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Culture Documents
Minor Project Report ON Life Insurance Corporation of India
Minor Project Report ON Life Insurance Corporation of India
SUBMITTED BY:-
Vishisht Bhutani
BBA (Gen)
Associate Professor
09114701712
MAIMS
STUDENTS DECLARATION
VISHISHT BHUTANI
Roll. No. 09114701712
II
CERTIFICATE
Administration
to
Maharaja
Agrasen
Institute
of
III
ACKNOWLEDGEMENT
VISHISHT BHUTANI
Roll. No.: 09114701712
IV
TABLE OF CONTENTS
CONTENT
PAGE NO.
1. INTRODUCTION
RESEARCH METHODOLOGY
LIMITATIONS OF STUDY
2. COMPANY PROFILE
OBJECTIVES OF LIC
POLICIES OF LIC
35
36
37
WORKING RESULTS
40
4. CONCLUSIONS
46
CONCLUSIONS
47
5. BIBLIOGRAPHY
50
V
1. INTRODUCTION
RESEARCH METHODOLOGY
METHOD OF DATA COLLECTION
Data may be obtained either from the primary sources or from the secondary sources. A
primary source is a one that itself collect the data and a secondary source is a one that makes
use of available data which was collected by some other agencies. Depending on the source,
statistical data is classified under two categories.
1. PRIMARY DATA,
2. SECONDARY DATA.
Primary is that which is collected for the first time and thus happens to be original in
character.
Secondary is that which is already being collected by someone else and which has already
passed through the statistical process.
My research is based upon secondary data which is collected from various Books, Internet
and various records of LIC.
This project is entirely based upon secondary data so, it lacks the personal touch.
2.
2. COMPANY PROFILE
(LIFE INSURANCECORPORATION OF
INDIA)
FORMATION OF LIC
First attempt to regulate insurance business was made through Indian Life Insurance
Companies Act in 1912. Then this was broad based and the insurance act came into existence
from the year 1928 onwards. This act was later reviewed and a comprehensive legislation
was enacted called the Insurance Act 1938. Then nationalization of life insurance business
took place in 1956, when 245 Indian and foreign insurance and provident societies were first
amalgamated and then nationalized. Then the Life Insurance Corporation of India (LIC) came
into existence with its central office located at Mumbai.
OBJECTIVES OF LIC
Spread Life Insurance 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.
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 realization 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.
POLICIES OF LIC
As individuals it is inherent to differ. Each individuals insurance needs and requirements are
different from that of the others. LICs Insurance Plans are polices that talk to you
individually and give you the most suitable options that can fit your requirement.
CHILDREN PLANS
JeevanAnurag
LICs Jeevan ANURAG is a with profits plan specifically designed to take care of the
educational needs of children. The plan can be taken by a parent on his or her own life.
Benefits under the plan are payable at prespecified durations irrespective of whether the Life
Assured survives to the end of the policy term or dies during the term of the policy. In
addition, this plan also provides for an immediate payment of Basic Sum Assured amount on
death of the Life Assured during the term of the policy.
Assured Benefit:
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years
before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses
declared from time to time on full Sum Assured for the full term and the Terminal bonus, if
any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured
will be payable at the end of the 17th, 18th, 19th year and 40% of the Sum Assured along
with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Death Benefit:
Payment of an amount equal to Sum Assured under the basic plan immediately on the death
of the life assured.
10
KomalJeevan
Product summary:
This is a Children's Money Back Plan that provides financial protection against death during
the term of plan with periodic payments on survival at specified durations. This plan can be
purchased by any of the parent or grandparent for a child aged 0 to 10 years.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions,
as opted by you, up to the policy anniversary immediately after the life assured (child) attains
18 years of age or till the earlier death of the life assured. Alternatively, the premium may be
paid in one lump sum (Single premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.75 per thousand Sum
Assured for each completed year. The Guaranteed Additions are payable at the end of the
term of the policy or earlier death of the Life Assured.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of loyalty additions which are terminal
bonuses payable along with death or maturity benefit. Loyalty addition may be payable
depending on the experience of the Corporation.
11
JeevanChhaya
Product summary:
This is an Endowment Assurance plan that provides financial protection against death
throughout the term of the plan. Besides payment of Sum Assured immediately on death,
one-fourth of Sum Assured is payable at the end of each of last four years of policy term
whether the life assured dies or survives the term of the policy.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the term of the policy or till the earlier death.
Bonuses:
This is a with-profits plan and participates in the profits of the Corporations life insurance
business. It gets a share of profits in the form of bonuses. Simple Reversionary Bonuses are
declared per thousand Sum Assured annually at the end of each financial year. Once
declared, they form part of the guaranteed benefits of the plan. Bonuses for full term on the
full Sum assured are paid at the end of the term even if death occurs during policy term. Final
(Additional) Bonus may also be payable provided policy has run for certain minimum period.
12
JeevanAdhar
Product summary:
This plan may be offered to a person who has a handicapped dependant satisfying conditions
as specified in Section 80DDA of Income Tax Act, 1961. The plan provides life insurance
cover throughout the lifetime of the purchaser. The benefits under the plan are for the
handicapped dependantwhich are partly in lump sum and partly in the form of an annuity.
The premiums paid under this plan are eligible for Income Tax relief under Section 80DDA
of Income Tax Act.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions,
as opted by you, within the selected premium paying terms of 10, 15, 20, 25, 30 or 35 years
or till the earlier death. Alternatively, the premiums may be paid in one lump sum (Single
Premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs.100 per thousand Sum
Assured for each completed policy year. The Guaranteed Additions will accrue up to age 65
of the life assured or till his/her death, if earlier.
Terminal Additions:
This is a with-profits plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of Terminal Additions. The policy will be
entitled for Terminal Additions if at least 10 years premiums have been paid. The Terminal
additions would depend on the future experience of the Corporation.
13
Jeevan Vishwas
Product summary:
This is an Endowment Assurance plan designed for the benefit of handicapped dependants.
Premiums:
Premiums are payable quarterly, half-yearly or yearly throughout the term of the policy or till
the earlier death. Alternatively, the premium may be paid in one lump sum (single premium).
Guaranteed Additions:
The policy provides for the Guaranteed additions at the rate of Rs.60 per thousand Sum
Assured for each completed policy year while the policy is in full force. The Guaranteed
Additions are payable at the end of the policy term or on earlier death.
Loyalty Additions:
This is a with-profit plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of loyalty additions which are terminal
bonuses payable along with death or maturity benefit. Loyalty addition may be payable from
fifth year onwards depending on the experience of the Corporation.
14
Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the selected term of the policy or till earlier death.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of bonuses.
Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of
each financial year.
Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added
during the selected term or till death, if it occurs earlier.
Final (Additional) Bonus may also be payable provided the policy has run for certain
minimum period.
15
Bonuses:
This is a with-profit plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses
are declared per thousand Sum Assured annually at the end of each financial year. Once
declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonus may
also be payable provided a policy has run for certain minimum period.
Jeevan Amrit
Product summary:
Some people, particularly the younger ones, want to have high cover at a low cost. Further,
many of them do not want commitment to pay premiums for a longer duration. LIC's
JeevanAmrit is most suitable for such persons. Under this plan premium payment is limited
to 3 or 4 or 5 years and the premium payable during the first year is higher than the premiums
payable in subsequent years.
Options:
You may choose Sum Assured (S.A.), Premium Paying Term, Policy Term and Mode of
premium payment.
Payment of Premiums :
You may pay premiums yearly or half-yearly during the premium paying term of 3 or 4 or 5
years.
16
Jeevan Shree - 1
Product summary:
This is an Endowment Assurance plan offering the choice of many convenient premium
paying terms. It provides financial protection against death throughout the term of plan with
the payment of maturity amount on survival to the end of the policy term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly or through Salary deductions, as opted by
you, throughout the premium paying term or till earlier death. Alternatively premium may be
paid in one lump sum (Single premium).
Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum
Assured for each completed year for first five years of the policy. The Guaranteed Additions
are payable along with the Basic Sum Assured at the time of claim.
Bonuses:
The policy participates in the profits of the Corporations life insurance business from the 6th
year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary
Bonuses will be declared per thousand Basic Sum Assured annually at the end of each
financial year. Once declared, they will form part of the guaranteed benefits of the plan.
17
18
Jeevan Surabhi
JeevanSurabhi plan is similar to other money back plans. However main differences in
regular money back plans and JeevanSurabhi are as under:1. Maturity term is more than premium paying term.
2. Early and higher rate of survival benefit payment.
3. Risk cover increases every five years.
The actual term and the premium paying term for these plans are as under.
Plan no. Policy Term Premium Paying Term
106
15 years
12 years
107
20 years
15 years
108
25 years
18 years
Full sum assured is paid back as survival benefit by the end of premium paying term.
However, the risk cover and additional risk cover continue and the policy participates in
profits
till
the
end
of
policy
term.
Accident Benefit is restricted to the premium paying period and to the overall limit of Rs.5
lakhs on a single life.
Suitable For:
This plan holds special interest to people who besides wishing to provide for their old age and
family feel the need for lump sum benefits at periodical intervals.
19
BimaBachat
What is BimaBachat?
LICs BimaBachat is a money-back policy which offers financial security and assurance to
the policy holder and his family. BimaBachat requires the policy holder to pay only one
premium. The amount paid for the premium depends on the duration of the policy taken and
life insurance is available till the date of maturity.
What other benefits do I receive during the specified duration of the policy?
For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of
every 3rd and 6th policy year.
For a term 12 years: The policy holder will receive 15% of the sum assured at the end of
every 3rd, 6th and 9th policy year.
20
For a term 15 years: The policy holder will receive15% of the sum assured at the end of every
3rd, 6th, 9th and 12th policy year.
The person applying for the policy should have completed 15 years and should not be
older than 66 years.
There is a choice of three terms to choose from (9, 12 and 15 years) for the policy
depending on the age and requirement of the applicant.
The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the
amount that can be assured.
It is important to note that the sum assured should be in multiples of Rs 5000/- only.
22
Suitable For:
This policy is suitable for people of all ages who wish to protect their families from financial
crises that may occur owing to the policyholders premature death.
23
Jeevan Anand
Product summary:
This plan is a combination of Endowment Assurance and Whole Life plans. It provides
financial protection against death throughout the lifetime of the life assured with the
provision of payment of a lump sum at the end of the selected term in case of his survival.
Premium:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the selected term of the policy or till earlier death.
24
JeevanTarang
Introduction:
This is a with-profits whole of life plan which provides for annual survival benefit at a rate of
5 % of the Sum Assured after the chosen Accumulation Period. The vested bonuses in a
lump sum are payable on survival to the end of the Accumulation Period or on earlier death.
Further, the Sum Assured, along with Loyalty Additions, if any, is payable on survival to age
100 years or on earlier death.
Accumulation Period :
The plan offers three Accumulation periods 10, 15 and 20 years. A proposer may choose
any of them.
Payment of Premium:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or
through salary deductions over the Accumulation Period. Alternatively, a Single Premium
can be paid on commencement of a policy.
Sample Premium Rates:
The tables below provide tabular premiums for various age-term combinations for Rs. 1000/Sum Assured.
25
10 years
15 years
20 years
Up to 40 years
109.10
71.40
51.50
41 to 45 years
109.10
71.40
53.40
46 to 50 years
109.10
73.80
56.60
51 to 55 years
111.80
77.90
56 to 60 years
116.60
Single premiums
Accumulation period
Age
10 years
15 years
20 years
Up to 46 years
756.00
644.00
548.00
47 years
756.00
644.00
549.00
48 years
756.00
644.00
552.00
49 years
756.00
644.00
555.20
50 years
756.00
644.00
558.90
51 to 55 years
756.00
644.00
56 to 60 years
756.00
Participation in Profits:
Policies under this plan shall participate in profits of the Corporation. During the
accumulation period policies shall be entitled to receive simple reversionary bonuses which
will be payable on survival to the end of the accumulation period or on earlier death. After
the accumulation period, policies will be entitled to receive a Loyalty Addition payable on
maturity or earlier death. The amount of simple reversionary bonus and Loyalty Addition will
depend on the experience of the Corporation.
26
Features:
The Two Year Temporary Assurance policy is designed for the insuring public who
requires risk cover for a maximum of two years.
Under the Two Year Temporary Assurance policy a single premium is required to
be paid at the outset of the policy to cover the entire period of term.
The proposer is required to pay the medical examination fee. The proof of age must
also accompany the proposal.
The policy issued will be only under the 'Without Profits' plan.
No loan will be granted against the Two Year Temporary Assurance policy.
Suitable For:
The Two Year Temporary Assurance policy caters to the individuals who specifically
require insurance cover against risk for a short period of two years, for instance persons
who are required to go on tours for instance for a year or so.
27
Suitable For:
For all people with earned income under Category I and unearned incomes under Category
II, basically Standard and sub-Standard lives attracting EMR classes I and II.
28
JeevanSaathi
Product summary:
This is an Endowment Assurance Plan issued on the lives of husband and wife. The plan
provides financial protection against death of both the lives. It pays the maturity amount on
survival of one or both the lives to the end of the policy term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as
opted by you throughout the term of the policy or till the first death of the lives covered,
whichever is earlier.
Bonuses:
This is a with-profit plan and participates in the profits of the Corporations life insurance
business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses
are declared per thousand Sum Assured annually at the end of each financial year. Once
declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added
till date of maturity or the second death of the lives covered, whichever is earlier. Final
(Additional) Bonus may also be payable provided policy has run for certain minimum period.
29
ULIPS
4 REASONS WHY ULIPS GET THE THUMBS UP
Ask any individual who has purchased a life insurance policy in the past year or so and
chances are high that the policy will be a unit linked insurance plan (ULIP). ULIPs have been
selling like proverbial `hot cakes' in the recent past and they are likely to continue to outsell
their plain vanilla counterparts going ahead. So what is it that makes ULIPs so attractive to
the individual? Here, we have explored some reasons, which have made ULIPs so irresistible.
1. Insurance cover plus savings:
To begin with, ULIPs serve the purpose of providing life insurance combined with
savings at market-linked returns. To that extent, ULIPs can be termed as a two-in-one
plan in terms of giving an individual the twin benefits of life insurance plus savings.
This is unlike comparable instruments like a mutual fund for instance, which does not
offer a life cover.
2. Multiple investment options:
ULIPs offer a lot more variety than traditional life insurance plans. So there are
multiple options at the individual's disposal. ULIPs generally come in three broad
variants:
Aggressive ULIPs (which can typically invest 80%-100% in equities, balance in debt)
30
31
32
2. Expenses
In mutual fund investments, expenses charged for various activities like fund
management, sales and marketing, administration among others are subject to predetermined upper limits as prescribed by the Securities and Exchange Board of India.
For example equity-oriented funds can charge their investors a maximum of 2.5% per
annum on a recurring basis for all their expenses; any expense above the prescribed
limit is borne by the fund house and not the investors.
Similarly funds also charge their investors entry and exit loads (in most cases, either is
applicable). Entry loads are charged at the timing of making an investment while the
exit load is charged at the time of sale.
Insurance companies have a free hand in levying expenses on their ULIP products with
no upper limits being prescribed by the regulator, i.e. the Insurance Regulatory and
Development Authority. This explains the complex and at times 'unwieldy' expense
structures on ULIP offerings. The only restraint placed is that insurers are required to
notify the regulator of all the expenses that will be charged on their ULIP offerings.
Expenses can have far-reaching consequences on investors since higher expenses
translate into lower amounts being invested and a smaller corpus being accumulated.
ULIP-related expenses have been dealt with in detail in the article "Understanding
ULIP expenses".
3. Portfolio disclosure
Mutual fund houses are required to statutorily declare their portfolios on a quarterly
basis, albeit most fund houses do so on a monthly basis. Investors get the opportunity
to see where their monies are being invested and how they have been managed by
studying the portfolio.
33
34
Mutual Funds
Minimum
Determined
by investment
are
Investment
amounts
as well
fund house
expenses
by chargeable
to
company
Portfolio
disclosure
disclosures
are
Modifying
allocation
loads
the investor
Section
80C Section
80C
benefits
are benefits
are
Tax benefits
ULIP
investments in tax-
investments
saving funds
* There is lack of consensus on whether ULIPs are required to disclose their portfolios. While
some insurers claim that disclosing portfolios on a quarterly basis is mandatory, others state
that there is no legal obligation to do so.
2. Tax benefits
ULIP investments qualify for deductions under Section 80C of the Income Tax Act.
This holds good, irrespective of the nature of the plan chosen by the investor. On the
other hand in the mutual funds domain, only investments in tax-saving funds (also
referred to as equity-linked savings schemes) are eligible for Section 80C benefits.
Maturity proceeds from ULIPs are tax free. In case of equity-oriented funds (for
example diversified equity funds, balanced funds), if the investments are held for a
period over 12 months, the gains are tax free; conversely investments sold within a
12-month period attract short-term capital gains tax @ 10%.
Similarly, debt-oriented funds attract a long-term capital gains tax @ 10%, while a
short-term capital gain is taxed at the investor's marginal tax rate.
Despite the seemingly similar structures evidently both mutual funds and ULIPs have
their unique set of advantages to offer. As always, it is vital for investors to be aware
of the nuances in both offerings and make informed decisions.
36
37
LICs proactive approach to settlement has earned it a lot of goodwill. During the
tsunami, LIC was the only one to set up a camp at the affected areas along with the
list of policy holders and settled the claims immediately. It had earned LIC
recognition in the Manila based Asia Insurance Review.
Emphasis on market conduct and business ethics has contributed a lot to its success.
The most critical area is quick claim settlement- The benchmark is that the policy
holders ought to get post- dated checks before the date of maturity. In case of death
claims , the time lag has been brought down from 90 days to 60 days, and in the near
future it is recommended to be brought down to just 45 days.
It has targeted both the urban and rural segments.50% of LICs agents are based in
rural areas.
With the help of the social security fund, LIC has covered even those families who are
marginally above poverty line.
It has increased the emphasis on value- added services through its online portal and
allowed for premium collection through ATM machines and ECS.
It has given due consideration to its internal structure and has been streamlined,
besides this, the company ensures that it gets feedback from its agents, Customer
Relationship Management (CRM) and planning managers.
What really help LIC retain an edge over its competitors are its agents. It is paying
more attention towards its agents than before and is offering a pretty good package.
38
MARKETING
STRATEGIES
OF
PROMINENT
LIC is the leader in the insurance sector with around 83% market share.
LIC has tied up with Corporation Bank and Vijaya Bank for distribution of its product.
Companies using tools like workstations marketing, corporate marketing, road shows
and stalls in trade fair, loading, etc.
Its strategy is to achieve scale in premium income and distribution force in shortest time.
Focus is more on direct selling apart from communication and building personal
relationships.
39
The company is using various methods like media advertising, event sponsorship, etc.
and tools like direct marketing relationship building to generate awareness and build
customer base.
MET LIFE:
Met Life is a global leader in the financial services and it has tied up with Geojet Infolin
Technologies for marketing and distribution of its products in India.
It has bundle method of offering products which includes investment options ranging
from insurance, equities, derivatives, mutual funds and TPOs
The market segment on which MetLife is focusing is South India and J&K.
TATA- AIG:
The company is following mass marketing to cover as many as lives as possible in the initial
years of its operation. It has expertise in assessing the risk covered.
.
BAJAJ- ALLIANZ:
It is giving competition to public sector general insurance companies.
40
41
42
Analysis of Income
2011-2012
2010-2011
(Rs. in crore)
(Rs. in crore)
28681.37
21756.38
31.83
14.91
Renewal Premium
104184.74
97480.56
8709.36
3040.69
205.47
70.30
Renewal Premium
1011.44
1121.91
1110.10
1406.48
18135.93
24338.82
25875.42
14962.64
14889.07
39180.27
202802.90
203358.05
-0.27%
9.34%
90266.87
77666.69
Miscellaneous
15330.04
16155.94
Total Income
308399.81
297180.68
-21084.43
2091.95
287315.38
299272.63
Individual Assurance
Group Schemes
43
Analysis of Income
(Rs. in crore)
Individual Assurance
Individual Pension Schemes
Group Schemes
2010-11
2011-12
50000
100000
150000
Settlement of Claims
Settlement of claims is a very important service to the policyholders. LIC has laid emphasis
on expeditious settlement of maturity as well as death claims. During the year 2011-12, the
Corporation has settled 1.91 Crore claims for ` 71,493.17 Crore (Including Micro Insurance
and Pension & Group Schemes) compared to 1.90 Crore claims for ` 57,490.29 Crore in the
previous year. The percentage of claims outstanding at the end of the year to the claims
payable during the year is 0.53% as on 31st March, 2012 compared to 0.40% last year.
During 2011-12, 93.19% of Maturity claims under Individual insurance were settled on or
before the date of maturity.
44
88379.64
II Securities
1202321.95
56859.70
1347561.29
134.19
II Securities
1769.92
66.51
1970.62
1349531.91
SECURITIES
89%
45
4. CONCLUSION
46
CONCLUSION:
On the basis of my study of the subject, I would like to summarize the whole report by giving
the following conclusions:
1. LIC still remains to be at the top by having a hold over 71% market share in the Indian
market.
2. In terms of its products, LIC has introduced many new policies under various plans such
as endowment plans, policies for women, whole life plans and many more.
3. LIC made the biggest achievement by introducing Unit Linked Insurance Plans (ULIPS)
in the insurance market. Currently ULIPS are the most demanding policies of LIC.
4. LIC has brought a shift in its marketing strategies such as; it is now advertising all its new
policies on various Medias.
5. LIC has made a step ahead and has made significant achievements in the rural sector.
6. LIC has always worked for providing security to all and with the coming up of Pension
Plans in the recent years, LIC has been able to secure the future of the service class
people in a better manner.
7. If we talk in terms of growth and progress then, LIC remains to be at No.1 position in the
Indian Market and at No.6 in the world.
47
BIBLIOGRAPHY
BOOKS:
JOURNAL:
1. Insurance Chronicle August 2007
WEBSITES:
1. http://www.licindia.in/individual_plans.htm
2. http://www.licindia.in/Annual_Report_2012.pdf
48