The Life Insurance Corporation of India (LIC) was established in 1956 and is fully owned by the Government of India. It is the largest life insurer in India with over 2,000 branch offices. LIC offers various insurance products including term insurance, whole life insurance, endowment policies, money back policies, and annuities. It has a large network of sales, new business, and claims processing departments to administer its policies. While LIC dominates the Indian life insurance market, growing private competitors and an increasingly discerning customer base present both opportunities and threats to its business model.

1. Submitted By;
Parmod Kumar
MBA-1A
Date 06/15/2014
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2.  The Life Insurance Corporation of India
popularly known as L.I.C. of India was
incorporated on September 1, 1956.
 It is fully owned by the Government of India
and headquarter is in Mumbai.
 It is the largest life insurance company in
India and also the countries largest investor.
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3.  Number of Branch Offices are 2048.
 Number of Division Offices are 109.
 Number of Zonal Offices are 8.
 And Central Head Office is in Mumbai.
 Total employees 12000
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4.  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.
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 Term Insurance Policy :This policy is pure risk
cover with the insured amount will be paid only if
the policy holder dies in the period of policy time.
 Whole Life Policy :The policy holder has to pay
the premium for whole life till his death.
 Endowment Policy :This policy combines risk
cover with the savings and investment

6.  Endowment Policy: This policy combines
risk cover with the savings and investment.
 Money Back Policy: Money Back Policy is to
provide money on the occasions when the
policy holder needs for his personal life.
 Annuities and Pension: In an annuity, the
insurer agrees to pay the insured a stipulated
sum of money periodically.
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 Sales Department: This department is
mainly concerned with the sale of new policies
and is headed by Assistant Branch Manager
Sales (ABMS).
 New Business Department: This department
performance the very important function of
underwriting new policies which are sent to it
for authentication.
 Office Service Department: This department
takes care of all miscellaneous tasks of office
and dispatch of cheques, loans etc come under
the responsibility of this department

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 Policy Service Department: It takes care of the
premium dates and if the policy is lapsed then its
revival is done by this department.
 Accounts Department: It is responsible for
processing of all the cheques and loans which come
to it. The details regarding financial aspects are
covered under this department.
 Claims Department: All types of claims i.e.
survival benefit claim, maturity claim and death
claim are settled by this department.

10.  LIC of India, International
 LIC Nepal
 Life Insurance Corporation Lanka Limited
(LICL)
 LIC Housing Finance
 LIC Housing Finance Limited Care Homes
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11.  Proposal form
 Data clearing
 Underwriting
 Update
 Deposit
 Policy No.
 FPR
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13.  Growing at the rate of 15-20% annually
 L.I.C. market share decreased from 87% to
82%.
 Annuity or pension product have over 33% of
market
 All the new plans will obvious generate more
the revenue.
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14.  CNBC Awaaz Consumer Award..
 Reader digest Trusted Brand Insurance Category 2010
 “Best Insurer Category” World Brand Congress Award..
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15. Strengths
•Oldest & the most
experienced player
•Strong distribution
network
•Government guarantee is
accompanied with it
Weakness
•Agents promote only those
policies which generate
more commission
•D.O. not provided extra
funds or power to promote
its products
Opportunities
•People become more aware &
demanding.
•Scope for a whole lot of
innovative products
Threats
•Entry of new private players in
the industry.

16.  Identification of
Target Market
 Relationship
building
 Dynamic behavior
of people
 Improved
Communication
skills.
 Investment options
 Trying to mould
yourself according
to the situation.
 Sometime feedback
of the customer is
very harsh.
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