A brief Presentation on Life Insurance Corporation of India. For more details please visit http://www.clickinsurance.co.in/life-insurance-corporation-of-india.html

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Life Insurance Corporation of India
A Presentation by www.ClickInsurance.co.in
©2012, www.ClickInsurance.co.in
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2. LIC of India: Established in 1956
25 crore customers across the Nation
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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
sector.
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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
body.
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Trends in Life Insurance market
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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 2009.
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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 years.
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8. LIC synonymous with life insurance in India
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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 need
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Thank You
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