Beruflich Dokumente
Kultur Dokumente
INDIA
Government-
Type owned
corporation
Industry Insurance
1 September
Founded
1956
Headqu
Mumbai, India
arters
T. S. Vijayan
(Chairman)
Key D. K. Mehrotra,
people Thomas Mathew
and A. Dasgupta
(MD)
Life insurance
Products Pensions
Mutual funds
9.31 trillion
Total
(US$206.68
assets
billion)
Owner(s Government of
) India
Employe
115,966 (2010)
es
Subsidia LIC Housing
ries Finance Limited
LIC(Nepal)Ltd
LIC(Lanka)Ltd
LIC(Internation
al)BSC(C)
Website www.licindia.in
The Life Insurance Corporation of India
(LIC) (Hindi: भारतीय जीवन बीमा िनगम) is the
largest state-owned life insurance company
in India, and also the country's largest
investor. It is fully owned by the
Government of India. It also funds close to
24.6% of the Indian Government's expenses.
It has assets estimated of 9.31 trillion
(US$206.68 billion).[1] It was founded in
1956 with the merger of more than 200
insurance companies and provident
societies.[2]
Headquartered in Mumbai, financial and
commercial capital of India,[3] the Life
Insurance Corporation of India currently has
8 zonal Offices and 101 divisional offices
located in different parts of India, at least
2048 branches located in different cities and
towns of India along with satellite Offices
attached to about some 50 Branches, and has
a network of around 1.2 million agents for
soliciting life insurance business from the
public.
Contents
[hide]
• 1 History
• 2 Nationalization
• 3 Current status
• 4 References
• 5 External links
[edit] History
The Oriental Life Insurance Company, the
first corporate entity in India offering life
insurance coverage, was established in
Calcutta in 1818 by Bipin Bernard Dasgupta
and others. Europeans in India were its
primary target market, and it charged
Indians heftier premiums. The Bombay
Mutual Life Assurance Society, formed in
1870, was the first native insurance
provider. Other insurance companies
established in the pre-independence era
included
• Bharat Insurance Company (1896)
• United India (1906)
• National Indian (1906)
• National Insurance (1906)
• Co-operative Assurance (1906)
• Hindustan Co-operatives (1907)
• Indian Mercantile
• General Assurance
• Swadeshi Life (later Bombay Life)
The first 150 years were marked mostly by
turbulent economic conditions. It witnessed,
India's First War of Independence, adverse
effects of the World War I and World War II
on the economy of India, and in between
them the period of world wide economic
crises triggered by the Great depression. The
first half of the 20th century also saw a
heightened struggle for India's
independence. The aggregate effect of these
events led to a high rate of bankruptcies and
liquidation of life insurance companies in
India. This had adversely affected the faith
of the general public in the utility of
obtaining life cover.
The Life Insurance Act and the Provident
Fund Act were passed in 1912, providing the
first regulatory mechanisms in the Life
Insurance industry. The Indian Insurance
Companies Act of 1928 authorized the
government to obtain statistical information
from companies operating in both life and
non-life insurance areas. The subsequent
Insurance Act of 1938 brought stricter state
control over an industry that had seen
several financially unsound ventures fail. A
bill was also introduced in the Legislative
Assembly in 1944 to nationalize the
insurance industry.
[edit] Nationalization
In 1955, parliamentarian Amol Barate raised
the matter of insurance fraud by owners of
private insurance companies. In the ensuing
investigations, one of India's wealthiest
businessmen, Ram Kishan Dalmia, owner of
the Times of India newspaper, was sent to
prison for two years. Eventually, the
Parliament of India passed the Life
Insurance of India Act on 1956-06-19, and
the Life Insurance Corporation of India was
created on 1956-09-01, by consolidating the
life insurance business of 245 private life
insurers and other entities offering life
insurance services. Nationalization of the
life insurance business in India was a result
of the Industrial Policy Resolution of 1956,
which had created a policy framework for
extending state control over at least
seventeen sectors of the economy, including
the life insurance.
[edit] Current status
LIC building, at Connaught Place, New
Delhi, designed by Charles Correa, 1986.
Over its existence of around 50 years, Life
Insurance Corporation of India, which
commanded a monopoly of soliciting and
selling life insurance in India, created huge
surpluses, and contributed around 7 % of
India's GDP in 2006.
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 $ [4], has grown to
25000 servicing around 180 million policies
and a corpus of over 8 trillion (US$177.6
billion).
The recent[when?] 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.
According to The Brand Trust Report[5]
2011, LIC is the 8th most trusted brand of
India.
[edit] References
1. ^ "The Telegraph - Calcutta (Kolkata) |
I Aegon · Ageas ·
AIG · Allianz ·
Allstate · Aviva ·
AXA · China Pacific
Insurance · China
Integrated Taiping · Generali ·
ING · Ping An
Insurance · Prudential
plc · State Farm
Insurance · Zurich
Financial Services
Namespaces
• Article
• Discussion
Variants
Views
• Read
• Edit
• View history
Actions
Search
Top of Form
Special:Search
Search
Bottom of Form
Navigation
• Main page
• Contents
• Featured content
• Current events
• Random article
• Donate to Wikipedia
Interaction
• Help
• About Wikipedia
• Community portal
• Recent changes
• Contact Wikipedia
Toolbox
• What links here
• Related changes
• Upload file
• Special pages
• Permanent link
Print/export
• Create a book
• Download as PDF
• Printable version
Languages
• िहनदी
• ಕನ ನಡ
• മലയാളം
• తలుగు
Commons Attribution-ShareAlike
License; additional terms may apply. See
Terms of Use for details.
Wikipedia® is a registered trademark of
the Wikimedia Foundation, Inc., a non-
profit organization.
• Contact us
Top
of 1524466945
For
m
Bottom of
Form
Group Insurance We
b
We believe that employee
benefit plans provided by
employers to their employees
play a very important role in
increasing employee loyalty
and productivity. Birla Sun Life My Login
uses its vast expertise in Quick Links
helping organizations and Notification
groups design customized Locator
solutions to their employees. Help
Access your
Retirement Solutions account
details
Our employee benefit solutions
are designed to enable
organizations and groups to
offer superior benefits to their
employees to meet both
statutory requirements like
gratuity and retirement
Regist Terms &
er Conditio
Here ns
Send Me
An Advisor
Claims
Application
Tracker
Tax
Benefits
Become
An Advisor
Feedback
FAQs
To subscribe to
our News
solutions. RSS
alert
Gratuity
While Gratuity is a statutory Branch
obligation it is also a very Locator
important tool today to create
Medical
employee loyalty. A
Facilitie
comprehensive gratuity plan
s
can help organizations reduce
Skypack
both business costs and
corporate tax. Birla Sun Life’s
gratuity solution manages
your gratuity liability
effectively and also helps you
release resources for other
Glossary :
business activities.
Financial
Terms
SuperAnnuation
Simplified
Today while there is a high
awareness of the impact of
inflation and its affect on
Contact Me
Tol
l 1-800-
Fre 270-7000
e
SM BSLI to
S 56161
Write to us @
customerservice@
birlasunlife.com
Daily NAV
News
For other NAVs...
Sensex-Nifty Plunge
7th February, 2011
Leave Encashment
For other News...
Leave encashment liabilities
for organization keep growing
with time thus straing the
organizations resources.
These liabilities can bee
effectively met through the
management of a dedicated
fund for leave encashment.
Birla Sun Life vast experience
in effectively managing funds
and delivering superior
returns can help organizations
effectively manage these
liabilities
Protection Solutions
Affinity
An affinity group is a group
consisting of persons who
assemble together with a
commonality of purpose or
engaging in a common
economic activity.