LIC presentation... 001

LIC presentation... 001

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  PRESENTED BY :- POOJA BANGAR INAMDAR PAWAR .
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  WHAT IS LIFEINSURANCE 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.
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  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.
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  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.
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  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.
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  Provide all typesof 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 .
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  OPPORTUNITIES: Setupa 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.
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  THEREATS: Growth ofprivate 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 )
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  The other subsidiarycompanies 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 
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  PRODUCTS
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  SPECIAL PLAN OFLIC LIC
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  SUPERIORITY OF LIFEINSURNACE PROTECTION AID TO THRIFT LIQUIDITY TAX RELIEF EASY MONEY
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  Benefits of LifeInsurance :- 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…
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  Improves the lifestyleof 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…
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  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.
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  Additionally, Health Insuranceriders 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 ).
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  ORGANAIZATION SET UPOF LIC
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  Board of DirectorsChairman Managing Director Executive Managers (5) Head Office (MUMBAI) Divisional Offices (100) Branch Offices (2048) Agents (1002149 ) Zonal Offices (7) Special cell (Srinagar )
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  MARKET SHARE (2010-11)
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  DIVERSIFIED FIELDS LIC HOUSING FINANCE Ltd LIC HFL CARE HOUSE Ltd LIC MUTUAL FUNDS AMC Ltd LIC PENSION FUND Ltd
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  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.
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  AWARDS (2010-2011) CNBC Awaz Consumer Award ET brand Equity Award for top brand in Insurance category
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  Out look moneyAward for best life insurer AIMA high performance Award
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  Readers Digest TrustedBrand Golden Peacock Award for Corporate Governance
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  Global Youth MarketingAward for Most preferred Life Insurance Company Power Brand Award
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  Shoppers & ConsumersInsight Award MY FM Stars of Industry Award for Excellence in Life Insurance
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  THANK YOU