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INTRODUCTION OF LIFE INSURANCE CORPORATION OF INDIA.
The Life Insurance Corporation of India (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. It also funds close to 24.6% of the Indian Government's expenses. 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 one million and 200 thousand agents for soliciting life insurance business from the public.
The corporation is an autonomous and has necessary to run on sound principles. The corporation has been carrying out the role assigned to it and justifying confidence of public by offering adequate security at reasonable cost, dependable service, economic management and favorable returns to the nation at large.
In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office. Re-organization of LIC took place and large number of new branch offices was opened. As a result of re-organization, servicing functions were transferred to the branches, and branches made accounting units. It worked wonders with the performance of the corporation.
It may be seen that from about 200 crores of new business in 1957 the corporation crossed 1000 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had crossed 7000 crore sum assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LIC’s wide are network covers 100
The Life Insurance Corporation of India (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. It also funds close to 24.6% of the Indian Government's expenses. 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 one million and 200 thousand agents for soliciting life insurance business from the public.
The corporation is an autonomous and has necessary to run on sound principles. The corporation has been carrying out the role assigned to it and justifying confidence of public by offering adequate security at reasonable cost, dependable service, economic management and favorable returns to the nation at large.
In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office. Re-organization of LIC took place and large number of new branch offices was opened. As a result of re-organization, servicing functions were transferred to the branches, and branches made accounting units. It worked wonders with the performance of the corporation.
It may be seen that from about 200 crores of new business in 1957 the corporation crossed 1000 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had crossed 7000 crore sum assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LIC’s wide are network covers 100