Everything About The First Insurance Company in India

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Life Insurance Corporation (LIC) is one of the main Insurance firms of India for past five decades. It is the most believed organization getting a charge out of over 60 years of trust, confidence and certainty of individuals.

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About LIC

 It is known as the “Annuity Provider” of the nation. All things considered, from an investigation of the accessible information demonstrates that the year 1956 was extremely unmistakable as far as changes that occurred in the Insurance protection part and other private segment organizations.

History of LIC

On January 19, 1956, the Central Government of India assumed control over the charge of every one of the 154 Indian, 16 Non-Indian and 75 fortunate social orders (solidified 245 private insurance agencies) which were working in India around then. Parliament of India passed the Life Insurance of India Act that nationalized the private protection industry in India. More than 245 insurance agencies and opportune social orders were converged to make the state possessed Life Insurance Corporation.

The Parliament of India passed the Life Insurance Corporation Act on the 19th June 1956. LIC was made on first September 1956 with the merger of in excess of 245 insurance agencies and opportune social orders. It was shaped under a demonstration of the parliament viz. LIC Act, 1956 with an underlying capital of Rs. 5 crores from the Government of India.

Estimated worth of LIC

LIC is an Indian state-claimed insurance firm and speculation organization headquartered in Mumbai. It is the biggest insurance agency in India with an expected resource estimation of ₹3,111,847 crore (US$450 billion 2019. As of 2019 it had all out-life reserve of ₹28,28,320.12 crore and all out number of strategies sold coming in at ₹214.33 lakh that year (2018-19). LIC settled 259.54 lakh guarantees in 2018-19. LIC has 29 crore strategy holders.

hyderabad office of LIC

The saying of the LIC

The saying of the LIC is “Yogakshemam Vahamyaham” which implies – your welfare is our duty.

Slogan of LIC

The slogan of LIC is – “Zindagi Ke Sath Bhi, Zindagi Ke Bad Bhi”.

LIC Executive Board

The LIC Executive board comprises of an aggregate of five individuals where one seat is of the Chairman, and the other four are the Managing Directors.

1.               Chairman M. R Kumar
2.               Managing Director V. Venugopal
3.               Managing Director Hemant Bhargava
4.               Managing Director Vipin Anand
5.               Managing Director T C Sushil Kumar

Target of LIC

The essential target of LIC is to give life coverage approaches to all the area of society. To give life coverage administrations and budgetary spread to the low-salary section at a moderate expense in rustic territories of the nation.

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Branches of LIC in India

LIC has 113 divisional workplaces with 2048 branch workplaces in India. It has 1408 satellite park branches, and all workplaces are associated by a huge system which is empowered to guarantee the installments of premium anyplace the country over.

It likewise comprises of 54 client zones and 25 metro zone administration centers situated in various urban communities of India. It is the main Insurance organization which has an individual operator base of 1,537,064 which itself denotes a powerful way to deal with give appropriate channelization into the protection showcase. Aside from the specialists of LIC, it additionally covers with 342 corporate operators, 109 referral operators, 114 merchants and 42 banks for requesting extra security business from general society.

It is the biggest life coverage organization in India. The home office of LIC is in Mumbai. It contains 8 zonal workplaces which are situated in:

Mumbai
New Delhi
Kolkata
Chennai
Bhopal
Kanpur
Hyderabad
Patna

Branches of LIC in Abroad

LIC is available in 14 nations through branch workplaces, entirely claimed backups and joint endeavors in the accompanying nations. Among these nations, LIC is the market chief in Fiji, Bahrain and Nepal.

Fiji Mauritius UK
Bahrain Kuwait Qatar
UAE Oman Kenya
Nepal Sri Lanka Singapore
Bangladesh New Zealand

LIC Partners

LIC HFL Financial Services Ltd.  LIC Housing Finance Ltd.
LICHFL Care Homes Ltd.  LIC Mutual Fund AMC Ltd.
LIC card Services Ltd.  LIC Pension Fund Limited.

Benefits of LIC

Extra security Medical coverage
Speculation Management Banking

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LIC Insurance Plans

A conservative rundown of all LIC Insurance Plans: At present LIC is managing five distinct classes of protection plans they are as per the following:

Enrichment Plan-Entire Life Plan
Cash Back Plan-Term Assurance Plan
Rider Plan

(A) Further Endowment plan involves

LICs Jeevan Pragati LICs Jeevan Labh
LICs Single Premium Endowment Plan LICs new Endowment Plan
LICs New Jeevan Anand LICs Jeevan Rakshak
LICs Limited Premium Endowment Plan LICs Jeevan Lakshaya
LICs Aadhar Shila LICs Aadhar Stambh

(B) LICs Jeevan Umang goes under Whole Life Plan

(C) Money Back Plans are-

LICs Bima Shree LICs Jeevan Shiromani
LICs New Money back arrangement LICs New Bima Bachat
LICs New Children’s Money Back Plan LICs Jeevan Tarun

(D) Term Assurance Plans are 

LICs Anmol Jeevan II
LICs Amulya Jeevan II
LICs e-Term

(E) Rider Plans are

LICs Linked Accidental Death Benefit
LICs Accidental Death and Disability Benefit Rider
LICs Accident Benefit Rider
LICs New Credit Illness Benefit Rider
LICs New Term Assurance Rider

LIC posts a benefit of Rs 26,147.52 crore in the monetary year 2017-18.  As per the Shiv Pratap Shukla, Union Minister of State for Finance, LIC has announced a development of 29 percent in its net benefit at Rs 26,147.52 crore in FY18. While giving a composed answer to an inquiry in Lok Sabha Shiv Pratap Shukla expressed that the organization had posted a benefit of Rs 20,269.47 crore in FY17.

In November 2018, LIC recorded an excess of Rs 48,444 crore in the current monetary, paid Rs 2,430 crore profit to the legislature for the money related year 2017-18. Guarantee Settlement Ratio – Claim Settlement Ratio is a marker of how much demise claims Life Insurance Company settled in any monetary year. It is determined as the absolute number of cases got against the all-out number of cases settled.

Allow us to state, Life Insurance Company got 100 cases, and among those, it settled 98, at that point the case settlement proportion is intended to be 98%. Remaining 2% claims the Life Insurance Company rejected. As indicated by IRDAI’s yearly report, in FY 2017-18, LIC has settled 98.04% individual demise claims. As indicated by the LIC, it had settled 215.58 lakh cases adding up to Rs 1,12,700.41 crore during the money related year 2016-2017.

Pradhan Mantri Vaya Vandana Yojana (PMVVY) through LIC

Pradhan Mantri Vaya Vandana Yojana promotional image

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a benefits plan for senior residents oversaw and worked by Life Insurance Corporation (LIC).

Least Age: 60 years

Most extreme Age: No point of confinement

Arrangement Term: 10 years (The annuity will be paid for a long time)

The legitimacy of plan – according to the declaration made in the Budget 2018, the plan will stay open for membership till 31st March 2020.

LIC dispatches Micro Bachat plan

In Feb 2019, LIC propelled another Micro Insurance Plan called “Small scale Bachat”. It is a normal premium, non-connected, taking part Endowment Micro Insurance Plan, which offers a blend of security and reserve funds.

LIC’s new Navjeevan plan

In March 2019, LIC has propelled the “Navjeevan Plan”, another confirmation strategy which offers a mix of assurance and reserve funds plan for individuals.

‘Best Life Insurance’ title

In the 23rd version of the Business Today-Money Today Financial Awards which was declared on March 7, 2019, LIC was given the ‘Best Life Insurance’ title.

Intriguing realities about LIC

From 1956 to 2000 LIC was the main organization for the life coverage business in India. The LIC is a 100% government-possessed organization. In this way the legislature has given an assurance to give the case sum in the event that LIC defaults. LIC is the most critical institutional financial specialist of Indian Share showcase. It puts around 50,000 crores consistently in the offer market. LIC is one of the top 10 most confided in Insurance brands in India. LIC stays to be the predominant life safety net provider even in the changed situation of Indian protection and is moving quick on another development direction outperforming its very own past records.

LIC Official Site

www.licindia.in

LIC Procure IDBI Bank

idbi bank building

On January 21, 2019, LIC finished the obtaining of 51% controlling stake in IDBI bank making it the dominant part investor of the bank. The bureau endorsed the obtaining of controlling stake by Life Insurance Corporation (LIC) as an advertiser in the IDBI Bank in August 2018. LIC’s stake will help IDBI Bank to get capital help of Rs 10,000 – Rs. 13,000 crores.

IDBI bank obligation record

From the most recent couple of years, IDBI bank experiences some noteworthy budgetary misfortunes. In December 2018 (second from last quarter according to Financial year), IDBI announced a misfortune Rs 4,185.48 crore as an awful credit obligation. The bank additionally revealed an overall deficit of 1,524.31 crores rupees in the comparing quarter of past monetary. Likewise, the all-out salary diminished to Rs 6,190.94 crore for the quarter, contrasted and the Rs 7,125.20 crore last quarter of last monetary.

As guaranteed by IDBI Bank’s MD and CEO the workers will continue getting similar advantages and appreciate the professional stability even after the LIC gets the status of an advertiser, despite the fact that the bank may enlist just contract-based representatives in future who won’t appreciate the advantages as offered on current representatives.

IDBI Bank, LIC ink bank assurance agreement

IDBI Bank has consented to an arrangement with LIC to go about as a corporate specialist for the backup plan. The bank will offer LIC arrangements to its 1.8 crore retail clients through its 1,800

branches and get a commission as an end-result of the equivalent. The bank will turn into the favored bank for LIC premium installments and capacity as an excellent point to help the closeout of LIC items consequently picking up from expenses and buoy salary.

LIC stake in Punjab National Bank

In December 2017, LIC expanded its stake in the Punjab National Bank (PNB) to 13.93% through qualified institutional arrangement.

Note of LIC

On March 13, 2019, the administration named MR Kumar as the Chairman of LIC. He was the Zonal Manager of North Zone and will hold the post of the LIC Chairman for a long time. T C Sushil Kumar and Vipin Anand have been selected as the Managing Directors of the LIC for a long time.

LIC Safety net provider or financial specialist?

LIC has been normally considered as the ‘white knight’ of the disinvestment projects of the administration since it has helped a few such offers sail through, be it the NTPC stake deal or the State Bank of India mega QIP in 2014 Indeed, even LIC has likewise made enormous interests in the underlying open contributions of organizations like Hindustan Aeronautics, General Insurance Corporation of India and New India Assurance.

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