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• 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
• Before 1912 India had no Legislation to Regulate
• In the year 1912, the life insurance companies act the
provident fund act were passed.
It made necessary that the premium rate tables & periodical
valuations of companies should be certified by an actuary &
actuaries means one who calculates insurance risks & premiums
according to statistical probabilities.
It was much later on the 19th Jan 1956, India parliament
passed the LIC Act on the 19th Jan 1956 & the LIC of India was
created 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 branch
105 divisional offices.
8 zonal offices & the corporate office
LIC’s wide area network covers 100 divisional
offices & connects all the branches through a
metro area network with satellite offices attached
to about some 50 branches.
And has a network of around 1.2 million agents
for soliciting life insurance from the public.
It has crossed the milestone of issuing
New policies by 15th oct,2005-growth of 67% of
“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.”
“A trans-nationally competitive financial
conglomerate of significance to societies and Pride of
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.
Maximize mobilization of people’ savings by
making insurance-linked savings Adequately
•Conduct business with utmost economy and with the full
realization that moneys belong to the policyholders.
• Act as trustees of the insured public in their individual and
•Promote amongst all agent and employees of the corporation
a sense of participation, pride and job satisfaction towards
achievement of corporate objective.
•LIC has always acknowledged the need to expand. our
expanding efforts have been consistent & are evident through
LIC United Kingdom
LIC (International) B.S.C (C), Bahrain
LIC (Nepal) Ltd
LIC (Lanka) Ltd
Saudi Indian Company for Co-op. Insurance,
LIC Mauritius Offshore Ltd.
LIC Coordinating Office in India
PUBLIC RELATION DEPARTMENT
The Public Relation Department in LIC is divided into
1. Communication Department
2. Crisis Management Department
3. Publicity Department
•The PRO of this Department is an external PR.
• In short, the communication Department PRO ensures
that there is no communication gap between the company
and the external concerned bodies.
CRISIS MANAGEMENT DEPARTMENT
The PRO in this department is an internal one.
“Wash the utensil before having food in it.”
Hence a separate publicity department was formed
which worked only for publicity strategies. Initially it
was looked up by the Communication Department.
Product offered to customer
Komal Jeevan - Plan No. 159
Children Deferred - Plan no.41, Jeevan Kishore – Plan no.102
Jeevan Chhaya - Plan no.103
Marriage Endowment/Educational Annuity - Plan No. 90
Jeevan Anurag - Plan no.168
Endowment with Profits - Plan no.14 Limited Payment
Endowment withProfits - Plan no.48, Jeevan Mitra - Plan
New JanaRaksha Policy - Plan no.91, Jeevan Anand Plan no.
Jeevan Mitra Triple Cover - Plan no.133
Group Insurance Policy
Janashree Bima Yojana
Group Insurance Scheme in lieu of EDLI
Group (Term) Insurance Scheme
Group Savings Linked Insurance Scheme, Group Superannuation Scheme
Group Mortgage Redemption Assurance Scheme
Joint Life Policy
Jeevan Saathi - Plan no.89
Money Back Policy
Money Back with Profit - Plan no.75, New Money Back - Plan no.93
Jeevan Surabhi 15 yrs - Plan no.106, Jeevan Surabhi 20 yrs - Plan no.107
Jeevan Surabhi 25 yrs - Plan no.108, Jeevan Bharati Plan No 160
Jeevan Samriddhi Plan No 154, 155, 156 157
Bima Bachat- Plan no.175
Pension Plans or Annuities
New Jeevan Dhara - Plan no.148, New Jeevan Suraksha Plan no. 147
Jeevan Akshay II Plan no. 163, Jeevan Nidhi Plan no. 169
Jeevan Akshay V Plan no. 183
Term Assurance - Plan no.43, Mortgage Redemption - Plan no.52
Jeevan Aadhar - Plan no.114, Market Plus - Plan No 181
Jeevan Vishwas Plan No. 136, Jeevan Saral Plan No. 165
Jeevan Pramukh Plan No. 167, Bima Nivesh 2005 Plan No 171
Money Plus-Plan No 180
Convertible Term Assurance - Plan no.58
New Bima Kiran
Anmol Jeevan I Plan No- 164
Amulya Jeevan-Plan No-177
Admission Of Age:
Age is the main basis of calculation of premium under life
insurance 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 through
ATMs 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 will
be allowed for payment of yearly/half-yearly/quarterly premiums
and 15 days for monthly premiums. If the premium is not paid
before 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 life
time of the life assured, within a period of five years from the
date of the first unpaid premium but before the date of maturity
subject to certain conditions.
Change of Address and Transfer of Policy Records:
The policyholder should immediately intimate the change
of his/her address to the Branch Office servicing the policy. The
correct address facilitates better Service and quicker settlement
Loss of Policy Document:
Loss of the Policy Document should be immediately
intimated to the Branch Office where it is serviced.
Loans are granted on policies to the extent of 90% of
Surrender Value of the policies which are in force and 85% of the
Surrender Value in case of policies, which are paid-up, inclusive of the
cash 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 than
Relief to Policyholders:
The Corporation generally allows concessions on payment of
premiums, settlement of claims, issue of duplicate policies, etc when the
policyholder are affected by natural calamities such as droughts,
cyclones, floods, earthquakes, etc.
The Nominee does not get any other benefit except to receive
the policy moneys on the death of the Life Assured.
Survival Benefit/Maturity Claims:
LIC settles survival benefit/maturity claims on or
before the due date. Survival Benefit payment up to
Rs.60,000/- are settled without insisting for Policy Bond and
Your Policy Bond and Its Safety:
The policy bond is the document that is given to you after we
accept your proposal for insurance.
Inform your spouse/Parents/Children as to where the policy
Your Policy Number
This is a unique identification number that
distinguishes your policies from other policies and will
remain unchanged throughout the lifetime of the policy.
Every policy is taken for different types of needs;
therefore the conditions for your policy will vary
according to the Plan and Term of the policy.
Alterations In Policy:
There may be instances when you would like to
make alterations in your policy like change of premium
payment mode, reduction in premium paying term etc.
your applications may be given in writing to the branch
that 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 0.7
percentage points, respectively, Bajaj Allianz (1.8 percentage
points), Birla (1.25 percentage points), SBI (1.26 percentage
points) and Reliance (0.31 percentage points) lost
significantly. At 5mFY11 end, private insurers’ market share
stood at ~50%.
Here is how Various Life Insurers stack up against each in
the Industry as a whole. The following Data suggests that LIC
of India is still the market leader followed by ICICI
Prudential, HDFC Standard Life, SBI, Reliance, Bajaj, Birla
Sun Life, Max New York etc.
Met 2% 2%
Birla 50% 8%
Reliance 10% 4%
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 India's 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
• CNBC Awaaz Consumer
• Reader digest Trusted Brand
Insurance Category 2010..
Outlook Money– NDTV Profit
• “Best Insurer Category”
World Brand Congress
• Golden Peacock Innovative
Product/Service Award-2009 ASIA
• 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, life
insurance industry’s New
business volumes in the
individual new business
segment remained strong,
growing 36% Y-o-Y and 23%
M-o-M, in August 2010.