7. o Slogan : "Your welfare is our responsibility".
o Products : Life Insurance , Health Insurance,
Investment Management & Mutual Fund.
o Total Assets : 15,60,481.84 Crore (2013).
o Owner(s) : Government Of India.
o Employees : 1,19,767 (Mar 2013).
8. LIC is an Indian state owned insurance group and investment
company , it is an largest insurance company in India with an
estimated asset value of Rs.15,60,481.84 Crore ( us $ 260
billion).
As of 2013 it had total life found of Rs.14,33,103.14 Crore
with total value of policies sold of 367.82 lack that year.
The company Was Founded in 1956 When The Parliament of
India passed the life insurance of India Act that Nationalized
the private insurance industry in India . over 245 insurance
companies and provident societies, where merged to create the
state owned Life Insurance Corporation .
Introduction
9. The first company in India Offering Life
insurance coverage ,was established in Calcutta in 1818
by Bepin Beheri Dasguptta and other .
Surendarnath Tagore (son of Satyendranath Tagor ) had
founded Hindustan Insurance Society, which later
Become Life Insurance Corporation.
In 1995, Parliamentarian Amol Barate raised the
matter of insurance fraud by owners of private Insurance
agencies.
10. LIC has 8 zonal offices
109 divisional officers
2048 branches
992 satellite offices & corporate offices
It also has 54 customer zones & 25 metro area services
11. As on 31 March 2013, LIC had 1,19,767 employees, out of which 24,295 were
women (20%).
Agency strength
LIC had 12,78,234 agents as on 31 March 2013, out of which the number of
active agents were 12,14,111
Category of
employees
Total Number No. of Women
Class-I Officers 28,417 5,375
Development
Officers
25,638 861
Class III/IV
employees
65,712 18,059
Total 119,767 24,295
Employees Of LIC :
12. o Spread Life Insurance widely and in particular to the
rural areas and to the socially and economically
backward classes .
o Maximize mobilization of people's savings by
making insurance-linked savings adequately
attractive.
o Conduct business with utmost economy and with the
full realization that the moneys belong to the
policyholders.
13. o 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
o Vision:
"A trans-nationally competitive financial
conglomerate of significance to societies and Pride
of India."
14. Awards and recognitions:
The Economic Times Brand Equity Survey 2013 rated
LIC as the No. 6 Most Trusted Service Brand of India From
the year 2006, LIC has been continuously winning the
Readers' Digest Trusted brand award.
15. o STRENGTHS:
India’s top insurance company and best among Public sector
company.
Provide better infrastructure than any other Public company.
o WEAKNESSES:
Average waiting time for the customer is 15 to 20 minutes.
No separate customer care unit
16. oOPPORTUNITIES:
Setup a marketing cell at the local branch.
Ensure that policies are diversified across several customer
segments
o THEREATS:
Growth of private players has led to shifting emphasis from public
sector companies.
