The document provides an overview of the Life Insurance Corporation of India (LIC). It discusses LIC's formation, operations with over 2,000 branches across India, assets of over $180 billion, and over 115,000 employees. It also outlines LIC's vision to be a leading global financial conglomerate and its mission to provide financial security and support economic development through its products and services. Finally, it analyzes the political, economic, social, and technological factors impacting LIC as well as its strengths, weaknesses, opportunities, and threats.

1. INSURANCE SECTOR
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2. INTRODUCTION TO LIC
Formed in September 1956 by an Act of Parliament, LIC Act
1956
Network of eight zones - 100 divisions and 2,048 branches
It has assets estimated of INR 13.25 trillion and
provides employment to 115,966 workers including employees
and agents

3. INTRODUCTION TO LIC
Vision: A trans-nationally competitive financial conglomerate of significance to
societies and Pride of India.
Mission: To explore and enhance the quality of the life of people through financial
security by providing products and services of aspired attributes with competitive
returns and by rendering resources for economic development.
Objective : Maximize mobilization of people’s savings by making insurance-linked
savings adequately attractive.

4. PEST ANALYSIS OF LIC
POLITICAL FACTORS:
INCREASED SERVICE TAX ON PREMIUM
ENDING OF GOVERNMENT MONOPOLY
INCREASE IN FDI LIMIT
FAVOURABLE REGULATIONS FOR RURAL INSURANCE
ECONOMICAL FACTORS:
INCREASE IN GROSS DOMESTIC SAVINGS
CONTRIBUTION TO COUNTRY’S GDP
ROLE IN GOVT. SECURITIES MARKET
BIGGEST DOMESTIC PLAYER IN EQUITY MARKETS
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5. PEST ANALYSIS OF LIC
SOCIAL FACTORS:
LOW INSURANCE COVERAGE
INCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION
UNCERTAINITY ABOUT LIFE
CHANGING INDIAN PERCEPTION
TECHNOLOGICAL FACTORS
AUTOMATION OF PROCESSES
INTERNET DRIVEN INFORMATION ERA
BUSINESS PROCESS MONITORING
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6. PEST ANALYSIS OF LIC
LEGAL FACTORS:
REGULATORY BODIES
RENEWAL OF REGISTRATION
REQUIREMENTS AS TO CAPITAL
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7. INDUSTRY ANALYSIS

8. SWOT ANALYSIS
Strength:
•Dedicated Employees.
•Well Efficient Management.
•Technology
•Diversification of funds.
•Strong and popular brand name
•Adaptability to changes.
Weakness:
•Lack of good services.
•Lack of awareness about insurance among people.
•Less coverage in Rural Areas.

9. SWOT ANALYSIS
Opportunities:
•Fast growing economy.
•Increasing per –capita income in India.
•Saving behavior.
•High growth of ULIP industry.
Threats:
•Arrival of new entrants in the insurance industry.
•Cut throat competition within the industry.