Last Updated 28 Jan 2021

Life Insurance Corporation of India

Category Finance, Insurance
Words 346 (1 page)
Views 173

The company was created with the objective of spreading life insurance more widely, especially to reach all the insurable people in the rural areas and provide them with adequate financial cover at a reasonable cost. Apart from its corporate office, LIC had five zonal offices, 33 divisional offices and 212 branch offices in 1956. The nature of life insurance contracts being long-term coupled with the need to provide a variety of services during the term of the policy, LIC re-organised itself by opening a number of new branch offices.

After its re-organisation, servicing functions were transferred to branches which were converted to accounting units. other cities. LIC has also launched Satellite Sampark offices in order to provide easy access to its policy holders. The company had 340 such offices as on Mar 2008. LIC also provides housing finance through LICHFL. It has also formed an asset management company known as LICMF AMC. The corporation has also extended its operations to the international arena; through various JVs and subsidiaries it operates in as many as nine countries.

LIC offers a wide array of insurance products to its customers such as insurance plans, pension plans, unit-linked plans, special plans and group scheme. During FY08, the company introduced certain new products such as Profit Plus, Fortune Plus, Jeevan Akshay, Jeevan Amrit & Amulya Jeevan. As of Mar 2007, total number of agents of the company stood at 1. 1 mn while the total number of policies issued was 38. 2 mn. The premium earned by the company reported a growth of 41% in FY07 when compared to the previous year.

Order custom essay Life Insurance Corporation of India with free plagiarism report

GET ORIGINAL PAPER

During the year, the company insured 34. 28 mn individuals for the first time, taking the ratio of first insurance to total business to 89. 61% for number of policies. Operations As on Mar 2008, LIC had 2,048 fully computerised branch offices, 109 divisional offices, eight zonal offices apart from its corporate office. LIC’s network connects all the branches through wide area network. The company also has tie-ups with certain banks and service providers to offer on-line premium collection facility in select cities.

Life Insurance Corporation of India essay

This essay was written by a fellow student. You can use it as an example when writing your own essay or use it as a source, but you need cite it.

Get professional help and free up your time for more important courses

Starting from 3 hours delivery 450+ experts on 30 subjects
get essay help 124  experts online

Did you know that we have over 70,000 essays on 3,000 topics in our database?

Cite this page

Explore how the human body functions as one unit in harmony in order to life

Life Insurance Corporation of India. (2017, May 28). Retrieved from https://phdessay.com/lic-of-india/

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Save time and let our verified experts help you.

Hire writer