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Life Insurance Corporation Of India

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jeetu juryani

on 19 January 2014

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Transcript of Life Insurance Corporation Of India

Consumer Services
Life Insurance Corporation Of India
LIC KEY POINTS
Type : State-owned.

Industry : Financial services.

Founded : 1 September 1956.

Headquarters : Mumbai, India.

Key people : S K Roy(West), Rahul Grewal(North),N R Guha(East), Debashish Sen(South), Zonal Managing Director.

Products : Life and health insurance, investment management, mutual fund.

Total assets : INR 1417891.79 crore (US$225 billion) (20102.

Owner(s) : Government of India.

Employees : 115,966 (2012).

Subsidiaries : LIC Housing Finance
LIC Pension Fund Ltd.
LIC International
LIC Cards Services
LIC Nomura Mutual Fund.

Website : www.licindia.in
Current Status
The organization now comprises 2048 branches, 100 divisional offices and 8 zonal offices, and employs over 1 million agents. It also operates in 12 other countries.

In the financial year 2011-12 Life Insurance Corporation of India's number of policy holders are said to have crossed a whopping 350 million.

Contributed around 9% of India's GDP in 2010.

Services around 350 million policies
Objectives of LIC
• Spread Life Insurance widely and in particular to the rural areas.
• Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
• Conduct business with the full realization that the moneys belong to the policyholders.
• Act as trustees of the insured public in their individual and collective capacities.
• Meet the various life insurance needs of the community.
• Involve all people working in the Corporation to the best of their capability and provide efficient service.

Insurance Plan
Endowment Plans.

Money Back Plan.

Childrens plans.

Plans for handicapped Dependents.

Whole Life Policies.

Endowment + Whole Life Plan.
Investment + Risk Plan.

Pension Plans.

Term Assurance Plan.

Whole Life + Money Back Plan.

Health Plan.

Benefits Of LIC :
Risk Cover.
Planning for life stage needs.
Protection against rising health expenses.
Builds the habit of thrift.
Safe and profitable long-term investment.
Assured income through annuities.
Protection plus savings over a long term.
Growth through dividends.
Facility of loans without affecting the policy benefits.
Tax Benefits.
Mortgage Redemption.
Competitors :
SBI Life Insurance
ICICI Prudential Life Insurance
Bajaj Allianz Life
Tata AIG Life
HDFC Standard Life
Birla Sunlife
Kotak Life Insurance
ING Vysya Life Insurance
Bharti AXA Life Insurance Co Ltd
The policies of LIC covers the age group 0-70 can avail the services of LIC. It means LIC has very vast market segment, children, youngster, working,married, old people INSURANCE PLANS. As individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement
Market Segment Of LIC
Conclusion
LIC is India's no.1 insurance company.
Major stack in insurance sector.
Largest number of customers.
No. 1 brand for insurance of any kind.
Effective work force and best human capital.
Ideal choice for employee to work.
Policy Loan.
Housing Loan.
Surrender of Policy
Term Rider Benefits.
Assignment and Revival.
Online payment of premiums.
Claim settlement of Policies.
Sumeet Gurdasani 25
Ashish Panjwani 26
Jitendra Manwani 27
Anil Gurnasinghani 29
Kevin Ghodke 31
Jayesh Mulchandani 33
Jeetu Juryani 38
RoyaL Rangers
Mitesh Shah 44
Full transcript