"Life Insurance Corporation of India is the full form of LIC". LIC is a government-owned insurance and investment company based on the Life Insurance Act of India, which brought the life insurance industry under government control through nationalisation, establishing LIC in 1956.
According to LIC's website, the aim is to provide citizens with a higher return of economic security through services and products than most other investment players in the market, thereby helping them build a concrete quality of life and ensure economic development.
Main objective of LIC
- LIC is helping to reach the rural areas of the country to provide insurance to the most significant number of people at a reasonable price to protect against an unfortunate death.
- Maximize revenue mobilization to make insurance-linked savings attractive.
- Funds collected through these schemes are spent in the best interest of the policyholders and in sectors of national importance to meet the country's objectives.
- Act as administrators for those who are insured.
- To meet the changing needs of insurance as a result of the changing social and economic environment.
History of LIC
The first company in Pre-Independent India to offer life insurance services was the Oriental Life Insurance Company, which focused more on the European population and forced Indians to pay higher premiums.
Surendranath Tagore has founded the Hindustan Insurance Society, . By 1956, several other companies were established in the area, but in 1956 Parliament passed an act to nationalize the industry due to increasing fraud in the industry.
In 1956, the Industrial Policy Resolution came into effect, nationalizing various services, one of which was insurance. 245 private insurance sector players were taken over by the government and nationalized. LIC of India was created by the LIC Act, 1956.
List of LIC Product lines
It provides various product lines, including life insurance, savings and investment products. Below are some of the famous products or plans of LIC:
- LIC Bima Jyoti
- LIC Jeevan Labh
- LIC Jeevan Shanti
- LIC Jeevan Amar
Structure of LIC
The executive board of LIC consists of the chairman and the executives. Currently, MR Kumar is the Chairman of the Executive Board of LIC and Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta and Raj Kumar are the Managing Directors.
It is headquartered in Mumbai. The headquarters consists of the offices of the chairman, all four executives and all executive directors. It has a total of 8 zonal offices. These offices are present in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal and Patna.