This document provides an overview of Life Insurance Corporation (LIC) of India. It discusses that LIC was established in 1956 by the Parliament of India by consolidating over 245 private life insurance companies. LIC is wholly owned by the Government of India and is the largest life insurance company in India. The document outlines LIC's history, functions, benefits of life insurance, plans offered, rights of policyholders, subsidiaries and interesting facts such as LIC being the largest insurer in the world with over 29 crore policyholders.

1. By :
Hetal Bikru - 62
Himani Desai - 67
Maryam Khan - 80
Vinita Koli – 82
Shweta Makwana - 85
Gauri Parab - 91
LIFE INSURANCE
CORPORATION

2. What is Insurance ?
“Insurance is a contract in which a sum of money is paid to the
assured as consideration of insurer’s incurring the risk of paying
a large sum upon a given contingency.”

3. What is Life Insurance ?
 Life insurance is a contract between the insured
and insurer, where the insurer promises to pay a
certain some of money to the insured on the event
of happening for which it is insured.

4.  LIC was established on 1st September 1956 by Parliament of
India.
 Life Insurance Corporation of India (LIC) is an Indian
state-owned insurance group and investment company.
 It is the largest insurance company in India with an
estimated asset value of US$230 billion.
 Over 245 insurance companies and provident societies
were merged to create the state owned Life Insurance
Corporation.
Introduction to LIC

5.  The Oriental Life Insurance Company is the first company in India offering
life insurance coverage in 1818.
 Its primary target market was the Europeans based in India and it charged
Indians heftier premiums.
 The Bombay Mutual Life Assurance Society formed in 1870, was the
first native insurance provider that provided Insurance to Indians at cheaper rates.
 The Independence struggle in India had adverse effects that led to the
dissolution of many companies and people lost their faith in life cover.
 To reinstate the life insurance business in India, the parliament passed the
Life insurance act in 1956 creating the LIC.
 It consolidated the business of 245 private life insurers and other entities offering
life insurance services.
 This consisted of 154 life insurance companies,16 foreign companies and
75 provident companies.
History of LIC

6. Plans Offered by LIC
Term Plan Endowment
Plan
Money Back
Policy
Unit Linked
Insurance Plan
Whole Life
Insurance Plan
Pension Plan

7. Steps For Buying Insurance Policy

8. Functions of LIC
Primary Functions
• Certainty of compensation of loss
• Insurance provides protection
• Risk sharing
Secondary Functions
• Prevention of losses
• Providing funds for investment
• Insurance increases efficiency
• Solution to social problems
• Encouragement of savings

9. Benefits of Life Insurance
 Insured’s family will be safeguarded.
 It helps in compulsory savings.
 It improves the lifestyle.
 It helps in borrowing loan.
 It helps in certain disability and helps to face future
uncertainties.
 It helps in tax benefits under section 80C.
 It aid as source of income in old age.

10. LIC International
LIC Cards Services
LIC Housing Finance
LIC Pension Fund
LIC Nomura Mutual Fund
LIC Subsidiaries

11. Consistent Revenue
The Bull Market
Client Insight
Life Insurance – The Often Missed Opportunity
For Wealth Management

12. Right to
Information
Right to
Privacy
Right to
Guidance
Right to
Timely Claim
Settlement
Right to
Professional
Service
Right to
complaint
Resolution
Rights & Responsibilities of Insured at LIC

13. The Current CEO of LIC is Mrs. Sunita Sharma.
LIC is the oldest, largest and most profitable life
insurance company in India.
If LIC was a country then it would be the 5th largest country
in the world with a population of 29 cr. Policy holders.
LIC is the 4th most valuable company in India with a net
worth of 5 lakh cr.
LIC has global operations spanning 7 countries namely -
Fiji and London, Sri lanka, Nepal, Bahrain & Saudi Arabia.
LIC has contributed around 5 crore in Nation Building
Activities.
Interesting Facts on LIC

14. THANK YOU