The document provides an overview of Life Insurance Corporation of India (LIC), the largest insurance company in India. It discusses LIC's history, objectives, products, subsidiaries, mission, vision, logo/recognitions and various life insurance products offered. Key points include that LIC was established in 1956 and is 100% government owned, has objectives around spreading insurance widely and maximizing savings, and offers various insurance products like term plans, endowment plans, whole life plans, and microinsurance.

1. Presented by – Arpita ,bariya,harshit,deepak and
abhinav
BBA – IV semester , section A

2. INTRODUCTION.
• Life Insurance Corporation of
India (LIC) (Hindi: भारतीय जीवन बीमा ननगम) is the
largest insurance group and investment company in
India. Its a state-owned where Government of
India has 100% stake. LIC also funds close to
24.6% of the Indian Government's expenses. It was
founded in 1956 with the merger of 243 insurance
companies and provident societies.
• Headquartered in Mumbai, financial and
commercial capital of India, the Life Insurance
Corporation of India currently has 8 zonal Offices
and 113 divisional offices located in different
parts of India.

3. 1 ) 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.
2) Maximize mobilisation of people’ savings by making insurance-linked
savings Adequately attractive.
3)Conduct business with utmost economy and with the full realisation that
moneys belong to the policyholders.
4) Act as trustees of the insured public in their individual and collective
capacities.
5) Promote amongst all agent and employees of the corporation a sense of
participation, pride and job satisfaction towards achievement of corporate
objective.
OBJECTIVES

4. PRODUCT AND SUBSIDIARIES
LIC has various product like life insurance , health
insurance , investment management , mutual fund.
LIC has the following subsidiaries.
1. LIC housing finance.
2. LIC pension plan fund ltd.
3. LIC international
4. LIC card subsidiary
5. LIC nomura mutual fund

5. Mission-
"Ensure 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."
MISSION AND VISION

6. LIC LOGO & RECOGNITIONS
• LIC's slogan yogakshemam vahamyaha is in
Sanskrit language which translates in English as
"Your welfare is our responsibility”.
• The Economic Times Brand Equity Survey 2012
rated LIC as the No. 6 Most Trusted Service
Brand of India.
• From the year 2006, LIC has been continuously
winning the Readers' Digest Trusted brand
award.

7. AWARDS ACHIEVED BY LIC

9. WHY TO HAVE INSUARANCE ??
• PROTECTION
• LIQUIDITY
• TAX RELIEF
• MONEY WHEN YOU NEED IT .

10. LIFE INSUARNCE PRODUCTS
Basic elements of a life insurance plans.
1-Death cover - this amount to be paid to nominee/beneficiary
in the event of death of the life insured during the term of the
policy
2- Maturity benefit – this amount to be paid to the maturity of
the policy if the life insured survives through the term of the
policy

11. BASIC INSUARANCE PRODUCTS
• TERM INSURANCE PLANS.
• Term insurance plans only offer death cover
• No maturity benefit
• TENURE-normally the term starts from
5,10,15,20,25,30 years chosen by the insured and
agreed the insurer,
• MINIMUM AND MAXIMUM AGE
• Most companies specify the minimum and max
age at the entry and exit for the plans.

14. Endowment insurance plans
Endowment insurance plans Combination of term
insurance and pure endowment
• Maturity benefit: if insured survives the entire term of
the plan insurance company will pay specified amount.
• Death cover: if the life insured dies before the maturity
period of the plan insurance company will pay
the death cover to nominee/beneficiary.
• Saving Element: along with maturity benefit bonus will
be paid by the insurance company.
• Goal based: for child’s marriage and higher education
these plan bought by the insured.

15. WHOLE LIFE INSURANCE
Whole life insurance plans A term insurance plan with an unspecified
period is called a whole life plan.
1- Death cover: on the death of life insured, the
nominee/beneficiary is paid sum insured along with
the bonuses accumulated up until the point of time.
2- Emergency withdrawal: individual can make
partial withdrawal to meet emergency requirements.
3- Saving element: Insurance company declare
bonuses for these plans based on return earn on
investment.

16. Convertible insurance plans
• Conversion: These insurance plans can be
converted from one type into another. For Instance
term insurance plan can be converted into an
endowment plan or whole life plan or any other
plan as allowed by the insurance company.
• At the time of the plan conversion the life insured is
not required to undergo a medical check-up.
• At the time of conversion there is no further
underwriting decision to be made.

17. JOINT LIFE INSURANCE PLANS
1-Jointly insured: Joint life insurance plans offer coverage
of two persons under one policy. This plan ideal for
married couples or partners in a business firm.
2-Death cover: sum insured is payable on the death of the
first joint policyholder and then again on the death of the
surviving policyholder along with the accumulated
bonuses up to that date.
3-Bonus: If both policyholder survived until maturity
then maturity benefit along with bonuses accumulated
until that date is paid.

18. Micro insurance plans
• Low income groups: Micro insurance aim to
provide insurance to low income groups.
• Insurance range: The irda has specified that
the life cover provided under-micro insurance
products should range from Rs.5,000 to
Rs.50,000.
• A life insurer may offer life micro-insurance
products as well as general micro-insurance
products and vice-versa.