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PRESENTED BY :- SIDDHANT . NARENDRA . SAWANT

 About LIC
 Founded in 1956
 Largest Insurance Company in INDIA
 Owned by Government
 8 zonal offices
 100 Divisional Office
 2048 Branch Office
 100,21,449 Agents
 WHAT IS LIFE INSURANCE
 Life insurance is a contract between the policy holder and
the insurer, where the insurer promises to pay a
designated beneficiary a sum of money (the "benefits") upon the
death of the insured person.
 Depending on the contract, other events such as terminal
illness or critical illness may also trigger payment.
 In return, the policy holder agrees to pay a stipulated amount (the
"premium") at regular intervals or in lump sums.
 In some countries, death expenses such as funerals are included in
the premium; however, in the United States the predominant form
simply specifies a lump sum to be paid on the insured's demise.
  OBJECTIVE
 • Wide Coverage :- 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.
 • Saving mobilization :- Maximize mobilization of people’s
savings by making insurance linked savings adequately
attractive
 • Economy :- Conduct business with utmost economy and with
the full realization that the moneys belong to the policy holders.
 • Trustee :- Act as trustees of the insured public in their
individual and collective capacities.
 • Meeting Growing needs :- Meet the various life insurance needs
of the community that would arise in the changing social and
economic environment
  SWOT ANALYSIS OF LIC OF INDIA
 1 STRENGTHS:
 • India’s top insurance company and best among Public sector
company.
 • Provide better infrastructure than any other Public company.
 • LIC of India provides various types of insurance policies to
the customer.
 •LIC make good relationship with customers and provide extra unique
features for the customer who wants to take policy from them.
 • Provide all types of insurance advisories. And The transparency is
also much better from other insurance companies with least employee
turnover
 2 WEAKNESSES:
 • Average waiting time for the customer is 15 to 20 minutes.
 • No separate customer care unit.
 • Rude attitude of the employees.
 • No other facility such as, multiplicity and free financial advice
of the company
 3 OPPORTUNITIES:
 • Setup a marketing cell at the local branch.
 • Ensure that policies are diversified across several customer
segments.
 •Raise the share of nonfunded income by increasing product offe
ring wherever necessary by better use of technology.
 • Reduce the impact of operational risks by putting in place
appropriate frameworks to measure risks, mitigate them or
insuring them
 4 THEREATS:
 • Growth of private players has led to shifting emphasis from
public sector companies. Increase in foreign
insurance companies resulted in taking away business from
PSU’s. ( Public sector Undertaking )

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