LIC of India, the full form is Life Insurance Corporation of India. LIC is an Indian multinational public sector life insurance company headquartered in Mumbai. This organization operates under the ownership of the Government of India, with its administration overseen by the Ministry of Finance. The main slogan of LIC is “Yogakshemam Vahamyaham” meaning “Your welfare is our responsibility”.This article will explain the LIC of India's History, Information, objectives, functions, Mission and Vision, the role of LIC in the Indian economy, Indian zonal offices, board of directors of LIC, basic policies of LIC, Types of Life Insurance Policies Offered By LIC and Interesting facts about LIC, these topics and the details given under these topics will be useful in gaining some knowledge about lic of India. For easy access, candidates can download the PDF format of this page by using the link given below in both English and Hindi. If there are any queries check out the FAQ section that given.

About LIC of India PDF Download in English

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About LIC of India History

The History about LIC Of India along with its history is added below.

• Indian nationals were not covered by any of the insurance firms founded during that time because they were all created to serve the needs of European society.

• Later on, nevertheless, thanks to the efforts of notable individuals like Babu Muttylal Seal, foreign life insurance companies began covering Indian lives.

• However, Indian lives were classified as second-class and subject to significant premium increases.

• In 1870, Bombay Mutual Life Assurance Society became the first life insurance provider in India, offering standard rates for coverage of Indian lives.

• Insurance companies were founded as Indian businesses with strong nationalistic goals to spread awareness of insurance and social security through insurance across diverse societal groups.

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LIC of India Information 

The information about LIC of India

• One of these nationalist-inspired businesses was the Bharat Insurance Company, founded in 1896.

• More insurance businesses were founded as a result of the Swadeshi movement in 1905–1907.

• Established in 1906 were United India in Madras, the National Indian and National Insurance in Calcutta, and the Co-operative Assurance in Lahore.

• Hindustan Co-operative Insurance Company was founded in 1907 in a chamber of the Jorasanko, the famed poet Rabindranath Tagore's residence in Calcutta.

• During this time, businesses including the Indian Mercantile, General Assurance, and Swadeshi Life (later Bombay Life) were founded.

• India did not have any legislation governing the insurance industry before 1912.

• The Provident Fund Act and the Life Insurance Companies Act were both passed in 1912.

• The Life Insurance Companies Act of 1912 mandated that an actuary certify the premium rate tables and periodic company valuations.

• However, the Act disadvantaged Indian enterprises by making numerous distinctions between international and domestic businesses.

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Objectives Of LIC Of India

Candidates can check the details about LIC Of India along with the objectives here.

• Spread life insurance extensively, paying special attention to the rural areas and the economically and socially disadvantaged sectors, to reach all eligible citizens and offer them enough death insurance at a fair price.

• Maximise savings mobilization by making insurance-linked savings sufficiently alluring.

• Keep in mind, when investing funds, the primary duty to the policyholders whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of investors and the community at large, keeping in mind national priorities and duties of attractive return.

• Always act with the utmost economy and awareness that the money belongs to the policyholders.

• Act in their capacities as both individual and collective trustees of the insured public.

• Accommodate the community's different life insurance demands as they emerge from the shifting social and economic landscape.

• Involve all employees of the Corporation to the greatest extent possible in promoting the needs of the insured public by rendering courteous, effective service.

• By performing their tasks with a commitment to achieving the corporate objective, all agents and workers of the corporation should feel a sense of ownership, pride, and job satisfaction.

Functions Of LIC Of India

Along with the information about LIC Of India, check the functions of LIC. The following are the main LIC responsibilities.

• Encourage saving by requesting people's contributions in exchange for an insurance policy.

• By putting money into government securities, you can safeguard the people's capital.

• Provide insurance coverage at competitive prices.

• Offer a range of loans at affordable interest rates, including direct loans to industries, mortgage loans, and financing for numerous national initiatives.

Mission And Vision Of LIC Of India

Check the mission and vision of LIC along with the information about LIC Of India in this article.

Mission

"Ensure 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."

Vision

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

Role Of LIC In Indian Economy

Along with the information about LIC Of India, check the roles of LIC in the Indian economy given below.

• The largest national life insurance and investment company in India is known as LIC. The primary objective of LIC is to raise money from individuals through a variety of life insurance policies, which it subsequently invests in the international financial markets and a range of government assets. According to one of the LIC regulations, at least 75% of these proceeds must be invested in federal and state government securities.

• To make investments in the corporation's finances as the corporation sees fit and to take any necessary or practical action to ensure the safety or realization of any funding. This includes accepting and managing any assets provided as security for the funding until a suitable opportunity for its disposition.

• To purchase, hold onto, and delay any property for its business.

• If it is in the best interest of the company, it may be advantageous to transfer all or a portion of the life insurance business that is conducted outside of India to another person or people.

• To increase or lend money in exchange for the security of any movable or immovable items or for any other reason.

• To continue operating every other business, whether directly or through a subsidiary, in which the business had previously been operated by a subsidiary of an insurer whose managed business had been transferred to and vested inside the Corporation by this act.

• To continue with every other business venture that may seem to the Corporation to be able to be carried out easily in the course of its business and calculated immediately or indirectly to make the business of the Corporation worthwhile.

• Doing everything may be incidental or advantageous to the proper exercise of any corporate power.

• The Corporation will conduct itself as ethically as possible in the release of any of its features. 

India Zonal Office

About LIC Of India Zonal Office: Here we have added the list of LIC Of India zonal offices for the reference of the candidates.

Central Zone

• Chhattisgarh
• Madhya Pradesh

Eastern Zone

•  Assam
• Arunachal Pradesh
• Manipur
• Meghalaya
• Mizoram
• West Bengal
• Andaman & Nicobar
• Nagaland
• Sikkim
• Tripura

East Central Zone

• Bihar 
• Jharkhand 
• Orissa

Northern Zone

• Chandigarh UT 
• Delhi
• Haryana
• Himachal Pradesh
• Punjab 
• Rajasthan
• Jammu & Kashmir

North Central Zone

•  Uttrakhand 
•  Uttar Pradesh

South Zone

• Kerala
• TamilNadu
• Puducherry

South Central Zone

• Andhra Pradesh 
• Karnataka
• Telangana

Western Zone

• Goa
• Gujarat
• Maharashtra
• Damman & Diu - UT

Board Of Directors Of LIC of India

Here we have added the details about LIC Of India's board of directors.

Basic Policies Of LIC

Term insurance, cash value insurance, straight life insurance, and limited payment life insurance are the foundational plans offered by the Life Insurance Corporation of India (LIC). Below are the specifics of each of these policies:

• Term insurance: This insurance functions as a kind of insurance protection contract, much like home, auto, or health insurance. Because it does not involve a savings plan, it protects the person against any danger of financial loss in the event of death. The owner of this insurance policy purchases a certain amount of coverage and pays a yearly premium determined by their age. Because the insurance has a set duration, if it is not renewed, coverage will end. These policies, where the premium payment amount is fixed, are offered for terms of five, ten, or fifteen years. If the insured does not reach 65 years of age, it is also possible to obtain life insurance with a 65-year-old condition; however, in this case, the premium would rise annually. There is also decreasing term life insurance available, in which the insurance's coverage gets less over time while the yearly payment stays the same. Term insurances offer the most protection for the amount paid.

• Cash value insurance: In a policy of this type, the amount of actual insurance reduces over time while the policy's savings component grows. This kind of insurance is paid for by the insured's premium payments and the profits from the policy's saving component. These insurance plans come in two varieties: a restricted payment policy that covers the insured for the duration of their lives and a straight life insurance policy.

• Straight life insurance: coverage is permanent. Although the total coverage of the policy, which includes the protection and savings parts, does not change, the quantity of protection under this type of insurance reduces as the amount of savings increases. These policies have a greater premium than term insurance, which is determined by the person's age at the time of purchase. The cost of this policy's premium never changes. The sum that is paid out when the insured person passes away is referred to as the face value of the policy. Life insurance with a restricted payment period requires the insured to pay the full value of the policy within a set period, typically 20 to 30 years or by the age of 65. If the insured does not withdraw the money at any point during the term, the policy stays in effect for the duration of the insured's life. 

Types of Life Insurance Policies Offered By LIC

Here we have added some of the important Insurance policies offered by LIC of India. LIC provides its policyholders with several programs. Here is a list of some of the insurance programs that LIC of India offers.

1. LIC’s Bima Jyoti 
2. LIC’s Bima Ratna
3. LIC’s Dhan Sanchay 
4. LIC’s New Endowment Plan
5. LIC’s New Jeevan Anand
6. LIC’s Single Premium Endowment Plan
7. LIC’s Jeevan Lakshya 
8. LIC’s Jeevan Labh 
9. LIC’s Aadhaar Stambh
10. LIC’s Aadhaar Shila
11. LICs Jeevan Umang
12. LIC’s Jeevan Tarun
13. LIC’s Jeevan Shiromani
14. LIC’s Bima Shree
15. LIC’s Jeevan Amar
16. LIC Saral Jeevan Bima

Interesting Facts About LIC

• LIC is India's oldest, biggest, and most successful life insurance provider.

• When it was opened in 1959, the LIC Building was the highest structure in India.

• LIC has had a 59-year presence in the life insurance industry, or nearly six decades.

• LIC operates internationally in seven nations.

FAQs

Q. What is the purpose of LIC of India?

Q. What do you mean by premium?

Q. What is policy term?

The policy term, or length of coverage provided by term insurance, is determined. If an unfortunate incident occurs during this time, your nominee will be given the amount guaranteed by your insurance policy.

Q. What is maturity benefit?