Feroz Gandhi initiated a number of nationalization driver, starting with the Life Insurance Corporation

Founder Of LIC :

Chairman ,

S.K.ROY

o Type : State Owned.

o Industry : Financial Services.

o Founded : 1 September 1956.

o Headquarters : Mumbai , India.

S.K.Roy.

Managing Director,

Shushobhan Sarker

S.B.Mainak (M.D),

N.R.Guha (M.D),

V.K.Sharma(M.D),

Usha Sangwn (M.D).

Key People

Chairman

LIC Housing Finance, LIC Pension fund Ltd , LIC Investment, LIC Cards Services, LIC Nomura Mutual Fund,

Subsidiaries:

o Slogan : "Your welfare is our responsibility".

o Products : Life Insurance , Health Insurance, Investment Management & Mutual Fund.

o Total Assets : 15,60,481.84 Crore (2013).

o Owner(s) : Government Of India.

o Employees : 1,19,767 (Mar 2013).

LIC is an Indian state owned insurance group and investment company , it is an largest insurance company in India with an estimated asset value of Rs.15,60,481.84 Crore ( us $ 260 billion).

As of 2013 it had total life found of Rs.14,33,103.14 Crore with total value of policies sold of 367.82 lack that year.

The company Was Founded in 1956 When The Parliament of India passed the life insurance of India Act that Nationalized the private insurance industry in India . over 245 insurance companies and provident societies, where merged to create the state owned Life Insurance Corporation .

Introduction

The first company in India Offering Life insurance coverage ,was established in Calcutta in 1818 by Bepin Beheri Dasguptta and other . Surendarnath Tagore (son of Satyendranath Tagor ) had founded Hindustan Insurance Society, which later Become Life Insurance Corporation. In 1995, Parliamentarian Amol Barate raised the matter of insurance fraud by owners of private Insurance agencies.

LIC has 8 zonal offices 109 divisional officers 2048 branches 992 satellite offices & corporate offices It also has 54 customer zones & 25 metro area services

As on 31 March 2013, LIC had 1,19,767 employees, out of which 24,295 were women (20%).Agency strengthLIC had 12,78,234 agents as on 31 March 2013, out of which the number of active agents were 12,14,111

Category of employees Total Number No. of Women

Class-I Officers 28,417 5,375

Development Officers 25,638 861

Class III/IV employees 65,712 18,059

Total 119,767 24,295

Employees Of LIC :

o Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes .

o Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.

o Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.

o Mission:

"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development

o Vision:

"A trans-nationally competitive financial conglomerate of significance to societies and Pride

of India." 

Awards and recognitions: The Economic Times Brand Equity Survey 2013 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.

o STRENGTHS: India’s top insurance company and best among Public sector

company. Provide better infrastructure than any other Public company.

o WEAKNESSES: Average waiting time for the customer is 15 to 20 minutes. No separate customer care unit

oOPPORTUNITIES:Setup a marketing cell at the local branch.Ensure that policies are diversified across several customer segments

o THEREATS:

Growth of private players has led to shifting emphasis from public sector companies.

References :-www.Google.com www.Wikipidia.comwww.lic.co.in

Pune warriors.