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LIC presentation... 001

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  • 1. PRESENTED BY :- POOJA BANGAR INAMDAR PAWAR
    • .
  • 2.  
  • 3.  
  • 4. WHAT IS LIFE INSURANCE
    • Life insurance  is a contract between the  policy holder  and the  insurer , where the insurer promises to pay a designated  beneficiary  a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as  terminal illness  or  critical illness  may also trigger payment.
    • In return, the policy holder agrees to pay a stipulated amount (the "premium") at regular intervals or in lump sums. In some countries, death expenses such as funerals are included in the premium; however, in the United States the predominant form simply specifies a lump sum to be paid on the insured's demise.
  • 5. OBJECTIVE
    • Wide Coverage :- 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.
    • Saving mobilization :- Maximize mobilization of people’s savings by making  insurance  linked savings adequately attractive.
  • 6.
    • Economy :- Conduct business with utmost economy and with the full realization that the moneys belong to the  policy holders .
    • Trustee :- Act as trustees of the insured public in their individual  and collective capacities.
    • Meeting Growing needs :- Meet the various  life insurance  needs of the community that would arise in the changing social and economic environment.
  • 7.  
  • 8.  
  • 9.  
  • 10.
    • SWOT ANALYSIS OF
    • LIC OF INDIA
    • STRENGTHS:
    • India’s top insurance company and best among Public sector company.
    • Provide better infrastructure than any other Public company.
    • LIC of India provides various types of insurance policies to the customer.
    • LIC make good relationship with customers and provide extra unique features for the customer who wants to take policy from them.
  • 11.
    • Provide all types of insurance advisories. And The transparency is also much better from other insurance companies with least employee turnover
    • WEAKNESSES:
    • Average waiting time for the customer is 15 to 20 minutes.
    • No separate customer care unit.
    • Rude attitude of the employees.
    • No other facility such as, multiplicity and free financial advice of the company .
  • 12.
    • OPPORTUNITIES:
    • Setup a marketing cell at the local branch.
    • Ensure that policies are diversified across several customer segments.
    • Raise the share of non fund income by increasing product offering wherever necessary by better use of technology.
    • Reduce the impact of operational risks by putting in place appropriate frameworks to measure risks, mitigate them or insuring them.
  • 13.
    • THEREATS:
    • Growth of private players has led to shifting emphasis from public sector companies. Increase in foreign insurance companies resulted in taking away business from PSU’s. ( Public sector Undertaking )
  • 14. The other subsidiary companies under LIC are
    • Life Insurance Corporation (LIC) of India International :-
    • form in July, 1989 joint venture with offshore company US.
    • LIC Nepal :-
    • Formed in 2001 in joint venture with Vishal Group of Industries, Nepal.
    • LIC Lanka :-
    • Formed in 2003 in joint venture with Bartleet Group of Companies, Sri Lanka.
    • LIC Housing Finance :-
    • Formed in 19 th june 1989 the main objective of providing long term finance for construction of houses .
    • LIC Housing Finance Limited Care Homes 
  • 15. PRODUCTS
  • 16.  
  • 17.  
  • 18. SPECIAL PLAN OF LIC LIC
  • 19.  
  • 20.  
  • 21. SUPERIORITY OF LIFE INSURNACE
    • PROTECTION
    • AID TO THRIFT
    • LIQUIDITY
    • TAX RELIEF
    • EASY MONEY
  • 22. Benefits of Life Insurance :-
    • Safeguards the insured’s family against an untimely death and provides for a secured income…
    • It is a means of compulsory savings…
    • It is a source of income during old age…
    • It helps in meeting certain periodic financial needs, either for a child’s education or marriage…
  • 23.
    • Improves the lifestyle of the insured and his family…
    • Takes care of disabilities and uncertain future adversities of life…
    • It brings tax-benefits under Section 80C of the Income Tax Act…
  • 24. TAX BENEFIT
    • The Life Insurance Plans, Namely Endowment Assurance, money Plan, Single Premium, whole of life Insurance, Term assurance plan and & loan Cover Term assurance are entitled to rebate under Section 88 of the Income Tax act 1967.
  • 25.
    • Additionally, Health Insurance riders are eligible tax exemption under section 80D.
    • The pension product, personal pension plan is eligible for exemption under section 80ccc. Further more, the proceeds from life insurance plan are exempt from income tax under section 10 ( 10D ).
  • 26. ORGANAIZATION SET UP OF LIC
  • 27. Board of Directors Chairman Managing Director Executive Managers (5) Head Office (MUMBAI) Divisional Offices (100) Branch Offices (2048) Agents (1002149 ) Zonal Offices (7) Special cell (Srinagar )
  • 28.  
  • 29. MARKET SHARE (2010-11 )
  • 30. DIVERSIFIED FIELDS
    • LIC HOUSING FINANCE Ltd
    • LIC HFL CARE HOUSE Ltd
    • LIC MUTUAL FUNDS AMC Ltd
    • LIC PENSION FUND Ltd
  • 31. AWARDS AND RECOGNITION From the year 2006, LIC is continuously winning the Readers' Digest Trusted brand award . According to  The Brand Trust Report  2011, LIC is the 8th most trusted brand of India.
  • 32. AWARDS (2010-2011)
    • CNBC Awaz Consumer Award
    • ET brand Equity Award for top brand in Insurance category
  • 33. Out look money Award for best life insurer AIMA high performance Award
  • 34. Readers Digest Trusted Brand Golden Peacock Award for Corporate Governance
  • 35. Global Youth Marketing Award for Most preferred Life Insurance Company Power Brand Award
  • 36. Shoppers & Consumers Insight Award MY FM Stars of Industry Award for Excellence in Life Insurance
  • 37. THANK YOU

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