More Related Content
L I C & G I C
- 1. Welcome to Presentationon LIC & GICBYB N HARSHA
- 2. INSURANCEInsurance is aform of contract under which oneparty agrees in return for a consideration to pay anagreed amount of money to another party to makegood the loss to something in which the insured hasa pecuniary interest as a result of some uncertain event. It is a device by which the loss likely to be Caused by an uncertain event is spread over a large number of persons who are exposed to it & who propose to insure themselves against such an event.
- 3. LIFE INSURANCELife insuranceis a contract under which oneperson known as the insurer in return for a premium undertakes to pay an assured amount to another person known as the insured either on the event of death or on the expiry of a specified period of time whichever is earlier.
- 4. LIFE INSURANCE CORPORATIONOF INDIA (LIC)EstablishmentLIC was established on September 1st 1956 under an Act passed by the Parliament as a wholly owned Corporation of Govt of India with a capital of Rs. 5 Crore The Govt of India in 1956 brought together over 240 private life insurers & provident societies under one nationalized monopoly corp i.e., LIC.
- 5. LIFE INSURANCE CORPORATIONOF INDIA (LIC) Mission"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." Vision"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
- 6. OBJECTIVESTo spread lifeinsurance & provide life insurance protection to the masses at reasonable cost.
- 7. To mobilise people’ssavings through insurance linked savings schemes.
- 8. To invest thefunds to serve the best interests of both policy-holders & the nation.
- 9. To conduct businesswith maximum economy remembering always that the money belongs to the policy-holders.
- 10. To innovate andadapt to meet the changing life insurance needs of the community.
- 11. To promote amongstall agents & employees of the corporation a sense of pride & job satisfaction through dedicated service to achieve the corporate objective.Board of Directors of LICShri. T.S. Vijayan (Chairman)
- 12. Shri. D.K. Mehrotra(Managing Director - LIC)
- 13. Shri. Thomas MathewT. (Managing Director - LIC)
- 14. Shri. A.K. Dasgupta(Managing Director - LIC)
- 15. Shri. Ashok Chawla(Finance Secretary, Ministry of Finance, Govt. of India)
- 16. Shri. G.C. Chaturvedi(Additional Secretary, Department of Financial
- 17. Services, Ministry ofFinance, Govt. of India.)
- 18. Shri. Yogesh Lohiya(Chairman cum Managing Director, GIC of India)
- 19. Shri. T.C. VenkatSubramanian (Chairman & Managing Director.
- 20. Export Import Bankof India)
- 21.
- 22. Shri. Monis R.KidwaiOPERATIONS
- 23. AWARDSGolden Peacock Awardfor Excellence in Corporate Governance
- 24. NDTV Profit BusinessLeadership Award 2008
- 25. Loyalty Awards 2008- Insurance Sector
- 26. IT USER 2008 NASCOM
- 27. Loyalty Awards- 2009
- 28. Readers Digest TrustedBrand Award 2008 in the Platinum category.
- 29. CNBC Awaaz ConsumerAwards 2008
- 30. Web 18 Geniusof the web awards 2007
- 31. Selected Business Superbrand India 2008 ASIA BRAND
- 32. Golden Peacock InnovativeProduct / Service Award – 2009
- 33. CONGRESS BRAND LEADERSHIPAWARD 2008
- 34. SKOCH Challengers Award2008 for Jeevan MadhurPOLICIES & SCHEMES of LICWhole Life PolicyHere the policy amount is not paid to the insured during his lifetime, but is paid to the nominees on the death of the insured.Endowment PolicyHere the policy amount is paid actually to the insured after the attainment of a specified age.
- 35. Financial AssistanceLIC hasbeen increasing its financial assistance in the last 33 years to the corporate sector. In 1970-71, assistance sanctioned was Rs. 17.8 crore while it increased to Rs. 4341.5 crore in 2002-03. In 2000-01, there was a sudden increase in assistance provided which went to Rs. 10867.3 crore from Rs. 6825.5 crore a year earlier showing an increase of 59.2%.Trend in Assistance sanctioned & disbursed to Corporate SectorSource : IDBI Report, 2003-04
- 36. Insurance Penetration &Insurance Density
- 37. GENERAL INSURANCE CORPORATION(GIC)The GIC was formed as a Government Company under Sec 9 of the General Insurance Business (Nationalisation) Act, 1972. It was registered as a private company under the Companies Act, 1956.
- 38. Subsidiaries of GICThe National Insurance Company The New India Assurance Company The Oriental Fire & General Insurance CompanyThe United India Fire & General Insurance Company Ltd.
- 39. VISIONTo be aleading global reinsurance and risk solution provider”MISSIONTo achieve our vision by Building long-term mutually beneficial relationship with business partners.
- 40. Practicing fair businessethics and values
- 41. Applying “state-of-art” technology,processes including enterprise risk management and innovative solutions
- 42. Developing and retaininghighly motivated professional team of employees
- 43. Enhancing profitability andfinancial strength befitting the global positionABOUT GICThe authorised capital of the corporation is Rs. 75 crores.ShriYogeshLohiya is the Chairman cum Managing Director of GIC.The objectives of GIC include “superintending, controlling and carrying on general insurance business.
- 44. SERVICES OF GICMarineInsuranceFire InsuranceVehicle InsuranceCrop InsuranceHouse InsuranceAny other insurance except life insurance.
- 45. Investment Pattern25% ofthe fresh accrual of funds to be invested in Central Govt Securities.
- 46. 10% of thefresh accrual of funds to be invested in State Govt securities, bond & debentures of public sector corporations & semi Govt bodies.
- 47. 35% as loanto State Govts for housing & bonds & debentures of Housing & Urban Development Corp.
- 48. 30% in debentures,equity shares, preference shares & term loans.FINANCIAL ASSISTANCEDirect AssistanceThe GIC finances industry in two ways:Granting loans.Underwriting & direct subscription to shares & debentures of the company.2. Purpose-wise AssistanceNew projectsExpansion & diversificationModernisation, rehabilitation & balancing equipmentWorking capital requirements.
- 49. Insurance Development &Regulatory Authority (IRDA)IRDA bill was passed in December 1999.The IRDA became the statutory body in April 2000 & has been framing regulations & registering the private sector insurance Companies. The insurance sector was opened up to private players in August 2000. Consequently many Indian & foreign Companies have entered in the insurance business.
- 50. Mission of IRDAToprotect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith.Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
- 51. OBJECTIVESIssue to theapplicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration.
- 52. Protection of theinterests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance.
- 53. Calling for informationfrom, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business.
- 54. Regulating investment offunds by insurance companies.
- 55. Specifying the percentageof life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector.
- 56. Promoting and regulatingprofessional organisations connected with the insurance and re-insurance business