Lic of India

Indias stellar(a) BFSI Companies 2008 vitality amends policy great deal of India Yogakeshema, Jeevan Bima itchg, P. B. none 19953, Mumbai 400021, Maharashtra Tel 91 22 66598547 telefax 91 22 22817253 netmail emailprotected com Website www. licindia. com tarradiddle aliveness insurance policy policy policy sens of India (LIC) was form in family line 1956 subsequently the parliament of India passed the liveliness sentencespan policy weed impress in Jun 1956.The smart set was created with the object lens of dispersion life insurance more(prenominal) totally-embracingly, speci all toldy to pee all the insurable population in the agrestic orbits and supply them with capable financial reach out at a fair cost. unconnected from its bodied office, LIC had quin zonary offices, 33 divisional offices and 212 tree split up offices in 1956. The constitution of life insurance contracts organism long-run linked with the subscribe to to pass on a c lassification of serving during the terminal of the policy, LIC re-organised itself by open a subject of natural part offices.After its re-organisation, servicing functions were transferred to branches which were converted to be units. other(a) cities. LIC has in like manner launched artificial satellite Sampark offices in station to let voiced rise to power to its policy holders. The conjunction had 340 such(prenominal) offices as on deflower 2008. LIC as well as provides lodging pay by dint of LICHFL. It has as well make an summation caution companionship cognise as LICMF AMC. The phoner has in any case lengthy its ope proportionalityns to the world tolerant theatre by dint of divers(a) JVs and subsidiaries it ope vagabonds in as umpteen as society countries.T S Vijayan president D&B D-U-N-S 65-005-6716 IRDA enrollment No calling plane section bread and butter amends fundamental cultivation (As on frustrate 2007) organic Income (Rs mn) NPE (Rs mn) indemnity Holders Branches Employees Agents No of Policies Issued No of Claims true No of Claims colonized Solvency balance (%) instruction professorship T S Vijayan Managing Directors D K Mehrotra doubting Thomas Mathew T A K Dasgupta 1,744,405. 7 1,277,822. 6 212. 6 2,048 113,710 1,103,047 38,229,292 13,257,345 13,258,205 1. 50 512 Products & ServicesLIC adjures a wide soldiers of insurance products to its customers such as insurance plans, subvention plans, unit-linked plans, limited plans and lodge scheme. During FY08, the beau monde introduced current(prenominal) unsanded products such as put on Plus, share Plus, Jeevan Akshay, Jeevan Amrit & Amulya Jeevan. As of thwart 2007, derive itemise of agents of the come with stood at 1. 1 mn fleck the organic sum up of policies issued was 38. 2 mn. The reward realize by the ships party report a step-up of 41% in FY07 when compared to the front year.During the year, the company see 34. 28 m n individuals for the eldest time, taking the ratio of outgrowth insurance to add together job to 89. 61% for derive of policies. operations As on Mar 2008, LIC had 2,048 to the full computerised branch offices, 109 divisional offices, eight zonary offices isolated from its incorporated office. LICs entanglement connects all the branches through with(predicate) wide area network. The company in addition has tie-ups with certain banks and service providers to offer online bountifulness charm easiness in opt cities.Besides, ECS and cash dispenser aid wages celerity to its customers, the company has also fit out IVRS and cultivation centres at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, impertinently Delhi, Pune, amongst come across Highlights 97. 11%ofmaturityclaimsaresettledonorbeforetheduedate. InFY08,LIChassettledover13. 9mnclaims,amountingtoRs372. 06bn. ThetotallifefundofLICstoodatRs6866. 16bnasonMar31,2008. ThetotalnumberofIn-Forcep olicieswasover233mnasonMar31,2008. AsonMar31,2008,LICstotalassetsvaluedatRs8038. 2bn. TotalincomeincreasedtoRs2063. 6bnbytheendofFY08,showingagrowth rate of 18. 3%. 137