Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India.The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
History
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan Insurance Society, which later became Life Insurance Corporation.
The first 150 years were marked mostly by turbulent economic conditions. 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 first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
The Parliament of India passed the Life Insurance of India Act on June 19, 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the life insurance business of 245 private life insurers and other entities offering life insurance services, this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalisation 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 life insurance.
Products and services
LIC offers a variety of insurance products to its customers such as insurance plans, pension plans, unit-linked plans, special plans and group schemes.
Operations
Today,the LIC has 8 zonal offices, around 109 divisional offices, 2,048 branches and 992 satellite offices and corporate offices; it also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,337,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.
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Slogan
LIC's slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as "Your welfare is our responsibility". This is derived from ancient Hindu text, the Bhagavad Gita's 9th chapter, 22nd verse. The slogan can be seen in the logo, written in Devanagari script.
Awards and recognitions
• The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service Brand of India.
• From the year 2006, LIC has been continuously winning the Readers' Digest Trusted brand award.
• Voted India's Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years - 2011-2014 according to the Brand Trust Report.
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