LIC of India
Life Insurance Corporation of India is a Government-owned enterprise engaged in the business of providing insurance services. It was founded on September 19, 1956 under an Act of Parliament to provide a variety of insurance products to the general public at affordable rates.
The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance company in India. LIC was formed when hundreds of life insurance companies were nationalized. Here’s a brief look into the history of LIC –
History of LIC of India
Introduction of life insurance in India The concept of life insurance was introduced in India under British rule in the year 1818.
Coverage of Indian lives In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.
Development of multiple companies The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with an in-force business of INR 298 crores.
Need for nationalization of life insurance Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.
Formation of LIC LIC was established on 1st September 1956 after the Parliament passed the Life Insurance Corporation Act on 19th June 1956. Although there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.
Reach and Range of Products:
The products are marketed through its network of agents and branches located throughout the country. The company has more than 1400 offices and over 6500 representatives across India.
Central Office: Mumbai.
8 Zonal Offices: Mumbai, Delhi, Kolkata, Chennai, Bhopal, Kanpur, Hyderabad, and Patna.
113 Divisional Offices throughout the country.
2048 Branch Offices at various places.
1346 Satellite Sampark Branches.
1242 Mini Offices.
Range of Products:
We have a wide range of products catering to different segments of Individuals and Group Insurance products for companies. The company provides life insurance products, pension plans, investment plans, and savings plans.
LIC Agency is an Unique Career
First Commission on sales
Low Insurance Penetration.
Low Insurance Density.
Low Volume of Life Insurance Premium.
High per capita Savings.
Increase in working population.
Growth in personal Income.
High Consumer Awareness.
Strong LIC brand.
Housing loan at lesser rate.
Pension, Mediclaim & Gratuity.
Life Insurance Cover - 5 Lacs.
Interest free Loan - for Car, Bike, Laptop & Computer.
Office Rent, Mobile Bill, Air Fare & Stationary Reimbursement.
LIC's guest house facility.
Foreign Tours & Seminars.
Get Name and Fame, International Recognization
Avail Government Benefits Like Gratuity, Family Mediclaim, Group Insurance and many more.
TO OUR AGENTS
Basic Training & Introduction on LIC Career
Knowledge on LIC products
Develop Prospecting Skills
Training on Effecting Selling Skills
Sponsorship for special Training Programs
Innovative Marketing Strategies
Objection Handling Tips
Setting and achieving realistic goals
Free training sessions on the latest market trends