- Life insurance first came to India in 1818 from England. The Oriental Life Insurance Company was the first insurer in India. - Key legislation around insurance was passed in 1912 and 1956, leading to the creation of LIC as a state-owned monopoly insurer. - Today, LIC remains the largest insurer in India with over 180 million policies, 2048 branches, and revenues of over $173 billion USD, though its market share has declined with privatization and competition from other insurers.

2. Introduction
• Life insurance in its modern form came to India from England
in the year 1818.
• Oriental life Insurance company, started by Europeans In
Calcutta was the first life Insurance company on Indian soil.
• Before 1912 India had no Legislation to Regulate Insurance
Business.
• In the year 1912, the life insurance companies act the
provident fund act were passed.

3.  It made necessary that the premium rate tables & periodical
valuations of companies should be certified by an actuary & actuaries
means one who calculates insurance risks & premiums according to
statistical probabilities.
 It was much later on the 19th Jan 1956, India parliament passed the
LIC Act on the 19th Jan 1956 & the LIC of India was created on 1st
sept,1956.
LIC lad 5 zonal offices, 33 divisional offices 212 Branch offices, apart
from its corporate offices in the year 1956.
Today LIC function with 2048 fully computerized branch offices.
105 divisional offices.
8 zonal offices & the corporate office

4. LIC’s wide area network covers 100 divisional offices & connects all
the branches through a metro area network with satellite offices
attached to about some 50 branches.
And has a network of around 1.2 million agents for soliciting life
insurance from the public.
It has crossed the milestone of issuing 1,01,32,955.

5. MISSION
“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.”
Vision
“A trans-nationally competitive financial
conglomerate of significance to societies and Pride of
India.”

6.  Spread Life Insurance widely and in particular to
the rural areas and to the Socially and
economically backward classes with a view to
reaching all insurable persons in the country and
providing them adequate financial cover against
death at a reasonable cost.
Maximize mobilization of people’ savings by
making insurance-linked savings Adequately
attractive..

7. •Conduct business with utmost economy and with the full
realization that moneys belong to the policyholders.
• Act as trustees of the insured public in their individual and
collective capacities.
•Promote amongst all agent and employees of the corporation a
sense of participation, pride and job satisfaction towards
achievement of corporate objective.
•INTERNATIONAL OPERATIONS..
•LIC has always acknowledged the need to expand. our expanding
efforts have been consistent & are evident through our
associations.

8.  LIC Fiji.
 LIC Mauritius
 LIC United Kingdom
 LIC (International) B.S.C (C), Bahrain
 LIC (Nepal) Ltd
 LIC (Lanka) Ltd
 Saudi Indian Company for Co-op. Insurance,
KSA.
 LIC Mauritius Offshore Ltd.
 LIC Coordinating Office in India

9. PUBLIC RELATION DEPARTMENT
The Public Relation Department in LIC is divided into
three major
categories. Namely:
1. Communication Department
2. Crisis Management Department
3. Publicity Department

10. COMMUNICATION DEPARTMENT
•The PRO of this Department is an external PR.
• In short, the communication Department PRO ensures that
there is no communication gap between the company and the
external concerned bodies.

11. The PRO in this department is an internal one.
“Wash the utensil before having food in it.”
PUBLICITY DEPARTMENT
Hence a separate publicity department was formed which
worked only for publicity strategies. Initially it was looked
up by the Communication Department.
CRISIS MANAGEMENT DEPARTMENT

12. Product offered to customer
Children's Policy
Komal Jeevan - Plan No. 159
Children Deferred - Plan no.41, Jeevan Kishore – Plan no.102
Jeevan Chhaya - Plan no.103
Marriage Endowment/Educational Annuity - Plan No. 90
Jeevan Anurag - Plan no.168
Endowment Policy
Endowment with Profits - Plan no.14 Limited Payment
Endowment withProfits - Plan no.48, Jeevan Mitra - Plan no.88
New JanaRaksha Policy - Plan no.91, Jeevan Anand Plan no. 149
Jeevan Mitra Triple Cover - Plan no.133

13. Group Insurance Policy
Janashree Bima Yojana
Group Insurance Scheme in lieu of EDLI
Group (Term) Insurance Scheme
Group Savings Linked Insurance Scheme, Group Superannuation Scheme
Group Mortgage Redemption Assurance Scheme
Joint Life Policy
Jeevan Saathi - Plan no.89
Money Back Policy
Money Back with Profit - Plan no.75, New Money Back - Plan no.93
Jeevan Surabhi 15 yrs - Plan no.106, Jeevan Surabhi 20 yrs - Plan no.107
Jeevan Surabhi 25 yrs - Plan no.108, Jeevan Bharati Plan No 160
Jeevan Samriddhi Plan No 154, 155, 156 157
Bima Bachat- Plan no.175

14. Pension Plans or Annuities
New Jeevan Dhara - Plan no.148, New Jeevan Suraksha Plan no. 147
Jeevan Akshay II Plan no. 163, Jeevan Nidhi Plan no. 169
Jeevan Akshay V Plan no. 183
Special Plans
Term Assurance - Plan no.43, Mortgage Redemption - Plan no.52
Jeevan Aadhar - Plan no.114, Market Plus - Plan No 181
Jeevan Vishwas Plan No. 136, Jeevan Saral Plan No. 165
Jeevan Pramukh Plan No. 167, Bima Nivesh 2005 Plan No 171
Money Plus-Plan No 180
Term Policy
Convertible Term Assurance - Plan no.58
New Bima Kiran
Term Assurance
Anmol Jeevan I Plan No- 164
Amulya Jeevan-Plan No-177

15. Admission Of Age:
Age is the main basis of calculation of premium under life
insurance policies. The following are accepted as evidence of age:
Payment of Premium:
By cash, local cheque, Demand Draft at Branch Office. Through
Internet Premium payment can also be made through ATMs of
Corporation Bank and UTI Bank.
Days Of Grace:
Policyholder should pay the premiums on due dates. However, a
grace period of one month but not less than 30 days will be allowed for
payment of yearly/half-yearly/quarterly premiums and 15 days for
monthly premiums. If the premium is not paid before the expiry of the
days of grace, the policy lapses.
Service Quality

16. Renewal of Lapsed Policy:
If the policy has lapsed, it can be revived during the life time of the life
assured, within a period of five years from the date of the first unpaid premium
but before the date of maturity subject to certain conditions.
Change of Address and Transfer of Policy Records:
The policyholder should immediately intimate the change of his/her
address to the Branch Office servicing the policy. The correct address facilitates
better Service and quicker settlement of claims.
Loss of Policy Document:
Loss of the Policy Document should be immediately intimated to the
Branch Office where it is serviced.

17. Loans:
Loans are granted on policies to the extent of 90% of Surrender Value
of the policies which are in force and 85% of the Surrender Value in case of
policies, which are paid-up, inclusive of the cash value of bonus. The rate of
interest charged at present is 9% p.a. payable half-yearly. Loans are not granted
for a period shorter than six months.
Relief to Policyholders:
The Corporation generally allows concessions on payment of
premiums, settlement of claims, issue of duplicate policies, etc when the
policyholder are affected by natural calamities such as droughts, cyclones,
floods, earthquakes, etc.
Nomination:
The Nominee does not get any other benefit except to receive the
policy moneys on the death of the Life Assured.

18. Survival Benefit/Maturity Claims:
LIC settles survival benefit/maturity claims on or before
the due date. Survival Benefit payment up to Rs.60,000/- are
settled without insisting for Policy Bond and Discharge Voucher.
Your Policy Bond and Its Safety:
The policy bond is the document that is given to you after we
accept your proposal for insurance.
Inform your spouse/Parents/Children as to where the policy is
kept..
Your Policy Number
This is a unique identification number that distinguishes
your policies from other policies and will remain unchanged
throughout the lifetime of the policy.

19. Policy Conditions:
Every policy is taken for different types of needs;
therefore the conditions for your policy will vary according to
the Plan and Term of the policy.
Alterations In Policy:
There may be instances when you would like to make
alterations in your policy like change of premium payment
mode, reduction in premium paying term etc. your
applications may be given in writing to the branch that
services your policy for our further action.

20. In the individual new business segment, while LIC, ICICI, and
HDFC improved WNRP industry market share (YTD) by 3.8
percentage points, 1.5 percentage points, and 0.7 percentage
points, respectively, Bajaj Allianz (1.8 percentage points), Birla
(1.25 percentage points), SBI (1.26 percentage points) and
Reliance (0.31 percentage points) lost significantly. At 5mFY11
end, private insurers’ market share stood at ~50%.
Here is how Various Life Insurers stack up against each in the
Industry as a whole. The following Data suggests that LIC of India
is still the market leader followed by ICICI Prudential, HDFC
Standard Life, SBI, Reliance, Bajaj, Birla Sun Life, Max New York
etc.

21. Competitors..
2%
1% 2%
3% 4%
6%
5%
8%
4%
5%
10%
50%
Sales
Kotak
Met
Tata
Max
Birla
HDFC
Reliance
Others
Bajaj
SBI
ICICI
LIC

22. ASSOCIATES…
LIC Housing Finance Ltd.
LICHLF Care Homes Ltd.
LIC Mutual Fund AMC Ltd.

23. • The Corporation, which started its business with around 300 offices,
5.6 million policies and a corpus of INR 459 million (US$ 92 million as
per the 1959 exchange rate of roughly Rs. 5 for a US $ , has grown to
25000 servicing around 180 million policies and a corpus of over 8
trillion (US$173.6 billion).
• The recent Economic Times Brand Equity Survey rated LIC as the No. 1
Service Brand of the Country. The slogan of LIC is "Zindagi ke saath
bhi,Zindagi ke baad bhi"in hindi. In english it means "with life also,after life
also.

24. •

26. ADD..