Full Form of Lic and Meaning

This is the Life Insurance Corporation of India (LIC) and its history. It is one of the largest public sector companies concerned about the future of a majority of the Indian population. Be sure to focus on the facts and figures on this topic by finding the right information. This article has given you an overview of the complete LIC form and detailed details about the different products offered by LIC. The procedure for purchasing the LIC policy and investing in a mutual scheme was also covered. With the information available, you can now easily purchase a life insurance policy and invest in the LIC Online Mutual Fund. You can now avoid the hassle of finding a LIC agent to purchase an insurance policy. You can also take advantage of discounts by purchasing LIC life insurance policies online. 2.

Can I trust LIC with my personal data when I invest? During this period, the Industrial Policy Resolution of 1956 came into force, nationalizing 17 sectors, including the insurance sector. Following nationalization, the 254 private players in the insurance industry merged to form the Hindustan Insurance Society and form the LIC of India. Life Insurance Corporation of India is the complete form of LIC. Established in 1965 under the LIC Act of 1956, LIC is a state-owned insurance and investment company. Headquartered in Mumbai, India, LIC operates through its 8 zonal offices, 113 divisional offices and 2048 branches to provide people of all classes of insurance and adequate financial coverage. There are no fixed eligibility criteria for purchasing policies. Requirements and requirements vary from policy to policy, which the LIC Agent will inform you. The complete form of LIC is Life Insurance Corporation of India Today, LIC operates with 2048 fully computerized branches, 8 area offices, about 113 division offices, 2,048 branches and 1408 satellite offices and the central office; [9] It also has 73[10] client areas and 25 metropolitan areas in various cities and towns in India. It also has a network of 1,537,064 individual agents, 342 corporate agents, 109 referring agents, 114 brokers and 42 banks to receive life insurance activities from the public. In 2013, the compound annual growth rate (CAGR) of premiums in the first year was 24.53%, while the annual growth rate of life insurance premiums was 19.28%, which is in line with the growth of the life insurance industry and exceeds overall economic growth.

[8] Interested candidates must first understand the meaning of ICL. Then they need to prepare for the ICL entrance exam. Once you have passed the exam, you will face an interview after which you are a certified LIC agent. The Bombay Mutual Life Assurance Society, founded in 1870, was the first national insurance provider. Other insurance companies established in the pre-independence period included that you had to share some of your data and documents with the LIC agent. However, you can do this without worrying about violating your privacy. Share information without tension. To make it easier to purchase a LIC policy, LIC has provided an online portal where you can purchase the LIC font with just a few clicks. You must register on the customer portal for electronic services.

After registration, you will have to fill out a simple form, make the payment online via Net-Banking and your request to purchase a policy will be completed. LIC is a state-owned insurance group and the largest insurance company in the country. LIC`s slogan is “Zindagi Ke Saath Bhi Zindagi Ke Baad Bhi”. Read the full article to fully understand the LIC form and get all the other information about the insurance company. In August 2000, the Government of India launched a programme to liberalize the insurance sector and opened it up to the private sector. Low-income countries have benefited from this process and have achieved strong performance, albeit on a much higher basis than the private sector. The total number of agents on our roll is 11.48.811 on 31.03.2018 against 11.31.181 on 31.03.2017. The number of active substances on 31.03.2018 was 10,71,945 compared to 10,46,484 on 31.03.2017. [15] There are 8 area offices, 113 departmental offices and more than 2000 agencies.

The LIC Committee consists of 15 members appointed by the Central Government of India. The structure of this committee is as follows: There are various insurance and investment products from LIC. Details are given below. People trust Life Insurance Corporation of India for the following reasons: A career at LIC is a stepping stone in the insurance industry in India and abroad, and it can bring out the best in its employees through its world-class education and infrastructure support. The company, which began operations with about 300 offices, 5.7 million policies, and a corpus of INR 45.9 crore ($92 million at the 1959 exchange rate of about $5 to $1),[7] had grown to 25,000 by the end of the 20th century, serving about 350 million policies and a corpus of more than 800,000 crores ($110 billion). In addition to various insurance and investment plans, LIC also offers home financing that helps individuals realize their dream of owning a home. LIC`s slogan is “Yogakshemam Vahamyaham”, which means “Your well-being is our responsibility”. True to its slogan, LIC has developed over the years various insurance and investment systems that take into account the well-being of its clients. The Life Insurance Corporation of India has taken care of a large mass of people. Because they have served the nation for so long, they are connected to many people.

This way, everyone can invest in their policies. For assistance, you can contact a LIC agent. Individually, it is estimated that LIC sold shares worth 500-1,000 crores of Mahindra & Mahindra, HDFC Bank, ICICI Bank, Tata Motors, L&T, HDFC, Wipro, SBI, Maruti Suzuki, Dr. Reddys and Bajaj Auto. Who can invest with Life Insurance Corporation of India? Smt. Ipe Mini, Siddharth Mohanty and Rajkumar are also the managing directors of the company. LIC now owns 51% of IDBI Bank`s shares, making it the only insurer in India to own a bank, as regulations prohibit insurers from holding more than 15% of a company`s shares, LIC will have to set a timetable to reduce its stake in IDBI Bank; In addition, LIC needs to increase its stake in LIC Housing Finance Ltd as a company cannot be a developer of 2 financial companies operating the same housing finance business, so LIC has to sell its stake in LIC apartments or close IDBI Bank`s housing business. [18] According to 2020 statistics, there are 114498 employees in ICAs.