May 09, 2013

Important Details about LIC

Oriental Life Insurance Company (1818, Calcutta) is the first insurance company in India
First Indian Company that offered insurance was Bombay Mutual Life Assurance Society (1870)
LIC was created by passing LIC Act in 1956 by consolidating 245 private life insurance providers.
Life insurance is one among 17 sectors reserved for the government in Industrial Policy Resolution 1956.
Slogan of LIC is Yogakshemamvahamyaham (from Bhagvadgita) which means ‘Your Welfare is Our Responsibility’.
Within 57 years of its existence, LIC contributed 7% to GDP.
At present LIC has 8 zonal offices, 113 divisional offices, 350 million policies and a corpus of Rs.8 trillion ($ 150 billion).
According to Brand Trust Report 2012, LIC is the 6th most trusted brand in India.
LIC Golden Jubilee Foundation is a charity organisation established in 2006. It works for providing education, alleviation of poverty and providing better living conditions to the poor.
It gives scholarships (Golden Jubilee Scholarship Award) to students of the standard 12, whose income is less than 60000 per annum for further studies.
Head quarter of LIC is at Mumbai.
Present chairman of LIC is D K Mehrotra.
Insurance regulatory and development authority (IRDA) is the regulatory body of Insurance sector In India
Present chairman of IRDA T.S. Vijayan
FDI allowed in insurance sector is of 49%