Introduction• 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.• Before 1912 India had no Legislation to Regulate Insurance Business.• In the year 1912, the life insurance companies act the provident fund act were passed.
It made necessary that the premium rate tables & periodicalvaluations of companies should be certified by an actuary &actuaries means one who calculates insurance risks & premiumsaccording to statistical probabilities. It was much later on the 19th Jan 1956, India parliamentpassed the LIC Act on the 19th Jan 1956 & the LIC of India wascreated on 1st sept,1956.LIC lad 5 zonal offices, 33 divisional offices 212 Branch offices,apart from its corporate offices in the year 1956.Today LIC function with 2048 fully computerized branchoffices.105 divisional offices.8 zonal offices & the corporate office
LIC’s wide area network covers 100 divisionaloffices & connects all the branches through ametro area network with satellite offices attachedto about some 50 branches.And has a network of around 1.2 million agentsfor soliciting life insurance from the public.It has crossed the milestone of issuing1,01,32,955.New policies by 15th oct,2005-growth of 67% ofprevious year.
MISSION“Explore and enhance the quality of life of peoplethrough financial security by Providing products andservices of aspired attributes with competitive returns,and by rendering resources for economic development.”Vision“A trans-nationally competitive financialconglomerate of significance to societies and Pride ofIndia.”
Spread Life Insurance widely and in particular tothe rural areas and to the Socially andeconomically backward classes with a view toreaching all insurable persons in the country andproviding them adequate financial cover againstdeath at a reasonable cost.Maximize mobilization of people’ savings bymaking insurance-linked savings Adequatelyattractive..
•Conduct business with utmost economy and with the fullrealization that moneys belong to the policyholders.• Act as trustees of the insured public in their individual andcollective capacities.•Promote amongst all agent and employees of the corporationa sense of participation, pride and job satisfaction towardsachievement of corporate objective.•INTERNATIONAL OPERATIONS..•LIC has always acknowledged the need to expand. ourexpanding efforts have been consistent & are evident throughour associations.
LIC Fiji. LIC Mauritius LIC United Kingdom LIC (International) B.S.C (C), Bahrain LIC (Nepal) Ltd LIC (Lanka) Ltd Saudi Indian Company for Co-op. Insurance, KSA. LIC Mauritius Offshore Ltd. LIC Coordinating Office in India
PUBLIC RELATION DEPARTMENTThe Public Relation Department in LIC is divided intothree majorcategories. Namely:1. Communication Department2. Crisis Management Department3. Publicity Department
COMMUNICATION DEPARTMENT•The PRO of this Department is an external PR.• In short, the communication Department PRO ensuresthat there is no communication gap between the companyand the external concerned bodies.
CRISIS MANAGEMENT DEPARTMENTThe PRO in this department is an internal one.“Wash the utensil before having food in it.” PUBLICITY DEPARTMENTHence a separate publicity department was formedwhich worked only for publicity strategies. Initially itwas looked up by the Communication Department.
Product offered to customerChildrens PolicyKomal Jeevan - Plan No. 159Children Deferred - Plan no.41, Jeevan Kishore – Plan no.102Jeevan Chhaya - Plan no.103Marriage Endowment/Educational Annuity - Plan No. 90Jeevan Anurag - Plan no.168Endowment PolicyEndowment with Profits - Plan no.14 Limited PaymentEndowment withProfits - Plan no.48, Jeevan Mitra - Planno.88New JanaRaksha Policy - Plan no.91, Jeevan Anand Plan no.149Jeevan Mitra Triple Cover - Plan no.133
Group Insurance PolicyJanashree Bima YojanaGroup Insurance Scheme in lieu of EDLIGroup (Term) Insurance SchemeGroup Savings Linked Insurance Scheme, Group Superannuation SchemeGroup Mortgage Redemption Assurance SchemeJoint Life PolicyJeevan Saathi - Plan no.89Money Back PolicyMoney Back with Profit - Plan no.75, New Money Back - Plan no.93Jeevan Surabhi 15 yrs - Plan no.106, Jeevan Surabhi 20 yrs - Plan no.107Jeevan Surabhi 25 yrs - Plan no.108, Jeevan Bharati Plan No 160Jeevan Samriddhi Plan No 154, 155, 156 157Bima Bachat- Plan no.175
Pension Plans or AnnuitiesNew Jeevan Dhara - Plan no.148, New Jeevan Suraksha Plan no. 147Jeevan Akshay II Plan no. 163, Jeevan Nidhi Plan no. 169Jeevan Akshay V Plan no. 183Special PlansTerm Assurance - Plan no.43, Mortgage Redemption - Plan no.52Jeevan Aadhar - Plan no.114, Market Plus - Plan No 181Jeevan Vishwas Plan No. 136, Jeevan Saral Plan No. 165Jeevan Pramukh Plan No. 167, Bima Nivesh 2005 Plan No 171Money Plus-Plan No 180Term PolicyConvertible Term Assurance - Plan no.58New Bima KiranTerm AssuranceAnmol Jeevan I Plan No- 164Amulya Jeevan-Plan No-177
Service QualityAdmission Of Age: Age is the main basis of calculation of premium under lifeinsurance policies. The following are accepted as evidence of age:Payment of Premium: By cash, local cheque, Demand Draft at Branch Office.Through Internet Premium payment can also be made throughATMs of Corporation Bank and UTI Bank.Days Of Grace: Policyholder should pay the premiums on due dates.However, a grace period of one month but not less than 30 days willbe allowed for payment of yearly/half-yearly/quarterly premiumsand 15 days for monthly premiums. If the premium is not paidbefore the expiry of the days of grace, the policy lapses.
Renewal of Lapsed Policy: If the policy has lapsed, it can be revived during the lifetime of the life assured, within a period of five years from thedate of the first unpaid premium but before the date of maturitysubject to certain conditions.Change of Address and Transfer of Policy Records: The policyholder should immediately intimate the changeof his/her address to the Branch Office servicing the policy. Thecorrect address facilitates better Service and quicker settlementof claims.Loss of Policy Document: Loss of the Policy Document should be immediatelyintimated to the Branch Office where it is serviced.
Loans: Loans are granted on policies to the extent of 90% ofSurrender Value of the policies which are in force and 85% of theSurrender Value in case of policies, which are paid-up, inclusive of thecash value of bonus. The rate of interest charged at present is 9% p.a.payable half-yearly. Loans are not granted for a period shorter thansix months.Relief to Policyholders: The Corporation generally allows concessions on payment ofpremiums, settlement of claims, issue of duplicate policies, etc when thepolicyholder are affected by natural calamities such as droughts,cyclones, floods, earthquakes, etc.Nomination: The Nominee does not get any other benefit except to receivethe policy moneys on the death of the Life Assured.
Survival Benefit/Maturity Claims: LIC settles survival benefit/maturity claims on orbefore the due date. Survival Benefit payment up toRs.60,000/- are settled without insisting for Policy Bond andDischarge Voucher.Your Policy Bond and Its Safety:The policy bond is the document that is given to you after weaccept your proposal for insurance.Inform your spouse/Parents/Children as to where the policyis kept..Your Policy Number This is a unique identification number thatdistinguishes your policies from other policies and willremain unchanged throughout the lifetime of the policy.
Policy Conditions: Every policy is taken for different types of needs;therefore the conditions for your policy will varyaccording to the Plan and Term of the policy.Alterations In Policy: There may be instances when you would like tomake alterations in your policy like change of premiumpayment mode, reduction in premium paying term etc.your applications may be given in writing to the branchthat services your policy for our further action.
In the individual new business segment, while LIC, ICICI,and HDFC improved WNRP industry market share (YTD)by 3.8 percentage points, 1.5 percentage points, and 0.7percentage points, respectively, Bajaj Allianz (1.8 percentagepoints), Birla (1.25 percentage points), SBI (1.26 percentagepoints) and Reliance (0.31 percentage points) lostsignificantly. At 5mFY11 end, private insurers’ market sharestood at ~50%.Here is how Various Life Insurers stack up against each inthe Industry as a whole. The following Data suggests that LICof India is still the market leader followed by ICICIPrudential, HDFC Standard Life, SBI, Reliance, Bajaj, BirlaSun Life, Max New York etc.
ASSOCIATES…LIC Housing Finance Ltd.LICHLF Care Homes Ltd.LIC Mutual Fund AMC Ltd.
• Over its existence of around 53 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 Indias 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).• The recent 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.
• Golden Peacock Innovative Product/Service Award-2009 ASIA PACIFIC HRM..• Congress, 2009 Award for Innovative HR Practices..• Loyalty Award-2009, NDTV profit Business Leadership Award 2008..• INDY’S Silver Award for Best Corporate Film NASCOM IT User..In line with expectations, lifeinsurance industry’s Newbusiness volumes in theindividual new businesssegment remained strong,growing 36% Y-o-Y and 23%M-o-M, in August 2010.