Life Insurance Corporation of India
While the pros and cons of internal networking remains concealed within the officials and hidden for the common customers, the customer portal somehow fails to satisfy the 21st century customers. As a matter of fact, if Mr.However, it still manages to be the largest player in the Indian market, with the lion s share of 55%. The recent Economic Times Brand Equity Survey rated LIC as the No. The subsequent Insurance Act of 1938 brought stricter state control over an industry that had seen several financially unsound ventures fail.
It also funds close to 24.6% of the Indian Government s expenses. This had adversely affected the faith of the general public in the utility of obtaining life cover. The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the first regulatory mechanisms in the Life Insurance industry.
Eventually, the Parliament of India passed the Life Insurance of India Act on 1956-06-19, and the Life Insurance Corporation of India was created on 1956-09-01, by consolidating the life insurance business of 245 private life insurers and other entities offering life insurance services. B, A can tag up X with his own Profile in LICI portal and get all the details of the policy.
5 for a US $ http://data.un.org/Data.aspx?d=CDB&f=srID:6080), has grown to 25000 servicing around 180 million policies and a corpus of over INR 8 trillion (US$ 173 billion). The organization now comprises 2048 branches, 109 divisional offices and 8 zonal offices, and employs over 1,002,149 agents.The corporate Office of LIC is in Mumbai. The Indian Insurance Companies Act of 1928 authorized the government to obtain statistical information from companies operating in both life and non-life insurance areas.
A knows the policy number and premium value of certain policy X of Mr. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider.
It has assets estimated of 8 Trillion Rupees (or about $170 Billion dollars). Other insurance companies established in the pre-independence era included The first 150 years were marked mostly by turbulent economic conditions.
The top brass is appointed by the Government of India after an intensive selection procedure. Apparently, low bandwidth, unwise web page hyper linking, illogical page set ups, all just contribute to the irritation of common net age customers. The portal gives opportunity to register any policy to be tagged up with any one.
Nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least seventeen sectors of the economy, including the life insurance. Dasgupta (Managing Directors). .
It also operates in 12 other countries, primarily to cater to the needs of Non Resident Indians. With the change in the India s economic philosophy from the early 1990s, and the subsequent relaxation of state control over several sectors of the economy, the monopolistic position of the Life Insurance Corporation of India was diluted, and it has had to compete with a number of other corporate entities, Indian as well as transnational Life Insurance brands. Moreover, though the organization is officially known as Life Insurance Corporation of India, abbreviated, LICI, the portal welcomes a customer to LIC. As a result of this flaw in the website, online payment of premium through the site could not become that popular option for the customers which otherwise it could have. The site fails to show the details of all its recognized agents in its Agent locator section. LIC is one of the largest employers in India.
The company began operations with 5 zonal offices, 33 divisional offices and 212 branch offices. Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of India s GDP in 2006. The Corporation, which started its business with around 300 offices, 5.6 million policies and a corpus of INR 459 million (US$ 92 million as per the 1959 exchange rate of roughly Rs. The first half of the 20th century also saw a heightened struggle for India s independence.
1 Service Brand of the Country. In the financial year 2006-07 Life Insurance Corporation of India s number of policy holders are said to have crossed a whopping 200 million (fourth in terms of population of the countries of the world) LIC owns the following subsidiaries: The insurance giant opted for internet services for all its subscribers and developed massive networking for own usage and internal governance. The organization is headed by 4 officers, namely the Chairman and three Managing Directors.
Though the company was accused to go by mere seniority in number of years for the selection of the senior management, this has changed as seen in the case of Thomas Matthew and A. It was founded in 1956. Headquartered in Mumbai, which is considered the financial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public. The Oriental Life Insurance Company, the first corporate entity in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others.
The aggregate effect of these events led to a high rate of bankruptcies and liquidation of life insurance companies in India. Europeans in India were its primary target market, and it charged Indians heftier premiums.
A bill was also introduced in the Legislative Assembly in 1944 to nationalize the insurance industry. In 1955, parliamentarian Feroze Gandhi raised the matter of insurance fraud by owners of private insurance companies. In the ensuing investigations, one of India s wealthiest businessmen, Ram Kishan Dalmia, owner of the Times of India newspaper, was sent to prison for two years.
It witnessed, India s First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The Life Insurance Corporation of India (Hindi: भारतीय जीवन बीमा निगम) (LIC) is the largest life insurance company in India and also the country s largest investor.; it is fully owned by the Government of India.
