Power ed by

w w w .Bankersadda.me
your A to Z competitive examguide
Over view

The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance
company in India, and also the country's largest investor. It is fully owned by the
Government of India. It also funds close to 24.6% of the Indian Government's expenses.
It has assets estimated of 9.31 trillion (US$206.68 billion). It was founded in 1956 with
the merger of more than 200 insurance companies and provident societies.

Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance
Corporation of India currently has 8 zonal Offices and 101 divisional offices located in
different parts of India, at least 2048 branches located in different cities and towns of
India along with satellite Offices attached to about some 50 Branches, and has a network
of around 1.2 million agents for soliciting life insurance business from the public.

H is t or y

The Oriental Life Insurance Company, the first corporate entity in India offering life
insurance coverage, was established in Calcutta in 1818 by Bipin Bernard Dasgupta and
others. Europeans in India were its primary target market, and it charged Indians heftier
premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first
native insurance provider. Other insurance companies established in the pre-
independence era included
 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)

India’s first 150 years were marked mostly by turbulent economic conditions. It
witnessed, First War of Independence, adverse effects of the World War I and World War
II on the economy of India, and in between them the period of world wide economic
crises triggered by the Great depression. The first half of the 20th century also saw a
heightened struggle for India's independence. The aggregate effect of these events led to a
high rate of bankruptcies and liquidation of life insurance companies in India. This had
adversely affected the faith of the general public in the utility of obtaining life cover.

The Life Insurance Act and the Provident Fund Act were passed in 1912, providing the
first regulatory mechanisms in the Life Insurance industry. The Indian Insurance
Companies Act of 1928 authorized the government to obtain statistical information from
companies operating in both life and nonlife insurance areas. The subsequent Insurance
Act of 1938 brought stricter state control over an industry that had seen several
financially unsound ventures fail. A bill was also introduced in the Legislative Assembly
in 1944 to nationalize the insurance industry.
 S ome of t h e impor t an t mil es t on es in t h e l if e
in s ur an ce bus in es s in In dia:

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.

S ome of t h e impor t an t mil es t on es in t h e gen er al in s u r an ce

bus in es s in In dia:

1907 : The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1957 : General Insurance Council, a wing of the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and sound business practices.
1968 : The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972 : The General Insurance Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973. 107 insurers
amalgamated and grouped into four companies viz. the National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and
the United India Insurance Company Ltd. GIC incorporated as a company.

N at ion al iz at ion

In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners 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 years.

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.

S P R E AD IN T H E COU N T R Y

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 (US$ 92 million as per the 1959 exchange rate of
roughly Rs. 5 for a US $ , has grown to 25000 servicing around 180 million policies and
a corpus of over 8 trillion (US$177.6 billion).

The recent Economic Times Brand Equity Survey rated LIC as the No. 1 Service Brand
of the Country. The slogan of LIC is "Zindagi ke saath bhi, Zindagi ke baad bhi"in hindi.
In english it means "with life also,after life also. According to The Brand Trust Report
2011, LIC is the 8th most trusted brand of India

OB JE CT IVE S

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.
 Maximize mobilization of people's 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 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.
 Promote amongst all agents and employees of the Corporation a sense of
participation, pride and job satisfaction through discharge of their duties with
dedication towards achievement of Corporate Objective.
BRIEF OVERVIEW OF SCHEMES OF LIC

LIC – GROUP PLAN | GROUP GRATUITY SCHEME | LIC | OVERVIEW |

ADVANTAGES | BENEFITS – TAX BENEFIT | FEATURES – SPECIAL FEATURES

Key to a successful business is keeping your employees motivated. Happy and secured
employees work better, which in turn reduces the employer’s tension. Group Insurance is
an insurance which covers a group of people (like employees of a common employer or
professionals in a common group).

LIC brings you LIC’s GRATUITY PLUS PLAN, a unit linked plan for management of
Gratuity Funds. This plan is different from the traditional Cash Accumulation Plan as the
returns under the Plan are linked to the performance of the chosen fund. GRATUITY
PLUS PLAN is suitable for companies who desire to entrust Gratuity Fund management
to an insurer and wish to have the flexibility of choice of investments.

ADVANTAGES

1. Choice of 4 funds to meet various risk appetites.

2. Flexibility in structuring the Gratuity Costs based on performance of Fund.
3. Facility of Switching between various funds. One switch every year is free of
cost.
4. It provides for life insurance cover at a very minimal cost. Cover can be equal to
the gratuity payable for anticipated service. Alternatively, the company can also
choose for each member a uniform level of cover equal to a minimum of one
months salary or more .
5. There is no bid offer spread under this scheme.
6. Scheme can be surrendered at any time. There is no surrender penalty imposed.
7. Hassle Free Administration of Scheme
8. Assistance for execution of legal documents and installation of scheme.

BENEFITS

1. Gratuity Benefits to Members whenever payable as per Rules of the Scheme shall
be paid to the Policy Holder by debiting the requisite no of units to the Policy
Holder’s Unit Account at NAV applicable at that time.
2. In case of death of member, life insurance cover as opted for by Policyholder will
also be paid by the Corporation.
3. The policy can be surrendered at any time. The benefit available on surrender of
the policy will be the value of total number of units held in the Policy Holder’s
Unit Account at the time of surrender.

At all times the Policyholder’s unit account should be sufficient to cover the relevant
charges and benefits payable at such point of time, subject to a minimum balance of Rs.
Five lacs in the Policyholder’s Unit Account. In case the Policyholder’s Unit Account
falls below this limit, the policy shall compulsorily be terminated and the balance amount
in the policy holder’s Unit Account will be refunded to the policy holder.

TAX BENEFITS:

The provisions relating to the approved Superannuation Scheme are set out in Part ‘B’ of
the Fourth Scheme of the Income-Tax Act, 1961 and Part XIII of the Income Tax Rules,
1962. The income tax concession will be available only if the scheme is approved by the
CIT.

1. The annual contribution is treated as a deductible business expense in term of

Section 36(1) (IV) of the I.T. Act.
2. In terms of a Notification issued by the Central Board of Direct Taxes .80% of
the contribution (s) towards the past service liability are treated as deductible
business expenses spread over in the subsequent years of payment.
3. The employee’s contribution, in the case of the Contributions scheme qualifies for
exemption under Section 80C of the Income-Tax Act.

J eev an An ur ag
Benefits
LIC’s 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.
D E T AIL S OF W H OL E L IF E S CH E ME AN D E ND OW ME N T S CH E ME

Summary:
Jeevan Anand is the combination of Endowment Assurance and Whole Life plan. The
risk cover will continue even after the maturity, that means Zindagi Ke Saath Bhi Zindagi
Ke Bad Bhi… Jeevan Anand plan no. 149 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.

For Example: Mr. Pankaj, age 25 years, takes Jeevan Anand policy for 25 years for Sum
Assured Rs. 1 lakh. Now on Maturity Pankaj will receive Rs. 2,12,500/- (Rs. 1 lakh sum
assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)

In case, Mr. Pankaj, dies ( After premium paying term is over) at the age of 60 years, his
nominee will get additional Rs. 1 lakh equal to sum assured amount. Since Mr. Pankaj
has already received the bonus, LIC will not pay second time bonus.

In case, Mr. Pankaj dies during the Premium Paying Term, his nominee will get Rs.1
Lakh (sum Assured) + Accrued bonus till Mr. Pankaj’s death.

Key Features:
1. Jeevan Anand is the combination of Whole Life and Endowment Assurance plan.
2. Even after the Premium Paying Term (PPT) is over, risk cover continues till the
death of the policy holder.
3. Accident Benefit is available during the Premium paying term and thereafter upto
age 70.
4. Limited premium payments.
5. Double accidental cover upto age 70.
6. Tax Savings

Modes of Premium Payment:

You can pay premium yearly, half-yearly, quarterly, monthly or through salary
deductions as opted by you throughout the selected term of the policy or till earlier death.

Jeevan Anand Plan Premiums are limited. You only pay till the selected term of years or
until death if it occurs during the term period. This policy not only makes provisions for
the family of the life assured in the event of early death but also assures a lump sum at a
desired age. The lump sum can be reinvested to provide an annuity during the remainder
of policy holders life or in any other way considered suitable at that time.

Premium Stoppage:
If payment of premiums ceases after at least 3 years premiums have been paid, a free
paid-up policy for a reduced sum assured will be automatically secured provided the
reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The
reduced sum assured will become payable on the event as stipulated in the policy.
Bonuses :

Jeevan Anand is a with-profit insurance plan and participates in the profits of the
Corporation’s life insurance business. You will get the profit in the form of Bonuses.
Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end
of each financial year. Once the bonus is 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.

Maturity Benefit:
Sum Assured along with all vested bonuses payable at the end of the term to the policy
holder.(Endowment term)

Death Benefit :
Sum Assured along with vested bonuses are payable on death during the premium paying
term. An amount equal to the Sum Assured is payable if death occurs after the premium
paying term. Simple Reversionary Bonus accrues during the premium paying term and is
payable at the end of the premium paying term or on earlier death along with final
additional bonus, if any. No Bonus is paid on death after the premium paying term.

Accident Benefit:
Double Accident Benefit is available during the premium paying term and thereafter up
to age 70. Maximum Accident Cover available under this plan will be Rs 5 lakh (this
limit excludes accident benefit taken under other plans).

In case of permanent disability of the life assured due to accident this additional Sum
assured is payable in instalments.

Eligibility Conditions and Restrictions:

a) Minimum Entry Age: 18 Years completed

b) Maximum Entry Age: 65 Years
c) Max. PPT Mat. Age: 75 years
d) Min. Premium term: 5 yrs
e) Max Premium term: 57 yrs
f) Minimum Sum Assured: Rs. 1,00,000/-
g) Maximum Sum Assured: No Limit
h) Risk cover: Sum Assured + Bonus
i) Loan on policy: Available
j) Housing loan : Available

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values
are available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The
guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s
premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also
excluded.

LIC’s policy on surrenders:

In practice, the Corporation will pay a Special Surrender Value – which is either equal to
or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects
the discounted value of the reduced claim amount that would be payable on death or at
maturity. This value will depend on the duration for which premiums have been paid and
the policy duration at the date of surrender. In some circumstances, in case of early
termination of the policy, the surrender value payable may be less than the total premium
paid.

Who should buy Jeevan Anand policy?

Since Jeevan Anand is an endowment assurance plus whole life policy, this plan is apt for
people of of all ages and social groups who wish to protect their families from a financial
setback that may occur owing to their demise. The amount assured if not paid by reason
of his death earlier will payable at the end of the endowment term where it can be
invested in an annuity provision for the rest of the policyholder’s life or in any other way
he may think most suitable at that time

R E AS ON S W H Y L IC IS A MAR K E T L E AD E R IN L IF E IN S U R AN CE
S E CT OR

Positions:
1. Largest insurance Company in the world in Customer Base (23 crore customers)
2. No.1 insurance company in the world in terms of agency (about 1.1 Million agents)
3. LIC is No.1 insurer in the world in Volume & Sold around 3.75 Cr.Policies in 2007-
2008.
4. 2nd Biggest Real Estate Owner next to Indian Railways.
5. LIC is one of the Highest income tax playing Organization. For Financial Year 2007-
08, LIC has paid advance Tax Rs.2627. 14 Cr. & Service Tax Rs.1292. 15 Cr.
6. Has Highest insurance Professionals ( Club Member agents )
7. Only 4 countries in the world have more population that LIC`s policy holders.

Award – Recognition :
8. Adjudged "The most trusted service Brand" in India, by "Economic Times and AC
NEILSEN ORG MARG" for the year 2007 for the 5th consecutive year.
9. "Golden Peacock" award for Excellence in "corporate Governance"
10.LIC adjudged as "Best life insurance Company of the year" at the "2nd"NDTV Profit
Business Leadership Awards-2007.
11.LIC adjudged the "Most Preferred Life insurance Company of the year" at the "CNBC
AWAAZ" consumer award 2007 for 3rd time in succession.
12.Awarded Reader Digest's "Trusted Brand"2006,2007&2008 (Voted by Consumers)
13. "Outlook Money NDTV Profit Award 2007"
14. "Web 18-Genius of the web Award" Conferred for the best website in insurance
Category
15. "SKOCH Challengers Award 2008" for "Jeevan Madhur".
16. "Loyalty Awards 2008"- insurance Sector.
17. Double crown for LIC in corporate Olympics 2008, Most Sporting Corporate
Championship Award Winner-2008

Honouring of the Commitment - Settlement of Claims

18.No.1 insurance Company in the world in terms of claims paid.
19.LIC Settles 2.21 claims per second, LIC settled 139 lakhs claims during the year
2007-2008.
20.Prompt settlement of claims (97% maturity claim settled on or before due date) 21.One
of the Lowest outstanding Claim Ratio in the world ( Maturity+S B Claim- 0.07%)

Advanced Technology-For better Customer Service

22.Computerized and networked 2048 branch offices and 159 satellite offices throughout
the country.
23.Use of High Tech-WAN,LAN,IVRS & EDMS
24.LIC is second largest PC user in the country.
25.EDMS to make LIC a paperless office- Enabling Policy servicing & payments through
all branchs in the country.
26. Premium Payment Facility extended through networked 2048 branches, ECS, ATM's
through internet, online portals, collecting bank (Axis Bank), AP online, through SMS,
through selected agents, Now LIC Premium can also be paid through.

"Suvidha info Serve KIOSKS" all over India.

27.Policy Holder's Portal allow on line access to policy status and other details. 28.Info
centre set up in 12 cities for customers to interact easily. Dial- 1251 for details.
29.45 interactive Voice Response System (IVRS) centers all over the country to provide
information on policy servicing. Facility is available 24 7, Facility can be availed on
following phone Nos. 1251 OR 020-25514248.

Social Strength
30.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.
31.LIC has foreign operations in Mauritius, Fiji and London and has joint venture
operating in Sri lanka, Nepal, Bahrain & Saudi Arabia. New offices will be hortly oprned
in Australia, USA&Canada.
32.LIC is known as "Pension Provider" of the country.
33.1st Pension company in India is floated by LIC as "LIC Pension Fund Ltd" on 21st
Nov 2007.
34.First to create waves in micro insurance sector by insuring people below the poverty
line. In year 2007-2008, 8.54 lac policies sold through "Jeevan Madhur"Plan.
35.Widest range of plans (about 48) for every need of the customer of 0 to 79 years of
age.
36.Biggest Portfolio of Group insurance schemes available.
37."Jeevan Saral" one of the product of LIC got "Best innovation product " award from
I.R.D.A.
38.LIC has covered lick Risk of 1.13 crore citizens through "AAM ADMI BIMA
YOJANA" & " JANASHREE BIMA YOJANA".
39.Very Unique Salary saving Portfolio.
40.Highest Number of Corporate Clients in Group insurance Scheme.
41.Expending Distribution Channel through Bancassurances, Corporate
Agencies, Broker ship & Chief Life insurarance Advisor (CLIA).
42. New East - Central Zonal Office opened at patina to caterto the needs of states of
Bihar, Jharkhand and Orissa. 5 new Divisional offices were also opened in 2007-08. Pune
D.O.was splited in 2 divisions, viz Pune Division (i) and Pune Division (ii).
43. "Golden Jubilee Foundations" established for undertaking charitable activities like
education, health, relief of poverty etc.

People's Money for People's Welfare

44.LIC invested more than 11,630 crores, in infrastructure sector is Rs.56,691 crores 45.In
socially oriented sector like water, drainage & housing etc, LIC has invested
Rs.5,635 crores during 2007-08 & total investment in this sector is Rs.32,321 crores.
46.Total investment in Social Sector Rs.89,000 Crs.
47.Different incentive schemes for villages, Schools and Banks under Bima Gram, Bima
School and Bima Banks.
48.Total investment in Nation Building Activities is 5,76,000 Crs.

Financial Strengths
49.LIC's investment income in 2007-08 was Rs.40,655 crores. Out of Total income of Rs,
1,76,559.28 Crs.
50.Total Assets of the corporation as on 31.3.07 were Rs. 6,74,514.78 Crs.
51.Largest institutional investor in Share Market. On an average Rs.100 crore invested
every day. During theyear 2007 LIC earned the profit Rs.10,000 Crs. from the Sale of
Equity.
52. Largest Financial institutional investor both Equity market & Term House.

K E Y ACH IE VE ME N T S

During the 2008/09 financial year, LIC sold more than 35.9 million policies generating a
first year premium income of Rs. 52,953.92 crore (US$ 11 billion) despite the global
slowdown (Source: IRDA). During this period, the corporation settled 577,000 death
claims and 1.44 million maturity claims.To its resounding credit, the Corporation was
able to settle 97% of all maturity claims on or before the due date signing out Rs.
29,105.85 crore (US$ 6.10 billion) in settlement. Additionally, the corporation paid Rs.
5606.90 crore (U S$ 1.20 billion) in death claims.

Current figures show the outstanding claims ratio under the death category at no more
than 2.20% and in the maturity segment at an exemplary low of 0.26%. LIC has a proud
record of innovative products that find instant acceptance and success. For example, the
Corporation’s Jeevan Aastha scheme, a close-ended, singlepremium plan sold about 1.84
million policies collecting Rs.10,664 crore (US$ 2.20 billion) in premiums in 45 days of
launch in the year 2009. It is a remarkable achievement that not only has LIC continued
to maintain the trust of consumers during the economic downturn but has also been
felicitated with several awards.

It was bestowed the Readers’ Digest Trusted Brand Platinum Award, in both 2008 and
2009, the CNBC Awaaz Consumer Award in 2009 and the Customer and Brand Loyalty
Award in 2009. In the same year, LIC emerged as the Top Brand in the Insurance
Category in the survey conducted by ACNielsen for Brand Equity. In fact, Brand Equity
rated LIC as the Most Trusted Service Brand, five years in a row. In the recent past, too,
its brand leadership has been on evidence. In 2008, for instance amongst several awards,
LIC was felicitated with the NDTV-Profit Business Leadership award as also the Asia
Brand Congress- Brand Leadership Award. Even in the field of technology,

LIC’s innovations and practices were recognized when it won the NASSCOM Award for
the Best IT User

Functions of Life Insurance Corporation of India

The Life Insurance business was nationalized on 19th January, 1956 and the Life Insurance
Corporation of India came into being on 1st September, 1956 to carry on life business in India with
capital of Rs.5 crores contributed by the Central Government. The Corporation is a body corporate
having perpetual succession with a common seal with powers to acquire, hold and dispose of
property and may by its name sue and be sued. The functions of the Corporation shall be to carry on
and develop life insurance business to the best advantage of the community.
The Corporation shall have power to do the following :

 to carry on capital redemption business, annuity certain business or reinsurance business in so

far as such reinsurance business relating to life insurance business;
 to invest the funds of the Corporation in such manner as the Corporation may think fit and to
take all such steps as may be necessary or expedient for the protection or realization of any
investment; including the taking over of and administering any property offered as security
for the investment until a suitable opportunity arises for its disposal;
 to acquire, hold and dispose of any property for the purpose of its business;
 to transfer the whole or any part of the life insurance business carried on outside India to any
other person or persons, if in the interest of the Corporation it is expedient so to do;
 to advance or lend money upon the security of any movable or immovable property or
otherwise;
 to borrow or raise any money in such manner and upon such security as the Corporation may
think fit;
 to carry on either by itself or through any subsidiary any other business in any case where
such other business was being carried on by a subsidiary of an insurer whose controlled
business has been transferred to and vested in the Corporation by this act;
 to carry on any other business which may seem to the Corporation to be capable of being
conveniently carried on in connection with its business and calculated directly or indirectly to
render profitable the business of the Corporation; and
 to do all such things as may be incidental or conducive to the proper exercise of any of the
powers of the Corporation.
 In the discharge of any of its functions the Corporation shall act so far as may be on business
principles.
Thats all for now friends. In our next post we will give you the shortnotes on the complete
history of Life Insurance Corporation of India
