Life Insurance Corporation of India - LIC OF INDIA
LIC of India - Overview
Life Insurance corporation of India (LIC) is the largest insurance corporation in the country. Founded in 1956, with headquarters in Mumbai, Maharashtra, LIC has a network of 2048 branches in urban areas, with 8 zonal and 113 divisional offices. For the needs of rural areas especially, LIC oppened there another 992 satellite offices. LIC's subsidiaries network include LIC of India International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes. As of 31 March 2013, accordingly to LIC's Annual Report 2012-2013, it had over 12 million policy holders, over 1 172 900 agents active and over 120 million policies underwritten. The well-developed LIC of India's Internet service is delivered through private LIC Login online ID.
LIC is among the companies that take seriously not only their customer related duties but also the engagement to their employees. It is known as a good company to work for and a good place to be professionally trained in order to make a successful career in the financial niche.
A remarkable number of awards has collected LIC India for its 57-year business presence. Among the latest indications of a high-level professionalism is the fact that since 2006, LIC has been winning the 'Trusted Brand' award (Reader's Digest magazine) every year.
History of LIC
LIC of India's establishment in 1956 was the result of merging over 245 insurance companies and provident societies into a state owned corporate body. As about the history of the sector in India, the first provider of modern form insurances there was the Oriental Insurance Company - however, it was oriented to European clients mainly and could not offer suitable financial conditions to the Indian ones. Incorporated in 1918, in 1956 it became one of the LIC's founding companies. Later, in 1870, another one of these companies was created - The Bombay Mutual Life Assurance Society, which became the India's first native insurance provider. Untill the Nationalisation in 1955, the activity in the Indian financial sector has been marked by stormy economic environment. The effects of India's First War of Independence, World War I and II and world economy crises due to the Great Depression, resulted in increment of life insurance rates, on the one hand, and on the other - in liquidation of many companies in the niche. On 19 June 1956, with the purpose to beat the insurance fraud practices, Indian Parliament passed the Life Insurance Corporation of India Act - thus incorporating the LIC of India. LIC started officially its operations on 1 September 1956, having as a basis the contribution of Rs. 50,000,000 (5 crore) made by the Indian Government.
Shortly after its establishment, LIC become a head participant and developer of insurance sector in India, as well as of Indian financial business as a whole. The first period of LIC's history was a period of its monopoly in the niche; later, in August 2000, Government started its program of liberalisation of the insurance sector by making it available for private business. Instead of meeting this change of conditions with a loss, LIC actually felt it profitable - due to its much higher financial basis and its tradition in providing qualified service.
The professional experience of LIC has always been exemplary both to its rivals and its collaborators. From year to year, LIC India constantly grows as about customer base, agency base and branch network simultaneously. LIC was the first to bring life insurance service closely to the masses, by making it really accessible and beneficial to them. Since the very beginning of its history, LIC of India has not only started the process of developing finances and infrastructure in the country but, also, has been playing a leading part in it. Today, LIC surely continues to be a front runner in its sector despite of the intensive competition there.
LIC Products and Services
LIC of India currently offers more than 40 insurance plans designed with due respect to the variety of needs and social segements in India. As well, plans offered by the foreign LIC offices are modified in a relevant to the particular area way. To its non-resident Indian customers, LIC provides special references and options. And, the last but not least, to meet the modern requirements in financial sector, LIC of India offers to its customers all the expected technology solutions allowing service through Internet (via private LIC online ID) and cell phone.
Below is what is in your basket with LIC India.
1. LIC's insurance plans including:
• endowment plans - single premium endowment / new endowment plans and LIC's new Jeevan Anand;
• money back plans - new money back plans 20 or 25 years and LIC's new Bima Bachat.
2. LIC's pension plans - options of
• LIC's Jeevan Akshay VI, with the possibility of yearly increasing cover.
3. LIC's unit plans - solutions for those who want to make the best out of their money especially if they do not have consistent income; with LIC's unit plans they are able to increase the benefits of their savings, save tax and more.
4. LIC's special plans - offers that are much more opportunities than only plans, they include combination of LIC India insurance and investments.
5. LIC's group scheme - especially desined by LIC of India to serve employees, associations etc., with the options of:
• group insurance plans (group term insurance, group gratuity insurance, group leave encashment scheme, group critical illness rider etc.);
• social security plans (JanaShree Bima Yojana, Shiksha Sahayog Yojana, Aam Admi Bima Yojana).
6. LIC's withdrawn plans - a lot of options to choose from; for instance: Child fortune plus, The whole life policy, The whole life policy with limited payment, Wealth plus, Two-year temporary assurance policy, Bima account 1 and 2 and many more.
7. LIC's health plans - the options of
• LIC's Jeevan Arogya, with yearly increasing cover.
LIC Online Service via LIC login ID
To be an 'old generation' company does not means you are conservative and blind to innovations - this is what proves LIC of India in the competition with its rivals. Being aware that the quality of customers' experience is as important as the overall service quality, LIC of India has implemented all the needed requirements for a successful online presence. Rich but comprehensible information, easines of use - these are the attributes of the well-developed by LIC online portal. There, by creating private LIC login name and passowrd, customers can access the Payment Gateway - LIC of India's time-saving solution for online service. Once obtained, your LIC ID enables you to easily make payments under your LIC insurance; there are also a lot of references available no matter if you are logged in to your ID or not - actually, LIC provides you with a lot of references even if you still don't have a LIC login ID. Here are the details.
➢ What you can do through your LIC of India ID:
LIC online (LIC ID) makes it possible to process your insurance payments through Internet, as exposed; and there are three ways to do it:
• payments througn LIC login and net banking - you can choose between all the banks LIC is in collaboration with;
• payments through LIC login and VIZA debit card - again, you can choose between all the VIZA debit card issuers in collaboration with LIC;
• payments through LIC login and VIZA/Master credit card - allowed as for now are only cards issued in India.
➢ What you can get even out of your LIC of India ID:
Time saving is among the main features of LIC's web portal - as mentioned, you are free to access a lot of useful information even without accessing your LIC ID. Namely, you can get:
• full and regularly updated list of banks allowed by LIC of India to process your insurance payment through LIC online ID (LIC login) - by net banking and by VIZA debit card;
• the main legal regulations regarding the above kind of payments;
• a fast online calculator to help you in choosing LIC insurance plans and details;
• a smart kind of digital online advisor on LIC insurance plans and details;
• a comprehensible and easy to remember graphic exposing all the available ways to make your LIC payments - online, mobile and offline;
• an online LIC branch and doctor locator
and much more.
'A true saga of Trust' - this is how LIC of India's professionals define the path of their company through the years and they surely do not strech the truth. Meeting people's needs with real respect and attention to detail, keeping in mind that business life is always secondary in comparison with life business, Life Insurance Corporation of India makes it possible to believe that money are not always the Evil and India is a country where every single human being matters.
LIC Housing Finance Ltd Share Price Quote
|Trade Date||01-08-2014 06:04:56|
|Today's Range||285.00 - 291.80|
|52 Week Range||152.80 - 352.95|