Life insurance corporation ppt(1)

LIC LIFE INSURANCE CO-OPERATION

1. By : Hetal Bikru - 62 Himani Desai - 67 Maryam Khan - 80 Vinita Koli – 82 Shweta Makwana - 85 Gauri Parab - 91 LIFE INSURANCE CORPORATION

2. What is Insurance ? “Insurance is a contract in which a sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a large sum upon a given contingency.”

3. What is Life Insurance ? Life insurance is a contract between the insured and insurer, where the insurer promises to pay a certain some of money to the insured on the event of happening for which it is insured.

4. LIC was established on 1 st September 1956 by Parliament of India. Life Insurance Corporation of India ( LIC ) is an Indian state-owned insurance group and investment company . It is the largest insurance company in India with an estimated asset value of US$230 billion. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation . Introduction to LIC

5. The Oriental Life Insurance Company is the first company in India offering life insurance coverage in 1818. Its primary target market was the Europeans based in India and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society formed in 1870, was the first native insurance provider that provided Insurance to Indians at cheaper rates. The Independence struggle in India had adverse effects that led to the dissolution of many companies and people lost their faith in life cover. To reinstate the life insurance business in India, the parliament passed the Life insurance act in 1956 creating the LIC. It consolidated the business of 245 private life insurers and other entities offering life insurance services. This consisted of 154 life insurance companies,16 foreign companies and 75 provident companies. History of LIC

6. Plans Offered by LIC

7. Steps For Buying Insurance Policy

8. Functions of LIC Primary Functions C ertainty of compensation of loss Insurance provides protection Risk sharing Secondary Functions Prevention of losses Providing funds for investment Insurance increases efficiency Solution to social problems Encouragement of savings

9. Benefits of Life Insurance Insured’s family will be safeguarded. It helps in compulsory savings. It improves the lifestyle. It helps in borrowing loan. It helps in certain disability and helps to face future uncertainties. It helps in tax benefits under section 80C. It aid as source of income in old age.

10. LIC Subsidiaries

11. Life Insurance – The Often Missed Opportunity For Wealth Management

12. Rights & Responsibilities of Insured at LIC

13. The Current CEO of LIC is Mrs. Sunita Sharma. LIC is the oldest, largest and most profitable life insurance company in India. If LIC was a country then it would be the 5th largest country in the world with a population of 29 cr. Policy holders. LIC is the 4 th most valuable company in India with a net worth of 5 lakh cr. LIC has global operations spanning 7 countries namely - Fiji and London, Sri lanka, Nepal, Bahrain & Saudi Arabia. LIC has contributed around 5 crore in Nation Building Activities. Interesting Facts on LIC

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