LIC stands for Life Insurance Corporation of India. It is the organization which primarily deals in providing life insurance to the people. It is the Indian State Owned Insurance Organization and investment Company.
Establishment of LIC
The organization as founded in 1956. This came into effect when the Parliament of India passed an act known as Life Insurance of India Act. This act was meant to nationalize all the private insurance industry. Due to this, there were around 245 companies and provident societies which were merged together into one ‘State Owned Life Corporation of India’. Thus, the establishment of LIC came into effect.
Vision and Mission of LIC
The LIC is with the vision to provide the platform where the financial aspects of the people gets accumulated together and come up with something unique and competitive on which the nation prides of. The LIC is with the aim of the establishment of a financial security among the people with their products and services so that the people enhance their lifestyle and provide some quality and something uniqueness in their life. They want to provide a return through their services and products and render some resources for the economic development.
Products and Services by LIC
The LIC is involved with several products and services to the people of the country. The products by LIC include the following:
1) Insurance Plans
2) Unit Plans
3) Pension Plans
4) Group Schemes
More of their Products include:
1) Aam Aadmi Beema Yojana
2) Micro Insurance Plans
3) Withdrawn Plans
4) Health Plans
Operations of the LIC
The operations of the LIC are covered all over the country. At present, the LIC has 8 zonal offices along with 109 divisional offices and 2048 branches. The LIC has also around 992 satellite offices and corporate offices in the country. Besides these, it has 54 customer zones and 25 metro-area service hubs present all over the country. The LIC is one of the biggest providers of the employment in the country. The Organization is known to provide the employment to the people in a number of 1,337,064 as individual agents of their Organization. There are around 242 Corporate Agents and 79 Referral Agents. The number of brokers in the country for LIC is around 98. Also, there are 42 Banks for soliciting life insurance business from the public.
Awards and recognitions of LIC
LIC is a wide appraised organization which has collected various awards and recognitions in its lifetime. The awards to the LIC are as follows:
1) LIC is the No. 6 Most Trusted Service Brand of India by The Economic Times Brand Equity Survey 2012.
2) Readers’ Digest Trusted brand award since 2006.
3) The Indian Insurance Awards 2013 – Claims Service Company
4) Outlook Money Award – Best Life Insurance Provider.
5) The Indian Insurance Awards 2013 – Underserved market penetration.
6) And many more.
Subsidiaries of the LIC
The subsidiaries of the LIC are as follows:
1) LIC Housing Finance
2) LIC Pension Fund Ltd.
3) LIC Nomura Mutual Fund
4) LIC International
5) LIC Cards Services
Key people of the Organization as of now
At the present moment, the key people of the organization are:
1. Shri S. K. Roy, who is the Chairman of the Company
2. Shri S.B. Mainak as the Managing Director, LIC
3. Shri V K Sharma, Managing Director, LIC
4. Smt Usha Sangwan, Managing Director, LIC
5. Shri Arvind Mayaram who is the Secretary, Department of Economic Affairs,
Ministry of Finance, Govt. Of India.
6. Shri Gurdial Singh Sandhu, who is the Secretary, Department of Financial Services
Ministry of Finance, Govt. Of India.
7. Shri A.K. Roy (Chairman and Managing Director, GIC.)
8. Shri Ashwani Kumar (Chairman cum Managing Director, Dena Bank.)
9. Shri Amardeep Singh Cheema
10. Smt Manjari Kackar
11. Shri Sanjay Kallapur
Career Prospects with LIC
Regarding the career prospects of the people, the organization is a good one to bring in a motivation among the people to bring their career towards the high profile. As soon as any person joins the organization, the person is motivated to improve the individuality of the person. The Person can discuss their issues with their Development Officers in charge through the meetings and thus can enhance the business and career. The LIC also provides the enhancement options through absorption into the management. It also helps all agents in building a full time career as a Development Officer in the organization and thus offers a great potential for them to manage a team of agents and personal development.
LIC is the Biggest Insurance Company in India which provides the variety of services and products for the people to make them insurance with financial aspects.