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A brief Presentation on Life Insurance Corporation of India. For more details please visit

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Lic of india

  1. 1. Life Insurance Corporation of India A Presentation by©2012,
  2. 2. LIC of India: Established in 1956 25 crore customers across the 2
  3. 3. 1956-Nationalisation of the life Insurance sector. Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non- Indian insurers and 75 provident societies— 245 Indian and foreign insurers in all. LIC had monopoly till the late 90s when the Insurance sector was reopened to the private 3
  4. 4. 1993-The Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector 1999- Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. 2000-The IRDA was incorporated as a statutory 4
  5. 5. Trends in Life Insurance 5
  6. 6. Trends in the Indian Life Insurance Industry Favorable macro economic environment and positive trend in growth of Household savings have significantly influenced growth of Life Insurance business during the recent years. The Insurance Industry has registered total FYP of Rs.69284.00 crores in 2008-09 as compared to Rs.78552.70 crores in the year 2007-08. LIC has been able to maintain a significant share in Life Insurance market in spite of intense competition and expanded market base. LIC as the largest insurer in Life Insurance Market maintained 58.06% share in premium and 70.52% in Individual policies in the financial year ending March 2009. While in Group Insurance the share of LIC was 71.95% and in Policies 85.24% by the end of March
  7. 7. Insurance Penetration in India Low Insurance penetration- 2.8 % of GDP World Average- 6-9 % Highest in South Africa-15 % Still 75 % of Indian Population not covered by Insurance So, there is a huge market for Life Insurance--- expected to grow at 20-30% for next 10-15
  8. 8. LIC synonymous with life insurance in
  9. 9. LIC synonymous with life insurance in India LIC of India provides financial security to people from all walks of life LIC Policies help people achieve their dreams and when they are in
  10. 10. Thank