19-12-2012, 04:06 PM
LIFE INSURANCE CORPORATION OF INDIA
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INTRODUCTION
Life Insurance Corporation was formed as a government regulated monopoly in September 1956 by an act of Parliamentary, (LIC Act 1956) with a capital contribution of Rs 50 million. Over the years, LIC built a strong distribution and agent network. By now, LIC had 2048 branches and 6,28,301 agents across the country. LIC was a financial powerhouse, with a presence in mutual funds and housing loans besides life insurance.The company had insured more than 23 crore people in the country through its individual and group schemes. Of the 60-80 million life insurance policies outstanding, 48% were from the rural and semi urban areas. This is very impressive since no company in any other industry had been able to tap the rural market to this extent. Other branches out of India- UK, Fiji, Mauritius, Nepal, Sri Lanka, Kenya, Bahrain, Oman, Qatar, Kuwait, UAE, Saudi Arabia. It has assets estimated of 5 Trillion Rupees. Headquartered in Mumbai , which is considered the financial capital of India. Today LIC can boast of great achievements in IT and investment under able Chairmanship of T S Vijayan.
Mission and Vision of LIC
Vision
“A trans-nationally competitive financial conglomerate of significance to societies & PRIDE OF INDIA“
Mission
“Ensure & 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”
INTERACTIVE VOICE RESPONSE SYSTEMS
IVRS has been made functional in more than 50 centers all over the country. This would enable customers to ring up LIC and receive information about their policies on telephone. This information could also be faxed on demand to the customer.