Life Insurance Corporation In India(LIC)
Life Insurance Corporation of India (LIC): LIC, the only public sector company in life insurance business, was formed in September, 1956 by an Act of Parliament, viz., LIC ct 1956, with a capital contribution of Rs. 5 crore from the Government of India. Its main duty was to spread the message of Life Insurance in the country and mobilize people saving to nation-building activities.
LIC has become so popular in India that even common people understand that insurance means LIC. The Central office of LIC is at Mumbai and there are seven zonal offices at Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Kanpur and Bhopal. There are 100 divisional offices in important cities and 2048 branch offices. More than 5.59 lakh of people are operating as active agents all over the country. It has also offices abroad in Fiji, Mauritius and the United Kingdom for business transactions. LIC is associated with joint ventures abroad with several companies in the field of Insurance.
LIC has varieties of Insurance Plans catering to all categories of people and fulfill their diverse needs. The funds generated through the premium of policyholders are invested in stock market and also contributed to a number of Socio Economic Projects in the Country.
The LIC Insurance Plan is categorized into:
- Individual Insurance Plan
- Group Insurance Schemes
- Pension Plans
- Capital Market Linked
- Other Socio-Economical Development Schemes.