Disaster protection Corporation (India) (LIC) is an Indian state-claimed protection gathering and speculation organization headquartered in Mumbai. It is the biggest insurance agency in India with an expected resource estimation of ₹1560482 crore (US$230 billion).[As of 2013 it had downright life asset of Rs.1433103.14 crore with aggregate estimation of approaches sold of 367.82 lakh that year.The Life Insurance Corporation of India was established in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private protection industry in India. More than 245 insurance agencies and provident social orders were converged to make the state possessed Life Insurance Corporation.[citation needed] LIC(Life Insurance Corporation)
History
LIC Zonal Office, Night View From Connaught Place Park
Establishing associations
The Oriental Life Insurance Company, the first organization in India offering extra security scope, was built up in Calcutta in 1818 by Anita Bhavsar and others. Its essential target business sector was the Europeans situated in India, and it charged Indians heftier premiums Surendranath Tagore (child of Satyendranath Tagore) had established Hindusthan Insurance Society, which later got to be Life Insurance Corporation.
The Bombay Mutual Life Assurance Society, framed in 1870, was the first local protection supplier. Other insurance agencies set up in the pre-freedom time included
The initial 150 years were stamped for the most part by turbulent monetary conditions. It saw, India's First War of Independence, unfavorable impacts of the World War I and World War II on the economy of India, and in the middle of them the time of overall financial emergencies activated by the Great discouragement. The primary portion of the twentieth century likewise saw an elevated battle for India's autonomy. The total impact of these occasions prompted a high rate of and liquidation of extra security organizations in India. This had antagonistically influenced the confidence of the overall population in the utility of getting life spread.
Nationalization in 1955
Nationalization in 1955
LIC Zonal Office, at Connaught Place, New Delhi, composed by Charles Correa, 1991.
LIC Building at Chennai, was the tallest building in India when it was initiated in 1959
In 1955, parliamentarian Amol Barate raised the matter of protection extortion by proprietors of private protection organizations. In the following examinations, one of India's wealthiest agents, Ramkrishna Dalmia, proprietor of the Times of India daily paper, was sent to jail for a long time.
In the long run, the Parliament of India passed the Life Insurance of India Act on June 19, 1956 making the Life Insurance Corporation of India, which began working in September of that year. It united the life coverage business of 245 private life guarantors and different elements offering life coverage benefits, this comprised of 154 disaster protection organizations, 16 remote organizations and 75 provident organizations. The nationalization of the life coverage business in India was a consequence of the Industrial Policy Resolution of 1956, which had made an approach structure for augmenting state control over no less than seventeen parts of the economy, including extra security.
Development as a monoply
From its creation, the Life Insurance Corporation of India, which charged an imposing business model of requesting and offering life coverage in India, made gigantic surpluses, and by 2006 was contributing around 7% of India's GDP.
The Corporation, which began its business with around 300 workplaces, 5.7 million arrangements and a corpus of INR 45.9 crores (US$92 million according to the 1959 conversion standard of generally ₹5 for US$1),[5] had developed to 25,000 overhauling around 350 million strategies and a corpus of over ₹800000 crore (US$120 billion) before the end of the twentieth century.
Liberalization post 2000s
In August 2000, the Indian Government set out on a project to change the Insurance Sector and opened it up for the private area. Unexpectedly, LIC developed as a recipient from this procedure with strong execution, but on a base generously higher than the private part.
In 2013 the First Year Premium compound yearly development rate (CAGR) was 24.53% while Total Life Premium CAGR was 19.28% coordinating the development of the disaster protection industry furthermore outflanking general financial growth.
Items and services
Logo of LIC
LIC offers an assortment of protection items to its clients, for example, protection arrangements, annuity arranges, unit-connected arrangements, exceptional plans and gathering schemes.[7] Online Child protection Plans
Operations
Today,the LIC has 8 zonal workplaces, around 113 divisional workplaces, 2,048 branches and 992 satellite workplaces and corporate offices; it additionally has 54 client zones and 25 metro-territory administration center points situated in diverse urban communities and towns of India. It additionally has a system of 1,337,064 individual operators, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for requesting life coverage business from people in general.
Slogan
LIC's motto yogakshemam vahamyaha is in Sanskrit dialect which deciphers in English as "Your welfare is our obligation". This is gotten from old Hindu message, the Bhagavad Gita's ninth section, 22nd verse. The motto can be found in the logo, written in Devanagari script.
Recompenses and recognitions
The Economic Times Brand Equity Survey 2012 appraised LIC as the No. 6 Most Trusted Service Brand of India.
From the year 2006, LIC has been ceaselessly winning the Readers' Digest Trusted brand recompense.
Voted India's Most Trusted brand in the BFSI classification as indicated by the Brand Trust Report for 4 persistent years - 2011-2014 as per the Brand Trust Report
Brilliant Jubilee Foundation
LIC Golden Jubilee Foundation was built up in 2006 as a philanthropy association. This substance has the point of advancing training, easing of neediness, and giving better living conditions to the under special. Out of the considerable number of exercises led by the association, Golden Jubilee Scholarship recompenses is the best known. Every year, this grant is given to the worthy understudies in standard XII of school instruction or comparable, who wish to proceed with their studies and have a parental wage not exactly ₹100000 (US$1,500).
In news : About possessions in different companies
LIC holds offers worth about Rs 2.33 lakh crore in all the Nifty organizations set up together, yet it brought down its holding in a sum of 27 Nifty organizations amid the quarter.
The aggregate estimation of LIC holding in these 27 organizations fell by minimal over Rs 8,000 crore amid the quarter demonstrates the investigation of changes in their shareholding examples.
Exclusively, LIC is assessed to have sold shares worth Rs 500-1,000 crore in each of Mahindra and Mahindra, HDFC Bank, ICICI Bank, Tata Motors, L&T, HDFC, Wipro, SBI, Maruti Suzuki, Dr Reddys and Bajaj Auto.
The protection behemoth additionally trimmed possessions in Ambuja Cements, Cipla, TCS, Lupin and Asian Paints. A minor decrease was additionally seen in its stakes in organizations, for example, IDFC, Hindustan Unilever, Grasim, ACC, BPCL, Bank of Baroda, Punjab National Bank, Sun Pharma and Tata Power.
Then again, LIC further increase its stake in a sum of 14 Nifty constituents with buy of shares worth an expected Rs 4,000 crore.
The real organizations where LIC has raised its stake incorporate Infosys, RIL,Coal India Ltd and Cairn India. Other such organizations are ITC, Power Grid Corp, NTPC, Siemens, Bharti Airtel and Hero MotoCorp.
The state-run back up plan additionally barely trekked its presentation in Ultratech, Gail India, Ranbaxy, Kotak Mahindra Bank and HCL Technologies, while its shareholding remained practically unaltered in organizations like ONGC, Tata Steel, BHEL and Reliance Infra.
Among the Nifty organizations, LIC's holding regarding worth is evaluated to be most noteworthy in ITC (Rs 27,326 crore), trailed by RIL (Rs 21,659 crore), ONGC (Rs 17,764 crore), SBI (Rs 17,058 crore), L&T (Rs 16,800 crore), and ICICI Bank (Rs 10,006
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