Life Insurance Corporation

Hello,

I, Harshvardhan Oza, Welcome everyone of you. Here you will come to know about the Career Opportunities and Career Growth in Life Insurance Corporation of India.

“The People’s Money for People’s Welfare”

On 1st of September, 1956, the Life Insurance Corporation of India (LIC) embarked on its momentous journey in true spirit of serving the people and nation as a whole. Since then it has spearheaded the financial and infrastructure development of the nation.

The performance of LIC has been exemplary and it has been growing from strength to strength; be its customer base, agency network, branch office network and the likes. LIC has played a significant role in spreading life insurance among the general masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for almost decade now, Life Insurance Corporation of India continues to be the front runner in the industry in terms of market share, which is a result of the age old trust and respect, LIC has earned in the hearts of the countrymen.

The Corporation has made an outstanding contribution towards national growth and social upliftment. The major portion of the Corporation’s fund is invested for the welfare of there masses. As on 31st March, 2010 LIC has provisionally invested 11,00,000 crores of its fund in various social welfare drives of the nation.

TARGET:

  • Mobilization of People’s money
  • Investment of Insurance fund for the Benefit of society at a large.

URGE FOR NATIONALIZATION OF INSURANCE COMPANIES:

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Post Independence India was going through various socio-economic turmoils. The need of the hour, to hold the nation from falling apart was promptly identified by Pt. Nehru, and the National Congress Party. It was- Nationalization of Insurance Companies. The urge for this nationalization drive was realized primarily because of the factors as-

  • Independent India needed mass Infrastructural development.
  • Huge Capital was required.
  • Implementation of Five Years Planning, became a necessity.
  • Requirement of huge Long Term Fund.
  • Insurance Money was a source of Long Term Fund.
  • Ordinance passed in the Parliament.
  • 245 Private insurance Companies were amalgamated to form the Life Insurance Corporation of India

OBJECTIVES OF NATIONALIZATION OF INSURANCE COMPANIES:

  • Spread Life Insurance widely in urban and rural areas.
  • Provide adequate Insurance Coverage.
  • Maximum mobilization of peoples savings.
  • Bear in mind first to protect the interests of policy holders as a community, keeping in view national priorities and obligations.
  • Conduct business in utmost good faith.
  • Act as a Trustee of the Insured people.
  • Meet various Life insurance needs of the community.
  • Involve employees to the best of their capacity.
  • Promote a Sense of Participation, Pride and job satisfaction within the agent’s and employees.

 

Harshvardhan Oza

Development Officer – LIC