WHAT
IS LIFE INSURANCE
Life
insurance is a contract that pledges payment of an amount to the person assured
(or his nominee) on the happening of the event insured against. The contract is
valid for payment of the insured amount during the date of maturity or
specified date at periodical intervals or unfortunate death, if it occurs
earlier.
HISTORY OF
LIFE INSURANCE
Life Insurance in its modern form came to India from England Calcutta
Later, the foreign life insurance companies started
insuring Indian lives.
Bombay Mutual Life Assurance Society heralded the
birth of first Indian life insurance company in the year 1870.
Bharat Insurance Company (1896) was also one of such
companies inspired by nationalism.
The United India in Madras ,
National Indian and National Insurance in Calcutta
and the Co-operative Assurance at Lahore
In the year 1912, the Life Insurance Companies Act,
and the Provident Fund Act were passed.
Insurance Act 1938 was the first legislation governing
not only life insurance but also non-life insurance to provide strict state
control over insurance business.
To amend the Life Insurance Act 1938, in 1944 a bill
was introduced in the Legislative Assembly.
On 19th January 1956, life insurance in India
About 154 Indian insurance companies, 16 Non-Indian
companies and
75 Provident were operating inIndia
75 Provident were operating in
The Parliament of India passed the Life Insurance
Corporation Act on 19th June 1956 and the Life Insurance Corporation of India
was created on 1st September 1956, with the objective of spreading life
insurance much more widely and in particular to the rural areas to reach all
insurable persons in the country, providing them adequate financial cover at a
reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212
branch offices, apart from its corporate office in the year 1956.
Re-organization of LIC took place and large numbers of
new branch offices were opened.
Today LIC functions with 2048 fully computerized
branch offices,
109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office.
109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office.
LIC’s Wide Area Network covers 109 divisional offices
and connects all the branches through a Metro Area Network.
LIC has tied up with some Banks and Service Providers
to offer on-line premium collection facility in selected cities.
LIC to take this message of protection to light the
lamps of security in as many homes as possible and to help the people in
providing security to their families.
SOME
IMPORTANT MILESTONES IN LIFE INSURANCE BUSINESS IN NDIA
1818 :
Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.
1870 : Bombay
1912 : The
Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928 : The
Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 :
Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956 : 245 Indian
and foreign insurers and provident societies are taken over by the central
government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance
business in India , on the
other hand, can trace its roots to the Triton Insurance Company Ltd., the first
general insurance company established in the year 1850 in Calcutta
SOME
IMPORTANT MILESTONES IN GENERAL INSURANCE BUSINESS IN INDIA
1907 : The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.
1957 : General Insurance Council, a wing of the Insurance
Association of India, frames a code of conduct for ensuring fair conduct and
sound business practices.
1968 : The Insurance Act amended to regulate investments and set
minimum solvency margins and the Tariff Advisory Committee set up.
1972 : The General Insurance Business (Nationalisation) Act, 1972
nationalised the general insurance business in India
107 insurers amalgamated and grouped into four
companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.
SOME SHORT FORMS
SC (Statutory Company)
PC (Public Company)
PC (Private
Company)
LIC (Life Insurance Corporation of India
DO (Development Officer)
MF (Mutual Fund)
IRDA (Insurance Regulatory and Development Authority)
GHIP
(Group Health Insurance Policy)
IHIP
(Individual Health Insurance Policy)
Group
Health Insurance Policy
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Individual
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INSURANCE
PLANS OF LIC
Bima
Account Plan 1 and 2, Endowment Plus,
CHILDREN
PLANS
Jeevan Anurag,
Jeevan Kishore,
Child Career
Plan, Child
Future Plan,
Jeevan Ankur, Komal Jeevan, Jeevan Chhaya, Educational Annuity Plan
Jeevan Ankur, Komal Jeevan, Jeevan Chhaya, Educational Annuity Plan
PLANS FOR
HANDICAPPED DEPENDENTS
ENDOWMENT
ASSURANCE PLANS
The Endowment
Assurance Policy, Jeevan Mitra, Jeevan Anand,
New Janaraksha Plan, Jeevan Amrit, Jeevan Sugam
New Janaraksha Plan, Jeevan Amrit, Jeevan Sugam
PLANS FOR
HIGH WORTH INDIVIDUALS
MONEY
BACK PLANS
Jeevan
Surabhi, Bima
Bachat, Jeevan
Bharati (for Women)
WHOLE
LIFE PLANS
TERM
ASSURANCE PLANS
Anmol
Jeevan, Amulya Jeevan
JOINT
LIFE PLAN
PENSION PLANS
OF LIC
UNIT PLANS
OF LIC
SPECIAL PLANS
OF LIC
HEALTH
PLANS OF LIC
GROUP
SCHEMES OF LIC
Group Term Insurance
Schemes, Group Insurance Scheme in Lieu of
Employee’s Deposit Linked Insurance (EDLI), Group Gratuity Scheme,
Group Savings Linked Insurance Scheme, Group Leave Encashment Scheme, Group Mortgage Redemption Assurance Scheme, Group Critical Illness Rider,
Jana Shree Bima Yojana, Shiksha Sahayog Yojana, Aam Admi Bima Yojana
Group Savings Linked Insurance Scheme, Group Leave Encashment Scheme, Group Mortgage Redemption Assurance Scheme, Group Critical Illness Rider,
Jana Shree Bima Yojana, Shiksha Sahayog Yojana, Aam Admi Bima Yojana
WITHDRAWN
PLANS OF LIC
Jeevan Nischay, Wealth Plus, Jeevan Aastha, Jeevan Varsha, Fortune Plus, Health
Plus, Pension Plus, New Jeevan
Dhara, Jeevan
Vriddhi, Market
Plus, Profit Plus,
Money Plus, Child Fortune Plus,
Jeevan Saathi
Plus, Samridhi Plus,
Jeevan Nidhi,
New Jeevan
Suraksha, Jeevan
Vaibhav
MONO OF LIC
MEANING OF MONO OF LIC
A
palm covering the lamp.
It
means providing support and light in adverse conditions.
PUNCHLINE OF LIC
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MEMBERS
OF THE BOARD OF DIRECTORS OF LIC
Shri
D.K. Mehrotra, (CHAIRMAN, LIC)
Shri Thomas
Mathew T.
(Managing Director, LIC)
Shri
Sushobhan Sarker (Managing Director, LIC)
Shri Arvind
Mayaram
(Secretary, Department of Economic Affairs, Ministry of Fin., GOI)
Shri Rajiv
Takru (Secretary,
Department of Financial Services, Ministry of Finance, GOI)
Shri A.K. Roy
(Chairman
cum Managing Director, GIC)
Shri M.V.
Tanksale
(Chairman & Managing Director, Central Bank of India
Shri Anup
Prakash Garg, Shri Sanjay Jain, Shri Ashok Singh, Shri K.S. Sampath,
Shri Amardeep Singh Cheema, Smt. Manjari Kackar
Shri Amardeep Singh Cheema, Smt. Manjari Kackar
FOREIGN UNITS OF LIC
AWARDS
RECEIVED BY LIC IN 2011-12
Readers Digest , Superbrands, Asian Leadership
Awards, ET Brand Equity's Most Trusted, CNBC AWAAZ, Dainik Bhaskar Group,
Bombay Chamber of Commerce, ABCI, Star News - Customer Centric Brand Award
INSURANCE COMPANIES
PUBLIC SECTOR (Government of India
National Insurance Co Ltd, New India Assurance Co Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd
PRIVATE SECTOR
Bajaj Allianz General Insurance,
Bharti AXA General Insurance, Cholamandalam
MS, Future Generali India Insurance, HDFC ERGO General
Insurance, ICICI Lombard, IFFCO Tokio, Liberty Videocon
General Insurance Co Ltd, L & T General Insurance, Magma HDI General
Insurance Co Ltd, Max Life Insurance Co Ltd, Raheja QBE General Insurance, Reliance General Insurance, Royal
Sundaram, SBI General Insurance, Shriram General Insurance, Tata AIG (American
International Group) General, Universal Sompo General
Insurance
STAND ALONE HEALTH
INSURANCE COMPANIES
PRIVATE SECTOR
Apollo Munich
Max Bupa Health Insurance
Religare Health Insurance Company Ltd
Star Health and Allied Insurance company Ltd
EXPORT CREDIT GUARANTEE
INSURANCE COMPANIES
PUBLIC SECTOR
AGRICULTURE INSURANCE
COMPANIES
Agriculture insurance co.of India Ltd.
LIFE INSURANCE COMPANIES
PUBLIC SECTOR (Government of India
Life Insurance Corporation of India
PRIVATE SECTOR
AEGON Religare Life Insurance, Aviva Life, Shriram Life
Insurance, Bajaj Allianz Life Insurance, Bharti
AXA Life Insurance Co Ltd, Birla Sunlife, Canara HSBC Oriental Bank of Commerce
Life Insurance, Star Union Dai-ichi Life Insurance, DLF(Delhi Land & Finance)
Pramerica Life Insurance, Edelweiss Tokio Life Insurance Co. Ltd, Future
Generali Life Insurance Co Ltd, HDFC
Standard Life Insurance Company Limited, ICICI
Prudential, IDBI Fortis Life Insurance, India First Life Insurance Company,
ING (International Netherlands Group) Vysya Life Insurance, Kotak Life Insurance,
Max Life Insurance, PNB Met Life India Life Insurance, Reliance Life Insurance
Company Limited, Sahara Life Insurance, SBI Life Insurance Company Limited,TATA
AIG(American International Group) Life Insurance
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