Professional Documents
Culture Documents
Project On LIC
Project On LIC
On
Life Insurance corporation of
India
Submitted By
School Of
Management
Science
Lucknow
PREFACE
The
proverb
Need
is
the
mother
of
ACKNOWLEDGEMENT
We are hearty grateful to Mr. Sudhir Sharan sir
(director).
source
of
They
have
inspiration
always
had
been
work,
an
invaluable
sincerity
and
dedication.
I t gives me immense pleasure in submitting this
support
classmates
of
for
my
their
family,
friends
constant
and
all
the
encouragement
and
CONTENTS
Topics
1. Company Profile
2. Objective of Study
3. Introduction of Topic
4. Brief Overview of Other Insurance Industry
5. Research Methodology
6.
7. Conclusion & Suggestions
8. Bibliography
9. Annexure
INTRODUCTION
floated which failed miserably. The Insurance Act 1938 was the first legislation
governing not only life insurance but also non-life insurance to provide strict state
control over insurance business. The demand for nationalization of life insurance
industry was made repeatedly in the past but it gathered momentum in 1944 when a
bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly.
However, it was much later on the 19th of January, 1956, that life insurance in India
was nationalized. About 154 Indian insurance companies, 16 non-Indian companies
and 75 provident were operating in India at the time of nationalization, nationalization
was accomplished in two stages; initially the management of the companies was taken
over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the Life Insurance Corporation
Act on the 19th of June 1956, and the Life Insurance Corporation of India was created
on 1st September, 1956, with the objective of spreading life insurance much more
widely and in particular to the rural areas with a view to reach all insurable persons in
the country, providing them adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart
from its corporate office in the year 1956. Since life insurance contracts are long term
contracts and during the currency of the policy it requires a variety of services need
was felt in the later years to expand the operations and place a branch office at each
district headquarter, re-organization of LIC took place and large numbers of new
branch offices were opened. As a result of re-organization servicing functions were
transferred to the branches, and branches were made accounting units. It worked
wonders with the performance of the corporation. It may be seen that from about
200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in
the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of
new business. But with re-organization happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 100
divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network
covers 100 divisional offices and connects all the branches through a Metro Area
Network. LIC has tied up with some Banks and Service providers to offer on-lint
premium collection facility in selected cities. LICs ECS and ATM premium payment
facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS,
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots
to the Triton Insurance Company Ltd., the first general insurance company established
in the year 1850 in Calcutta by the British.
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
allinsurable persons in the country and providing them adequate financial
cover against death at a reasonable cost.
Maximize mobilization of people savings by making insurance-linked savings
adequately attractive.
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
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.
LIC of India is the one and only public sector life insurance Company in India.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company
started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the
central government and nationalised. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in the
year 1850 in Calcutta by the British.
Nationalization
In 1955, parliamentarian Feroze Gandhi raised the matter of insurance fraud by
owner's of private insurance companies. In the ensuing investigations, one of India's
wealthiest businessmen, Ram Kishan Dalmia, owner of the Times of India newspaper,
was sent to prison for two months. Eventually, the Parliament of India passed the Life
Insurance of India Act on 1956-06-19, and the Life Insurance Corporation of India
was created on 1956-09-01, by consolidating the life insurance business of 245
private life insurers and other entities offering life insurance services. Nationalization
of the life insurance business in India was a result of the Industrial Policy Resolution
of 1956, which had created a policy framework for extending state control over at
least seventeen sectors of the economy, including the life insurance. The company
began operations with 5 zonal offices, 33 divisional offices and 212 branch offices.
Current status
Over its existence of around 50 years, Life Insurance Corporation of India, which
commanded a monopoly of soliciting and selling life insurance in India, created huge
surpluses, and contributed around 7 % of India's GDP in 2006.
The Corporation, which started its business with around 300 offices, 5.6 million
policies and a corpus of INR 459 million, has grown to 2,048 offices servicing around
180 million policies and a corpus of over INR 3.4 trillion.
The organization now comprises 2048 branches, 100 divisional offices and 8 zonal
offices, and employs over 1 million agents. It also operates in 12 other countries,
primarily to cater to the needs of Non Resident Indians.
With the change in the India's economic philosophy from the early 1990s, and the
subsequent relaxation of state control over several sectors of the economy, the
monopolistic position of the Life Insurance Corporation of India was diluted, and it
has had to compete with a number of other corporate entities, Indian as well as
transnational Life Insurance brands.
In the financial year 2006-07 Life Insurance Corporation of India's number of policy
holders are said to have crossed a whopping 200 million (fourth in terms of
population of the countries of the world)
Subsidiaries
LIC owns the following subsidiaries:
LIC Nepal: A joint venture company formed in 2001 with the Vishal Group of
Industries, Nepal.
LIC Lanka: A joint venture company formed in 2003 with the Bartleet Group
of Companies, Sri Lanka.
false in the same way an objective claim is true or false. They are outside the realm of
what is verifiable. For example, consider the following subjective claims:
Trout tastes better than catfish.
Touching a spider is scary.
Venus Williams is the greatest athlete of this decade.
Hamsters make the best pets.
Certified extract from Municipal or Local Bodys records made at the time of
birth.
Certificate of Baptism or Certified Extract from Family Bible, if it contains
age or date of birth.
Certified Extract from School or College records, if age or date of birth is
stated therein.
Certified Extract from Service Register in the case of Govt. employees and
employees of Quasi-Govt. Institutions or
Passport issued by the Passport Authorities in India.
Payment of Premium:
Days Of Grace:
Policyholder should pay the premiums on due dates. However, a grace period
of one month but not less than 30 days will be allowed for payment of
yearly/half-yearly/quarterly premiums and 15 days for monthly premiums.
When the days of grace expire on a Sunday or a public holiday, the premium
may be paid on the following working day to keep the policy in force.
If the premium is not paid before the expiry of the days of grace, the policy
lapses.
If the policy has lapsed, it can be revived during the life time of the life
assured, within a period of five years from the date of the first unpaid
premium but before the date of maturity subject to certain conditions.
The Corporation offers three convenient schemes of revival viz., Ordinary
Revival, Special Revival and Installment Revival. Policies can also be revived
under Loan-cum-Revival and SB-cum-Revival schemes.
Request for revival may be made to the Branch Office servicing the policy.
The Policy Document is an evidence of the contract between the Insurer and
the Insured. Hence the policyholder should preserve the Policy Bond till the
contracted amount under it is settled.
Loss of the Policy Document should be immediately intimated to the Branch
Office where it is serviced.
Loans:
Loans are granted on policies to the extent of 90% of Surrender Value of the
policies which are in force and 85% of the Surrender Value in case of policies
which are paid-up, inclusive of the cash value of bonus. The rate of interest
charged at present is 9% p.a. payable half-yearly.
Loans are not granted for a period shorter than six months. The Conditions and
Privileges printed on the back of the Policy Bond states whether a particular
policy is with or without the loan facility.
Relief to Policyholders:
Nomination:
Death Claims:
If the life assured dies during the term of the policy, death claim arises. The
death of the policyholder should be immediately intimated in writing to the
Branch Office where the policy is serviced along with the following
particulars:
1. The No./s of the policy/ies
2. The name of the policyholder
3. Death Certificate issued by concerned Authority
4. The date of death
5. The cause of death and
6. Claimants relationship with the deceased
On receipt of the intimation of death, necessary claim forms are sent by the
Branch Office for completion along with instructions regarding the procedure
to be followed by the claimant.
The claims which have arisen after a period of three years are treated as nonearly claims and settled within 30 days from the date of receipt of all
requirements.
The claims that have arisen within a period of two years from the date of
commencement of the policy, are treated as early claims and investigation is
compulsory in such cases.
The claim is usually payable to the nominee/assignee or the legal heirs, as the
case may be. However, if the deceased policyholder has not
nominated/assigned the policy or if he/she has not made a suitable provision
regarding the policy moneys by way of a Will, the claim is payable to the
holder of a Succession Certificate or some such evidence of title from a Court
of Law.
The Corporation grants claims concessions under certain Plans whereby
payment of full sum assured is made, subject to the deduction of unpaid
premiums with interest till the date of death and unpaid premiums falling due
before the next anniversary of the policy, in the event of the death of the life
Assured within a period of six months or one year from the date of the first unpaid
premium, provided premiums have been paid for at least three years and five years
respectively.
COMPETITORS OF LIC
Aviva
Bajaj Allianz
Birla sun life
ICICI Pru
Ing vysya
Life insurance corporation
Max new York life
MetLife India
Om kotak mahindra
Reliance life insurance
SBI life insurance
Tata AIG
AVIVA
The AVIVA Life Insurance Company is joint venture between Dabur India and
the Aviva UK. Dabur is one of the Indias oldest and largest groups of companies with
consolidated Annual turnover in excess of Rs 1,350 crores, countrys leading producer
of traditional Healthcare products. Aviva Plc is UKs largest and the worlds fifth largest
insurance group. It is one of the leading providers of life & pension products to Europe
and has substantial business elsewhere around the world.
Bajaj Allianz
Bajaj Allianz Life Insurance co. Ltd. Is a joint venture between Allianz
AG, and Bajaj Auto, one of the biggest 2 & 3 wheeler manufacturer in the world? Bajaj
Auto Ltd, the Flagship Company of the Rs.8000 crores
Bajaj group is the largest manufacturer of two-wheelers and three-wheelers in India
and one of the largest in the world.
Allianz
Allianz group is insurers and financial service providers. Founded in 1890 in
Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At
the top of the holding company, Allianz AG, with its head office in Munich.
Birla sun life insurance company Limited
Birla sun Life Insurance is the coming
together of the Aditya Birla group & Sun Life Financial of Canada to enter the Indian
insurance sector. The Aditya Birla Group, a multinational conglomerate has over 75
business units in India and Overseas with operations in Canada, US, UK, Thailand,
Indonesia, Philippines, Malaysia, and Egypt
Foreign partner:
Sun life assurance, sun life financials primary insurance business, has
excellent rating with the worlds top rating agencies. With assets under management as
on September 30, 2000 totaling more than CDN billion, it ranks amongst the largest
international financial service organizations in the world.
ICICI Prudential Life Insurance
ICICI Prudential Life insurance is a joint venture
between the ICICI group and Prudential Plc, of the UK. ICICI standard off its operation
in 1955 with providing finance for industrial development, and since then it has
diversified into housing finance, consumer finance, mutual funds to being a Universal
Bank and its latest venture Life insurance.
Foreign Partner
Established in 1848, Prudential plc. Of U.K has grown to be the largest
life insurance and mutual fund Company in U.K. Prudential plc. Has had its presence in
Asia for the past 75 years catering to over 1 million customers across 11 Asian
countries. Prudential is the largest Life Insurance Company in the United Kingdom.
ICICI and prudential came together in 1993 to provide mutual fund product in India and
today are the largest private sector mutual fund company in India. Their largest venture
ICICI Prudential Life plans to take care of the insurance needs at various stages of life.
ING Vysya
ING Vysya Life Insurance Company private Limited entered the private
life insurance industry in India in September 2001, and in a short spans pf 3 years has
established itself as a distinctive Life insurance brand with an innovative, attractive and
customer friendly product portfolio and a professional advisor force. It also distributes
products in close cooperation with the ING Vysya Bank network. The company is
headquartered at Bangalore
MAX NEW YORK Limited
Max India Limited is a multi-business corporation that
has business interest in telecom service. Bulk pharmaceuticals, electronic components
and specialty products. It is also the service-oriented businesses of healthcare, life
insurance and information technology.
NEW YORK Life
New York Life has grown to be a fortune 100 company and an
expert in life insurance. It was the first insurance company to offer cash dividends to
policy owners. In 1894, New York Life pioneered then unheard-of-concept of insuring
women at the same rate as men. Thereafter, it continued to introduce a series of firsts
OBJECTIVE OF STUDY
The prime objective of the study is to find out the level of satisfaction of a
customer (policy holders or beneficiary) so far as the settlement of claims.
Parameters of Research
5. RESEARCH METHODOLOGY
TYPE OF RESEARCH - Exploratory research conclusive
o primary data : through observation as well as
personal interview
o secondary data : through journal, research
paper, monthly reports and financial reports
SAMPLING METHOD- through judgment and convenience method
SAMPLING UNIT, LIC BAREILLY
SAMPLING ELEMENTS Existing and potential customers in bareilly
SAMPLE SIZE- 80
The task of data collection begins after a research problem has been defined and
research design is chalked out. While deciding about the method of data collection to be
used for the study; the researchers should keep in mind two types of data i.e. Primary
and Secondary data.
The primary data are those which are collected afresh and for the first time, and thus
happen to be original in character. The secondary data on other hand are those which
have already been collected by someone else and which have already been passed
through the statistical process. The data used for the present research is primary data.
Data collection was done through sample, survey method involving the questionnaire
to be filled in by the investigator. This was chosen because most of the facts and data
where of the nature of primary data. For study like this time framework is not
significant. However, for cross sectional analysis, both the insurance and customers
were interviewed to find out real state of the affairs of the problem understudy. We
had been close to the data obtaining through questionnaire and percentage as well as
trend analysis have used to interpret the data.
Over all study is based on the findings through survey of 100 persons belonging to
varied age groups, as follows:
Age groups
18-26
26-35
35-45
45-55
Above 55
Total
no. of customers
21
33
34
06
06
100
The different methods that are used for collecting primary data are as follows:
A) Contact Method:
The 'contact method ' considering the short coming was selected to personal interview.
This method being versatile was arranged interviewing as it made concerned approach
to the respondent.
B) Observation Method:
The present investigation was done on the basis of making note of behavior and
gestures of the target customers
C) Questionnaire Method:
The method of data collection is quite popular and is being adopted by researchers,
private individuals and organization.
D) Schedule Method:
The method of data collection is very much like the collection of data through
questionnaire, with little difference which lies in the fact that schedules are being filled
in by the enumerates who are specially appointed for the purpose, these enumerators go
to the respondents along with the schedule and put up the question. Inferences are
drawn on the answers given by them.
Finding
Product offered to customer
Children's Policy
Komal Jeevan - Plan No. 159
Children Deferred - Plan no.41
Jeevan Kishore - Plan no.102
Jeevan Chhaya - Plan no.103
Marriage Endowment/Educational Annuity - Plan No. 90
Jeevan Anurag - Plan no.168
Endowment Policy
Endowment with Profits - Plan no.14 Limited Payment Endowment with
Profits - Plan no.48
Jeevan Mitra - Plan no.88
New JanaRaksha Policy - Plan no.91
Jeevan Anand Plan no. 149
Jeevan Mitra Triple Cover - Plan no.133
Special Plans
Term Assurance - Plan no.43
Mortgage Redemption - Plan no.52
Jeevan Aadhar - Plan no.114
Market Plus - Plan No 181
Jeevan Vishwas Plan No. 136
Jeevan Saral Plan No. 165
Jeevan Pramukh Plan No. 167
Bima Nivesh 2005 Plan No 171
Money Plus-Plan No 180
Term Policy
Convertible Term Assurance - Plan no.58
New Bima Kiran
Term Assurance
Anmol Jeevan I Plan No- 164
Amulya Jeevan-Plan No-177
Service Quality
Your Policy Bond And Its Safety
Your Policy Number
Policy Conditions
Alterations In Policy
If Your Policy Is Lost
Your Contact Address Keep Us Posted Without Fail
Admission Of Age
Nomination
Assignment
When To Pay The Premiums
Grace Period For Premium Payment
How And Where To Pay The Premiums
Policy Status Where Available
Revival Of Lapsed Policies
Availing Loans On Policies
Surrender Value
Maturity, Survival Benefits, Disability And Death Claims
Policies Under Salary Savings Scheme
Helpline
Policy Conditions
Every policy is taken for different types of needs; therefore the conditions for your
policy will vary according to the Plan and Term of the policy.
The policy schedule contains on the first page of your policy, like the ones mentioned
above as well as other information like nominee, your address etc. It also shows the
date of commencement of your policy, date of birth, date of maturity, due dates and
months in which the renewal premiums are to be paid etc.
The second page onwards carries the various policy conditions like risk coverage,
additional risks coverage if opted for, standard benefits that are available for all
policies, accident benefit if opted for, exclusion of risks if any and other conditions
that govern the contract of insurance. Apart from death benefits there are other
standard benefits and benefits opted by the policyholder
Alterations In Policy
There may be instances when you would like to make alterations in your policy like
change of premium payment mode, reduction in premium paying term etc.
your applications may be given in writing to the branch that services your policy for
our further action.
Admission of Age
Check your policy bond and see if your date of birth is correctly given therein.
This is one of the factors on which the premiums you pay for your policy is arrived at.
This would also form the basis of all future policies you might avail from us.
In case your earlier policies do not have your date of birth incorporated and you do
have a date of birth certificate issued by the competent authority, you may send an
attested copy of the same to us, with a request to admit your age (Click here to find
out the certificates of age that LIC accepts.)
Nomination
Ensure that the nominees name is correctly incorporated in the policy bond.
You may change the nomination in your policy any time during the lifetime of the
policy
In case you have not included the name of the nominee till now, please do not delay;
inform us your nomination immediately. Kindly note that the change of nomination
has to be done in the branch that services your policy.
The nominee is the person to whom the insurance claim amounts would be payable, in
case anything unfortunate within the purview of the policy conditions happens to you.
The policy is usually taken by you to benefit your family nominate the persons
wholl have the welfare of your family in your absence; the usual preferences being
spouse and children.
You may nominate even minors like your children, in which case you have to name
another person wholl have the welfare of the minor children, as an appointee
Assignment
In case you are raising a loan against your policy from LIC or any other financial
institution, your policy would have to be assigned to LIC or the financial institution.
When you assign the policy the title of the policy is shifted from your name to that of
the institution.
The policy would be reassigned to you on the repayment of the loan.
A fresh nomination should be done after reassignment of the policy.
Assignment of policies can be done even when a loan is not required or for some
special purposes
Surrender Value
This is the value which is the amount payable to you should you decide to discontinue
the policy and encash the same from LIC.
Surrender value is payable only after three full years premiums are paid to LIC. More
over if it is a participating policy the Bonus get attached to it as per prevalent rules.
Surrender of policy is not recommended since the surrender value would always be
proportionately low.
Should you decide to go in for insurance at this stage further insurance would be
available to you at a much higher premium because your age would have advanced
since taking out the earlier policy.
Therefore retention of earlier policies and continuation of all policies without
allowing them to lapse is the best strategy for continuing life insurance protection.
Disclaimer:
The information contained herein is only to guide you and does not purport to be
binding on either party. The contractual implications of your policy will be subject to
the terms and conditions of your proposal and the policy document issued to you.
They may be also subject to the rules and regulations of the corporation notified from
time to time which may be subject to revision and change. The contract will also be
subject
to
the
prevailing
laws
of
the
country.
Helpline
To ensure that you get the best out of your policy please read our guidelines carefully.
1. Keep the policy bond safe. It will be required at the time of maturity or
Survival Benefit. You will also require it if you are availing a loan or want to
assign your policy.
2. Inform your spouse/Parents/Children as to where the policy is kept.
3. When you shift residences, please inform the new address to us. Otherwise
any communication we send to you, like premium notices, discharge vouchers,
etc., will get delayed in reaching you.
4. Ensure that the nominees name is correctly incorporated in the policy bond.
5. Remember to pay your premium in time, even if our notices do not reach you.
There may be a postal delay. The months in which premium are due are given
in the Policy bond.
6. You may pay the premium by Cheque, DD or Money Order. Remember to
quote the policy number every time in your correspondence. The policy
number is consisting of nine digits and can be found at the top left hand corner
of the policy bond.
7. Check your policy bond and see if your date of birth is correctly given therein.
8. In case you are handing over the policy bond to any person or office, including
the LIC office please take a written acknowledgement.
9. When your Survival Benefits (For Money back policies) or maturity benefits
are due, we send intimations to your three months in advance. If such
intimations have not come to your even within one month of the due date
kindly inform us so that we may take necessary action.
10. When in doubt call your agent or the Branch from where you took the policy.
Our Branches are our Operating Units. Hence, for any servicing matter, contact the
Servicing Branch of your policy. However, for obtaining general information, you can
contact any of the Branches of LIC.
Network of LIC
INTERNATIONAL OPERATIONS/ASSOCIATES
LIC has always acknowledged the need to expand. Our expanding efforts have
been consistent and are evident though our associations given below for your
reference.
INTERNATIONAL OPERATIONS
LIC Fiji
LIC Mauritius
LIC United Kingdom
LIC (International) B.S.C (C), Bahrain
LIC (Nepal) Ltd
LIC (Lanka) Ltd
Saudi Indian Company for Co-op. Insurance,
KSA.
LIC Mauritius Offshore Ltd.
LIC Co-ordinating Office in India
ASSOCIATES
LIC Housing Finance Ltd.
LICHLF Care Homes Ltd.
LIC Mutual Fund AMC Ltd.
1. As a Govt of India owned Company, LIC is 51 + years old in the field of life
insurance and money management. LIC's Life Fund size as on day is more
than Rs 5 Lakh Thousand Crores !
2. Any LIC policyholder or the nominee will vouch for the best claims settlement
from LIC. Perhaps, this is the only institution where you as a policyholder are
virtually chased till such time your claim cheques is handed over to you !
3. LIC has won `NDTV Profit Leadership Award 2007 under Life Insurance
Category', `Outlook Money Award 2007 as the best Life Insurer', `CNBC
Awaaz Consumer Award 2007 as the best Life Insurance Company',
`Golden Peacock Award for excellence in Corporate Governence 2007',
`Web 18 Genius of the Web Award 2007 and many more'.
4. LIC adjudged No.1 Trusted Service Brand for the 4th successive year by ET
Brand Equity Survey.
5. LIC has been adjudged Superbrand India for 2004-06 and Reader's Digest
`Trusted
Brand'
Asia
2007.
6. This is the only corporation that is catering to more than 190 million satisfied
policyholders
in
India
and
abroad.
7. This is one of the very few institutions that pays ex-gratia interest on
pending maturity claims !
8. More than 2050 LIC branches all over India are connected together to serve
you. You can pay your premium anywhere in the country.
9. During its long existence, LIC has kept on updating its portfolio by bringing in
new plans depending on public requirement. More than 50 of them are most
popular and can be customized to meet any of your requirements. LIC ULIPs
have become extremely popular due to the returns they offer. Money Pluslatest LIC Unit Linked Plan is a case in point.
10. All LIC Plans come with Sovereign Guarantee i.e., Govt of India
Guarantee regarding repayment. Infact, as of now, only LIC plans enjoy
this Govt Guarantee. Beneficiary for this Sovereign Guarantee is you and
you alone as the policyholder/ would-be policyholder.
11. All LIC plans are characterized by low premium, high life insurance coverage
and a vast package of benefits offered by them. Add to this package, section
80C benefit and section 10(10D) benefit on the maturity proceeds, you will
find investment on LIC plans one of the most coveted investment options
available to you.
12. Premium paid under Key-Man Insurance plan is a recognized business
expense under section 37(I) of the Income-Tax Act. For companies making
profits, this is a very good incentive indeed.
13. Through Employer-Employee Insurance scheme, you can recognize the worth
of your most valuable employees whose absence you can ill afford to loose.
14. Entire contribution to LIC Group Gratuity Scheme is a recognized business
expense in the hands of the employer. In addition, through this scheme, the
employer can transfer his gratuity liability to the corporation and fund the
same under cash accumulation scheme. The most popular among all the
companies.
15. LIC is declaring quite an impressive bonus (profits) on all its with-profits
policies every year. Extra attraction under LIC Bonus is (a) it is calculated
every year on the insured amount and not on the premium paid and (b) entire
bonus received along with insured amount either by you on maturity of your
policy(ies) or by your nominee in your absence during the currency of your
policy(ies) is free from income-tax under section 10(10D) of the Income-tax
Act.
16. On most of the LIC plans, you can borrow to take care of your immediate
monetary requirements. None of the policy benefits get affected as a result of
borrowal. Infact, policy loans offer one of the most attractive investment
opportunities.
17. You can pay your premium 3 years in advance at 5% discount. Chief
attractions of this advance payment of premium are (a) there is no possibility
of your overlooking your premium payment and getting your policy(ies)
lapsed wherever you are in the world and (b) you will be earning 5% tax-free
interest on the unutilized portion of the amount left with LIC after
apportioning the regular installment.
18. Most of the LIC plans come with Riders to take care of Total and Permanent
Disablement due to Accident and some of the most dread diseases that may
result in loss of income.
19. LIC pension plans that guarantee you life pension are extremely popular. You
can park your hard earned money safely with the corporation and enjoy
pension as long as you are alive.
Due to these reasons and lot more, LIC should be your obvious choice for all
your
life
insurance
requirements.
LIC is Indias most trusted brand, INSURING LIVES AND ENSURING SMILES
from
more
than
50
Years.
SUPER BRAND & MOST TRUSTED SERVICE BRAND OF INDIA. BEST IT
USER
IN
INDIA
(NASSCOM
2003).
Largest Institutional Investor in India and Second largest in Asia among insurers.
(Source:
Asian
Investor)
LIC - An Institution Builder promoting many financial and insurance institutes like
NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National
Insurance
Academy,
Insurance
Institute
of
India
etc.
LIC
is
the
largest
life
insurer
of
India
Asset
value
as
on
31.3.2004:
3,673,598.4
mn
(INR).
Offers over 45 plans to cover your life at various stages
Over 160 million customers and 1.1 million agents. It has underwritten more than 160
million
policies.
2,048 branch offices (all computerized) of which 2019 are networked
From all above we can say our money is safe and secure with assured returns.
Project Analysis
awards which it had done 2 years ago, then it will send the wrong
message in the minds of the policyholders. Imagine Indias most
famous institution sponsoring a Cine Awards function stating that it
was done to increase the brand awareness of LIC. That sounded
like a big joke. It is time that the top level officials of LIC come out
of their air-conditioned cabins and travel by public transport for
sometime in order to feel the pulse of the common man.
Conclusion
After Findings we can see about LIC features and his The tendency to take
the expedient approach and focus on the far right of the LIC spectrum,
Peacetime Contingency Operations and conduct training as usual, while
briefing that the LIC block has been checked, will lead us to a possibly fatal
false sense of security.
Instinctive behavior and ingrained training must be adjusted to fit new
circumstances. STXs must be developed locally or borrowed from units who
have already been through the training.
The probability of becoming involved in a LIC operation is high. The potential
to attract international attention, even with limited forces, is also great. Units
have demonstrated that with a balanced training focus and proper
preparation, many pitfalls outlined above can be avoided.
LIC is not conventional warfare. This is critical for the counterinsurgent to
understand. The insurgents violent and coercive strategy is applied so as to
BIBLIOGRAPHY
Books
CMIE Database programming with MS Office,
MS office,
Visual vmpro software (Lic)
Important websites
www.google.com
www.licindia.com
Magazine
Yogkshem Lic Magazine
Outlook Express
Business today
News Paper
Business standard
Times of India
Economic times
Hindustan times
LIMITATION OF THE
PROJECT
A.
B.
D.