A

PROJECT REPORT ON
LIFE INSURANCE CORPORATION OF INDIA
SUBMITTED TO THE
UNIVERSITY OF MUMBAI
IN PARTIAL FULFILLMENT FOR THE AWARD OF
THE DEGREE OF BACHELOR OF COMMERCE
(BANKING & INSURANCE)
SEM VI (2014-2015)
SEAT NO:.

BY
SHUBHAM MEHTA
THE SIA COLLAGE OF HIGHER EDUCATION

The SIA College Of Higher Education.

P88, MIDC Residential Area Dombivli Gymkhana Road,
Near BalajiMandir, Dombivli (East).421 203.
Email: sia.college@yahoo.com

CERTIFICATE
This is to certify that,
Mr. SHUBHAM M. MEHTA.
Student of BCOM (Banking and Insurance V) 2013-2014
Seat No.12004 has successfully completed his Project
Work on LIFE INSURANCE CORPORATION OF INDIA
Under the guidance of PROF. BABITA NAGDEV as per
Mumbai University Syllabus.

COURSE CO-ORDINATOR

EXTERNAL EXAMINER

PROJECT GUIDE

PRINCIPAL

ABOUT THE PROJECT

Title of the study

The present study titled is life insurance corporation in India. The
studies are made with reference to policies provide by the life
insurance corporation in India.
Objective of study
To study the features of life insurance.
To study the advantages of life insurance.
To study the products provide by life insurance company
Data methodology
For the purpose of present study secondary data has been
used.

INDEX

SR.NO

TOPIC

CHAPTER 1- INTRODUCTION

CHAPTER 2- LITERATURE REVIEW

CHAPTER 3- RESEARCH METHODOLOGY

CHAPTER 4- DATA ANALYSIS

CHAPTER 5- CONCLUSION

BIBLIOGRAPHY

ANNEXTURE

PAGE NO

CHAPTER 01
INTRODUCTION

LIFE INSURANCE IN INDIA

Life insurance in India made its debut well over 100 years ago.
In our country, which is one of the most populated in the world, the
prominence of
insurance is not as widely understood, as it ought to be. What follows is
an attempt to acquaint readers with some of the concepts of life
insurance, with special reference to LIC
It should, however, be clearly understood that the following content is by
no
means an exhaustive description of the terms and conditions of an LIC
policy or
Its benefits or privileges.

What Is Life Insurance?

Life insurance is a contract that pledges payment of an amount to the
person
Assured (or his nominee) on the happening of the event insured against.
The contract is valid for payment of the insured amount during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the payment of
premium periodically to the Corporation by the policyholder. Life
insurance is universally acknowledged to be an institution, which
eliminates 'risk', substituting certainty for uncertainty and comes to the
timely aid of the family in the unfortunate event of death of the
breadwinner. By and large, life insurance is civilizations partial solution
to the problems caused by death. Life insurance, in short, is concerned

with two hazards that stand across the life-path of every person:
1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support

OBJECTIVES OF LIC

ral
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.

making
insurance-linked savings
adequately attractive.

obligation to its
Policy holders, whose money it holds in trust, without losing
sight of the
interest of the community as a whole; the funds to be
deployed to the best
advantage of the investors as well as the community as a
whole, keeping in
view national priorities and obligations of attractive return.

realization that
moneys belong to the policyholders.


collective
capacities.

would arise in the

changing social and economic environment.

the Corporation to the best of

their capability in
furthering the interests of the insured public by providing
efficient service
with courtesy.

corporation a sense of
participation, pride and job towards achievement of Corporate
objective.

PROFILE OF LIC

Type:

mutual origination

Industry:

financial services

Founded:

1 September 1956

Headquarters: Mumbai, India

Products:

life insurance,
Health insurance,
investment management,
mutual fund.

Owner:

government of India.

Subsidiaries: LIC housing finance

LIC pension fund ltd
LIC international
LIC card services
LIC numura mutual fund.
Website:

www.licindia.in

LIC OPERATES ALL OVER INDIA

= BRANCHES OF
LIFE
INSURANCE
CARPORATION
OF INDIA

ORGANISATION STRUCTURE OF LIC

Chairman
Managing Director
Executives Directors
Chiefs
Zonal Managers
Regional Managers
Divisional Managers
100 Seniors Divisional Managers
Marketing Managers
Sales Managers
Senior Branch Managers (Head of the Branch)
Assistant Branch Managers Sells
Development Officers
Different Agent