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What is the full form of LIC?
By Anushree Goswami Last updated : April 20, 2024
LIC is an abbreviation of the Life Insurance Corporation of India. It is a public segment insurance and investment group corporation in India that generally deals with life insurance products and investment plans under the government of India. Its motto is "Yogakshemam Vahamyaham" which means "your welfare is our responsibility".
Image source: https://en.wikipedia.org/wiki/Life_Insurance_Corporation
LIC History
- In 1956, it was established when Parliament of India approved the Life Insurance of India Act.
- Life insurance of India act combined and nationalized around 245 private insurance companies and provident societies to form publicly owned Life Insurance Corporation.
- In the present time, LIC is the leading life insurance company in India.
- Its head office is situated in Mumbai, India.
- It has 2048 fully computerized branch offices, 8 zonal offices, 113 divisional offices, 2,048 branches, and 1408 satellite offices and the Central Office.
- It also has a set of connections of 1,537,064 individual agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance business from the public.
- As per the Economic Times Brand Equity survey of 2012, in the listing of most trusted service brands of India, the LIC was at the sixth position.
- It has won a variety of awards such as the MEIF institutional Excellence Award 2012, Golden Peacock Innovative Product/Services Award 2011.
LIC Chairman and Managing Director
The current Chairman of LIC is M R Kumar, and the current Managing Directors of LIC are Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta and Raj Kumar, all of them are the members of executive board.
LIC Products
It provides a variety of products that consist of life insurance policies, savings, and investment products.
Following given below are some of the popular LIC products/plans launched in 2016-2017:
- LIC Bima Diamond Plan
- LIC Jeevan Pragati
- LIC Jeevan Shikhar Plan
- LIC Jeevan Labh Plan
LIC History of establishing organizations
- In 1818 in Kolkata, the Oriental Life Insurance Company was established. It was the first company in India which provided life insurance coverage.
- In 1870, the Bombay Mutual Life Assurance Society was established, which was the first native insurance provider.
Other insurance companies established in the pre-independence period and also some after independence are:
- Postal Life Insurance (PLI) was introduced on 1 February 1884
- Bharat Insurance Company (1896)
- United India (1906)
- National Indian (1906)
- National Insurance (1906)
- Co-operative Assurance (1906)
- Hindustan Co-operatives (1907)
- Indian Mercantile
- General Assurance
- Swadeshi Life (later Bombay Life)
- Sahyadri Insurance (Merged into LIC, 1986)