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Presentation Based On L.I.C. Of INDIA

Submitted By;Parmod Kumar

MBA-1A

Date 06/15/2014

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The Life Insurance Corporation of India popularly known as L.I.C. of India was incorporated on September 1, 1956.

It is fully owned by the Government of India and headquarter is in Mumbai.

It is the largest life insurance company in India and also the countries largest investor.

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Introduction to L.I.C. of INDIA

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Number of Branch Offices are 2048.

Number of Division Offices are 109.

Number of Zonal Offices are 8.

And Central Head Office is in Mumbai.

Total employees 12000

Conti.

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Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns and by rendering resources for economic development.

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Mission

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Term Insurance Policy :This policy is pure risk cover with the insured amount will be paid only if the policy holder dies in the period of policy time.

Whole Life Policy :The policy holder has to pay the premium for whole life till his death.

Endowment Policy :This policy combines risk cover with the savings and investment

Types of Policies

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 Endowment Policy: This policy combines risk cover with the savings and investment.

Money Back Policy: Money Back Policy is to provide money on the occasions when the policy holder needs for his personal life.

Annuities and Pension: In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically.

Continue.

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Departmental details in LIC

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Sales Department: This department is mainly concerned with the sale of new policies and is headed by Assistant Branch Manager Sales (ABMS).

New Business Department: This department performance the very important function of underwriting new policies which are sent to it for authentication.

Office Service Department: This department takes care of all miscellaneous tasks of office and dispatch of cheques, loans etc come under the responsibility of this department

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Policy Service Department: It takes care of the premium dates and if the policy is lapsed then its revival is done by this department.

Accounts Department: It is responsible for processing of all the cheques and loans which come to it. The details regarding financial aspects are covered under this department.

Claims Department: All types of claims i.e. survival benefit claim, maturity claim and death claim are settled by this department.

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LIC of India, International

LIC Nepal

Life Insurance Corporation Lanka Limited (LICL)

LIC Housing Finance

LIC Housing Finance Limited Care Homes

Subsidiaries

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Proposal form Data clearing Underwriting Update Deposit Policy No. FPR

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Operation involved

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MAJOR PLAYERS

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Growing at the rate of 15-20% annually

L.I.C. market share decreased from 87% to 82%.

Annuity or pension product have over 33% of market

All the new plans will obvious generate more the revenue.

Current Scenario

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CNBC Awaaz Consumer Award..

Reader digest Trusted Brand Insurance Category 2010

“Best Insurer Category” World Brand Congress Award..

Awards & achievements…

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SWOT AnalysisStrengths

•Oldest & the most experienced player •Strong distribution network•Government guarantee is accompanied with it

Weakness•Agents promote only those policies which generate more commission•D.O. not provided extra funds or power to promote its products

Opportunities•People become more aware & demanding.•Scope for a whole lot of innovative products

Threats•Entry of new private players in the industry.

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Identification of Target Market

Relationship building

Dynamic behavior of people

Improved Communication skills.

Investment options

Trying to mould yourself according to the situation.

Sometime feedback of the customer is very harsh.

Learning & Observations

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Thank you

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