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Life Insurance Corporation of India

November 10th, 2016 Leave a comment Go to comments

LIFE INSURANCE CORPORATION OF INDIA


By : Aries Kurniawan

History of the company Life Insurance Corporation of India

life insurance corporation of india login

life insurance corporation of india login

The Oriental Insurance Company , the first company in India that offers life insurance , was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its main target is the European market based in India , and India heftier premium charged . The Bombay Mutual Life Assurance Society , which was formed in 1870 , was the first native insurance provider . The following details the history of any other insurance company that was formed in pre – independence era :

• In 1896 : Bharat Insurance Company
• In 1906 : United India
• In 1906 : The National Indian
• In 1906 : National Insurance
• In 1906 : Cooperative Assurance
• In 1907 : Hindustan Cooperative
• In 1907 : Indian Mercantile
• In 1907 : General Warranty
• In 1907 : Swadeshi Life ( later Bombay Life )
• In 1986 : Sahyadri Insurance ( Merged with LIC , 1986)

In the 150 first year was marked primarily by the turbulent economic conditions . It was witnessed, the First War of Indian Independence , the impact of World War I and World War II on the economy of India , and between them the period of world economic crisis triggered by the vast major depression . The 20th century also saw high struggle for Indian independence . Aggregate impact of these events led to a high level and liquidation of life insurance companies in India affect the faith of the public in utility for the protection of life .

In 1955 , Amol Barate parliament raised the issue of insurance fraud by owners of private insurance agencies . In a subsequent investigation , one of the richest businessmen in India , Sachin Devkekar , owner of the Times of India newspaper , was sent to prison for two years .

Finally , the Parliament of India passed the Life Insurance of India Act June 19, 1956 created the Life Insurance Corporation of India , which began operations in September of that year . It consolidates the life insurance business of 245 private life insurers and other entities that offer life insurance services , consists of 154 life insurance companies , 16 foreign companies and 75 provident company . The nationalization of life insurance business in India is the result of the Industrial Policy Resolution of 1956, which has created a policy framework for extending state control over at least seventeen sectors of the economy , including life insurance .

From its formation , the Institute of Life Insurance Corporation of India , which commanded a monopoly asking and selling life insurance in India , created a huge surplus , and in 2006 contributed approximately 7 % of India’s GDP .

The Corporation , which started its business with around 300 offices , 5.7 million policies and a corpus of INR 45.9 crores ( U.S. $ 92 million in 1959 values around INR5 exchange for U.S. $ 1 ) , has grown to 25,000 serving approximately 350 million policies and corpus more INR800000 crore ( U.S. $ 120 billion ) at the end of the 20th century .

In August 2000, the Government of India initiated a program to liberalize the insurance sector and opening it to the private sector . Ironically , LIC emerged as beneficiaries of this process with a strong performance , albeit at a substantially higher base than the private sector .

In 2013 Premium First compound annual growth rate ( CAGR ) is 24.53 % while the CAGR of the total life premium is matching the growth of the life insurance industry and the general economic growth exceeds 19.28 % .

Life Insurance Corporation of India is a group of Indian state-owned insurance and investment company headquartered in Mumbai . It is the largest insurance company in India with an estimated asset value INR1560481.84 crore ( U.S. $ 240 billion ) . In 2013 the total life fund Rs.1433103.14 crore with a total value of 367.82 lakh policies sold that year .

The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act which nationalized the private insurance industry in India . More than 245 insurance companies and provident societies are combined to create the Life Insurance Corporation of SOES .

In 2011 , the Institute of Life Insurance Corporation of India has 8 zonal offices and 118 offices division , about 3,500 including 2,048 branch offices , customer zones 54 , 25 metro – regional services hub and satellite offices located in various cities of India . It also has a network of 1,337,064 individual agents , 242 Corporate Agents , 79 Referral Agents , 98 Brokers and 42 Banks to require life insurance business from the public .

LIC is the Sanskrit slogan ” yogakshemam vahamyaham ” which translates in English as ” well-being is our responsibility ” . It is derived from the ancient Hindu text , the Bhagavad Gita Chapter 9 , verse 22 slogans can be seen in the logo , and written in a script Devanagiri .

As a responsible person , one must ensure that the happiness of the family can be ensured and secured from any unforeseen events or expenses . It is for this reason that one needs a plan that offers savings , growth and protection .

LIC life insurance policy is more than the tax savings . LIC Life Insurance is a powerful tool to cover the risks that could affect family income , in the absence of a living / income spouse . LIC Life Insurance Policy also works as a saving instrument which can assist individuals in planning for their children education , child marriage , pension , retirement benefits and other financial goals that have been set . For those of you who are interested to add to the happiness of the family and want to know more details of this insurance company , you can contact at :

Life Insurance Corporation of India
Yogakshema
West Wing
4th floor
Jeevan Bima Marg
Mumbai , 400021
India
Established in 1956
Phone : 91 22 2202 2151
Fax : 91 22 2202 8943

 

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