under which one
    person known as the insurer in return for a
    premium undertakes to pay an assured amount to
    another person known as the insured either on the
    event of death or on the expiry of a specified
    period of time whichever is earlier.
  • 4. LIFE INSURANCE CORPORATION OF INDIA (LIC)
    Establishment
    LIC was established on September 1st 1956 under an Act passed by the Parliament as a wholly owned Corporation of Govt of India with a capital of Rs. 5 Crore
    The Govt of India in 1956 brought together over 240 private life insurers & provident societies under one nationalized monopoly corp i.e., LIC.
  • 5. LIFE INSURANCE CORPORATION OF INDIA (LIC)
    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."
  • 6. OBJECTIVES
    • To spread life insurance & provide life insurance protection to the masses at reasonable cost.
    • 7. To mobilise people’s savings through insurance linked savings schemes.
    • 8. To invest the funds to serve the best interests of both policy-holders & the nation.
    • 9. To conduct business with maximum economy remembering always that the money belongs to the policy-holders.
    • 10. To innovate and adapt to meet the changing life insurance needs of the community.
    • 11. To promote amongst all agents & employees of the corporation a sense of pride & job satisfaction through dedicated service to achieve the corporate objective.
  • Board of Directors of LIC
    • Shri. T.S. Vijayan (Chairman)
    • 12. Shri. D.K. Mehrotra (Managing Director - LIC)
    • 13. Shri. Thomas Mathew T. (Managing Director - LIC)
    • 14. Shri. A.K. Dasgupta (Managing  Director - LIC)
    • 15. Shri. Ashok Chawla (Finance Secretary, Ministry of Finance, Govt. of India)
    • 16. Shri. G.C. Chaturvedi (Additional Secretary, Department of Financial
    • 17. Services, Ministry of Finance, Govt. of India.)
    • 18. Shri. Yogesh Lohiya (Chairman cum Managing  Director, GIC of  India)
    • 19. Shri. T.C. Venkat Subramanian (Chairman & Managing Director.
    • 20. Export Import Bank of India)
    • 21. Dr. Sooranad Rajashekhran
    • 22. Shri. Monis R. Kidwai
  • OPERATIONS
  • 23. AWARDS
    • Golden Peacock Award for Excellence in Corporate Governance
    • 24. NDTV Profit Business Leadership Award 2008
    • 25. Loyalty Awards 2008 - Insurance Sector
    • 26. IT USER 2008  NASCOM
    • 27. Loyalty Awards - 2009
    • 28. Readers Digest Trusted Brand Award 2008 in the Platinum category.
    • 29. CNBC Awaaz Consumer Awards 2008
    • 30. Web 18 Genius of the web awards 2007 
    • 31. Selected Business Super brand India 2008 ASIA BRAND
    • 32. Golden Peacock Innovative Product / Service Award – 2009
    • 33. CONGRESS BRAND LEADERSHIP AWARD 2008
    • 34. SKOCH Challengers Award 2008 for Jeevan Madhur
  • POLICIES & SCHEMES of LIC
    Whole Life Policy
    Here the policy amount is not paid to the insured
    during his lifetime, but is paid to the nominees on
    the death of the insured.
    Endowment Policy
    Here the policy amount is paid actually to the insured
    after the attainment of a specified age.
  • 35. Financial Assistance
    LIC has been increasing its financial assistance in the last 33 years to the corporate sector. In 1970-71, assistance sanctioned was Rs. 17.8 crore while it increased to Rs. 4341.5 crore in 2002-03. In 2000-01, there was a sudden increase in assistance provided which went to Rs. 10867.3 crore from Rs. 6825.5 crore a year earlier showing an increase of 59.2%.
    Trend in Assistance sanctioned & disbursed to Corporate Sector
    Source : IDBI Report, 2003-04
  • 36. Insurance Penetration & Insurance Density
  • 37. GENERAL INSURANCE CORPORATION (GIC)
    The GIC was formed as a Government
    Company under Sec 9 of the General
    Insurance Business (Nationalisation) Act,
    1972. It was registered as a private company
    under the Companies Act, 1956.
  • 38. Subsidiaries of GIC
    The National Insurance Company
    The New India Assurance Company
    The Oriental Fire & General Insurance Company
    The United India Fire & General Insurance Company Ltd.
  • 39. VISION
    To be a leading global reinsurance and risk solution
    provider”
    MISSION
    To achieve our vision by
    • Building long-term mutually beneficial relationship with business partners.
    • 40. Practicing fair business ethics and values
    • 41. Applying “state-of-art” technology, processes including enterprise risk management and innovative solutions
    • 42. Developing and retaining highly motivated professional team of employees
    • 43. Enhancing profitability and financial strength befitting the global position
  • ABOUT GIC
    • The authorised capital of the corporation is
    Rs. 75 crores.
    • ShriYogeshLohiya is the Chairman cum
    Managing Director of GIC.
    • The objectives of GIC include
    “superintending, controlling and carrying on
    general insurance business.
  • 44. SERVICES OF GIC
    Marine Insurance
    Fire Insurance
    Vehicle Insurance
    Crop Insurance
    House Insurance
    Any other insurance except life insurance.
  • 45. Investment Pattern
    • 25% of the fresh accrual of funds to be invested in Central Govt Securities.
    • 46. 10% of the fresh accrual of funds to be invested in State Govt securities, bond & debentures of public sector corporations & semi Govt bodies.
    • 47. 35% as loan to State Govts for housing & bonds & debentures of Housing & Urban Development Corp.
    • 48. 30% in debentures, equity shares, preference shares & term loans.
  • FINANCIAL ASSISTANCE
    Direct Assistance
    The GIC finances industry in two ways:
    Granting loans.
    Underwriting & direct subscription to shares &
    debentures of the company.
    2. Purpose-wise Assistance
    New projects
    Expansion & diversification
    Modernisation, rehabilitation & balancing equipment
    Working capital requirements.
  • 49. Insurance Development & Regulatory Authority (IRDA)
    IRDA bill was passed in December 1999.The
    IRDA became the statutory body in April
    2000 & has been framing regulations &
    registering the private sector insurance
    Companies. The insurance sector was opened
    up to private players in August 2000.
    Consequently many Indian & foreign
    Companies have entered in the insurance
    business.
  • 50. Mission of IRDA
    To protect the interests of the policyholders, to
    regulate, promote and ensure orderly growth of the
    insurance industry and for matters connected
    therewith.
    Subject to the provisions of this Act and any other
    law for the time being in force, the Authority shall
    have the duty to regulate, promote and ensure
    orderly growth of the insurance business and re-
    insurance business.
  • 51. OBJECTIVES
    • Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
    • 52. Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance.
    • 53. Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business.
    • 54. Regulating investment of funds by insurance companies.
    • 55. Specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector.
    • 56. Promoting and regulating professional organisations connected with the insurance and re-insurance business

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