WHAT IS LIFE INSURANCE CORPORATION OF INDIA?please help i hav got to do an assignment over this topic?

Answer 1

The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later in 1928 the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life insurance business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938 with a view to protecting the interest of insuring public earlier legislation was consolidated and amended by the Insurance Act 1938 with comprehensive provisions detailed and effective control over the activities of insurers. The Act was amended in 1950 resulting in far reaching changes in the insurance sector.

By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were carrying on life insurance business in India. On January 19, 1956, the management of life insurance business of 245 Indian and foreign insurers and provident societies then operating in India was taken over by the Central Government. Life Insurance Corporation was formed in September 1956 by LIC Act 1956 of Parliament, with a capital contribution of Rs.50 mn.

The then Finance Minister Mr. C.D.Deshmukh while piloting the bill for nationalization outlined the objectives of LIC thus:

"To conduct the business with utmost economy with the spirit of trusteeship; to charge premium no higher than warranted by strict actuarial considerations; to invest the funds for obtaining maximum yield for the policy holders consistent with safety of capital; to render prompt and efficient service to policy holders thereby making Insurance widely popular."

Today, although that objective remains same, the vision of LIC is to become 'A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.'

Objectives Of LIC

* Spread Life Insurance much more widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
* Maximise mobilisation of people's savings by making insurance-linked savings adequately attractive.
* Bear in mind, in the investment of funds, the primary obligation to its 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 the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
* Conduct business with utmost economy and with the full realisation that the moneys belong to the policyholders.
* Act as trustees of the insured public in their individual and collective capacities.
* Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
* Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
* Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.


Life Insurence Corporation of India,

Answer 2

there are distinct known exclusions on existence coverage regulations. the first one which contains ideas when I examine your question says something like the coverage company received't pay advantages even as the shortcoming of life of the insured is therefore fee of an unlawful act. i imagine they could argue that, even besides the undeniable fact that it became no longer the direct reason, inclusive of being shot even as attempting to carry up a liquor save, that the reason behind your lack of life in this difficulty became an oblique results of your unlawful act. in case you do not do the crime, this somewhat would not remember, does it?

Answer 3

This is their web site:
http://www.licindia.com/