LIC (Life Insurance Corporation of India)

The Life Insurance Corporation of India (LIC) is a leading life insurance and investment company owned by the Government of India. It was established on September 1, 1956, through the Life Insurance of India Act, which nationalized the private insurance sector in India.

Objectives

LIC aims to provide its customers with a higher return on economic security through its various products and services compared to other investment companies. By doing so, it contributes to improving the quality of life and promoting economic development.

Headquarters and Asset Value

LIC is headquartered in Mumbai, Maharashtra, and has an approximate asset value of over INR 2,529,390 crores.

Formation

LIC was formed by merging over 245 insurance companies and provident societies.

Mission

LIC’s mission is to ensure and enhance the quality of life of people through financial security by providing products and services with aspired attributes and competitive returns, while also contributing resources for economic development.

Vision

LIC’s vision is to become a trans-nationally competitive financial conglomerate that holds significance for societies and is a source of pride for India.

Additional Resources

For more information on LIC, Banking Awareness, and other relevant topics, refer to the following resources:

Life Insurance Corporation of India

The Life Insurance Corporation of India (LIC) is a well-established company in both urban and rural areas of the country. It was established on September 1, 1956, when the Government of India passed the Life Insurance of India Act, nationalizing the private insurance sector.

LIC offers a wide range of life insurance plans, including Unit Linked Insurance Plans (ULIPs), term insurance, child plans, pension plans, and more. With the advancement of technology, LIC has also ventured into the online space, selling various savings and investment products through its website.

LIC of India - Key Facts

As of today, LIC operates with:

• 1,53,064+ individual agents
• 342+ corporate agents
• 109+ referral agents
• 114+ brokers
• 42 banks
• 2048 fully computerized branch offices
• 113 divisional offices
• 1381 satellite offices
• 8+ zonal offices

Awards and Recognitions

LIC has received numerous awards and recognitions for its outstanding performance and customer service. Some of the notable awards include:

1. Rated as the No. 6 Most Trusted Service Brand of India by the Economic Times Brand Equity Survey of 2012.
2. Consistently winning the “Reader’s Digest Award” since 2006.
3. Recognized as India’s most trusted brand in the BFSI category for four consecutive years, according to the Brand Trust Report.

LIC continues to be a trusted and reliable name in the insurance industry, providing financial security and peace of mind to millions of customers across the country.

LIC – Objectives

The Life Insurance Corporation of India (LIC) has several objectives that guide its operations and services. These objectives include:

• Spreading Life Insurance Awareness: LIC aims to promote the importance of life insurance, particularly in rural areas and among socially and economically disadvantaged individuals. The company strives to provide affordable financial assistance against death to these individuals.

• Catering to Diverse Needs: LIC seeks to meet the varied life insurance needs of the community, adapting to changing social and economic circumstances.

• Protecting Policyholders’ Interests: LIC acts as a trustee, safeguarding the interests of its policyholders both individually and collectively.

• Maximizing Savings: The corporation offers a wide range of life insurance products to enable policyholders to maximize their savings potential.

• Employee and Agent Involvement: LIC encourages the active participation and involvement of its employees and agents in achieving the company’s objectives.

LIC – Digitalization

In line with the growing trend of digitalization, LIC has embraced digital platforms to enhance customer connectivity and accessibility. The corporation has created a comprehensive online database, allowing customers worldwide to access its products and services conveniently. LIC’s online offerings include:

• Online forms for products and services
• Registration for e-services
• Policy schedule
• Policy status
• Loan status
• Claim status
• Accrued bonus status
• Revival quotation
• Certificate of premium payment
• Premium due calendar
• Policy bond/proposal form image
• Claim history
• Registration of Grievances**

Insurance Plans

In this section, we will briefly overview the various insurance plans offered by the Life Insurance Corporation of India (LIC). These plans are categorized into:

1. Endowment Plans:

• Bima Jyoti
• Bachat Plus
• New Endowment Plan
• New Jeevan Anand
• New Bima Bachat
• Single Premium Endowment Plan
• Jeevan Lakshya
• Jeevan Labh
• Aadhaar Stambh
• Aadhaar Shila

2. Whole Life Plans:

• Jeevan Umang

3. Term Assurance Plans:

• Jeevan Amar
• Tech Term

4. Money Back Plans:

• New Money Back Plan – 20 years
• New Money Back Plan – 25 years
• Jeevan Umang

New Children’s Money Back Plan

• A savings plan that provides regular income to the child and a lump sum amount at maturity.
• The plan offers various benefits such as death benefit, accidental death benefit, and waiver of premium benefit.

Jeevan Tarun

• A traditional endowment plan that provides financial protection to the policyholder and their family.
• The plan offers various benefits such as death benefit, maturity benefit, and surrender benefit.

Jeevan Shiromani

• A whole life insurance plan that provides lifelong financial protection to the policyholder.
• The plan offers various benefits such as death benefit, maturity benefit, and surrender benefit.

Bima Shree

• A term insurance plan that provides financial protection to the policyholder’s family in case of their untimely death.
• The plan offers various benefits such as death benefit, accidental death benefit, and waiver of premium benefit.

More Articles for Banking Awareness

• GIC Banking Awareness Notes
• ULIP Banking Awareness Notes
• ECGC Banking Awareness Notes
• Finance for Competitive Exams
• Cross Selling Up Selling
• Capital Market
• Changing Landscape of Banking Sector
• Risk Management in Banking Sector
• Regulators of Banks And Financial Institutions in India

LIC- Banking Awareness Notes FAQs

What is LIC of India?

The LIC (Life Insurance Corporation of India) is a leading life insurance and investment company owned by the government of India.

What is the main objective of the LIC of India?

The main objective of the LIC of India is to spread the importance of life insurance among the rural areas and to the people belonging to the socially and economically backward classes.

When was the LIC of India established?

The LIC of India was established on 01st September 1956.

Which Act governs the LIC of India?

LIC is governed by the Insurance Act 1938, LIC Act 1956, LIC Regulations 1959, and Insurance Regulatory and Development Authority Act 1999.