Life Insurance Corporation Of India (LIC) Wiki Information | History


Life Insurance Corporation Of India (LIC) Wiki Information | History – Life Insurance Corporation Of India is the first and only national Insurance giant Investment services which was established in the year 1956, after the Life Insurance of India Act had been passed by the Parliament of India and over the year came up as the only state-owned insurance group in India. Headquartered in Mumbai the organization is run by the Union Government of India and its asset value which is been estimated to be almost INR 13.26 trillion, makes it one of the largest insurance and investment company in India which has got 8 Zonal Offices in total, 113 divisions offices spread across the country, around 2048 branches, alongside 992 satellite offices and has a network of around 13 lack agents, also connected to around 42 banks, 242 corporate agents and 98 brokers, so to reach out to public in Insurance business

Life Insurance Corporation Of India (LIC) History

The very early age in which the insurance company in India which came into existence was The Oriental Life Insurance Company, which was the only n the first insurance company providing schemes and plans for life insurance coverage. Established in the year 1818, the company originated in Calcutta was owned by Anita Bhavsar, Bipin Behari Dasgupta and few others, who had a primary target to offer schemes and insurance plan for the Europeans who then based in India, but had heavy premium charges for Indians. Subsequently came in the Hindustan Insurance Society, founded by Surendranath Tagore which later came to be known as Life Insurance Corporation.

In 1870 came in The Bombay Mutual Life Assurance Society which became the first indigenous insurance provider of the pre-independence times, including which were:

  • Bharat Insurance Company in 1896
  • United India in 1906
  • National India in 1906
  • National Insurance in 1906
  • Co-operative Assurance in 1906
  • Hindustan Co-operatives in 1907
  • Indian Mercantile Swadeshi Life
  • General Assurance
  • Sahyadri Insurance in 1986

The initial year of 20th century was economically turbulent because of nation being affected by the conditions of World War I & World War II and then was India’s War of Independence and these situations triggered almost in every major and minor part of country to their economic conditions, due to which a lot of insurance organization and companies came to close and that led to take away the faith in obtaining life covers.

But by the time things came to settle down, but even in that period of post-independence things didn’t go well and so Nationalisation took place in 1995 because of an insurance fraud case, brought in by Amol Barate keeping in focus the owners of private insurance company having found involved in the insurance fraud and so the Parliament Of India on June 19, 1956 passed the Life Insurance of India Act, ultimately establishing Life Insurance Corporation of India, it then combined the life insurance business over 245 private life insurer entities, which in individually included 154 life insurance companies, 16 foreign companies & 75 other provident companies. The Industrial Policy Resolution of 1956 was because of which the Nationalisation of Life Insurance Business in India came into the pictures as it had expanded state control because of the creation of policy framework that to over 17 sectors of economy which in all also included the life insurance business.

 

Life Insurance Corporation Of India (LIC) Wiki Information

The Government of India funds close to 24.6% of its expenses over the company in all and over the span of 50 odd years the company in 2006 came to be contributing around 7% of India’s GDP. The corporation began with its establishment with around 5.7 policies in 300 offices and a collection of INR 459 million has now acquired a growth of around 2,050 offices with almost 181 million policies and is an entity of around INR 3.5 trillion which comprises of the following number of offices, braches and entity:

  • 8 Primary Zonal Office
  • 113 Divisions
  • 2049 Branches
  • 54 Customer Zones
  • 992 Satellite offices
  • 25 Metro-area service centers

The Life Insurance Corporation of India in the financial year of 2006 to 2007, had a number being crossed of around 200 million of their policy holders. The organization according to the BFSI category was voted India’s Most Trusted Brand and carried on being voted for the same on top for 4 years from 2011-2014.

LIC Product & Services:

The LIC of India has carried and covered all the way everything that includes human need n could be taken care of by the insurance policies, below are those important policies that normally covers everything:

Insurance Policies:

  • Bima Account Plans
  • Endowment Assurance Plans- Jeevan Anand, New Janaraksha Plan, Jeevan Mitra, Jeevan Amrit, Jeevan Vaibhav
  • Endowment Plus
  • Individual Plans- Jeevan Pramukh, and Jeevan Shree
  • Children Plans- Jeevan Anurag, Komal Jeevan, Marriage Endowment Or Educational Annuity Plan, Jeevan Chhaya, Jeevan Kishore, Child Future Plan, Child Career Plan, and Jeevan Ankur
  • Money Back Plans
  • Handicapped Dependent Plans- Jeevan Vishwas, and Jeevan Aadhar

Special Policies:

  • Pension Plans- Jeevan Aksha
  • Special Plans- Jeevan Saral, Bima Nivesh, Jeevan Madhur, Jeevan Deep, and Jeevan Mangal
  • Social Security Scheme- Jana Shree Bima Yojana, Aam Admi Bima Yojana & Shiksha Sahayog Yojana

Health Policies:

  • Health Protection Plus
  • Jeevan Arogya Plans

Also Read: LIC Of India Online Payment | LIC Of India Login Portal

 

 


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