About us

Life Insurance Corporation of India (LIC) the largest life insurer in India, was started in the year 1956.LIC has its Head Office in Mumbai and functions with 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices with 1346 Satellite Offices and 1242 Mini Offices across the country besides 7 subsidiary companies and overseas operations in 13 countries, and is manned by 1.20 lakh Employees.LIC has 3 of its Branch Offices functioning at Fiji, U.K and Mauritius. Also, there are 5 Joint Venture Companies functioning at Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia, out of which, the latter two are composite companies transacting both life and non-life business. A wholly owned subsidiary company was also opened at Singapore.

LIC is the leader in the life Insurance sector with the largest number of policies in the world i.e., we are serving more than 30 crore Customers (Only 4 countries in the World, whose population is more than LIC's Customer base). LIC holds the World record in settlement of Claims. LIC's estimated Asset value is more than Rs.18 lakh crores and Life Fund more than Rs.16 lakh crores. LIC is the most trusted brand in India and has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. We have gone in for relevant and appropriate technology over the years.

The Life Insurance Corporation of India came into existence on 1st September, 1956, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost .

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 59 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.

OUR ORGANIZATIONAL STRUCTURE AND HUMAN RESOURCES AS ON 31.03.2016

Zonal Offices 8
Divisional Offices 113
Branch Offices 2048
Satellite Offices 1401
Mini Offices 1240
Employees 1,14,773
Agents 10,61,560

NEW BUSINESS DURING THE YEAR 2015-16

Policies
(In Lacs)
First Year Premium Income
(Rs. in Crore)
Composite 205.47* 97674.32*
Market Share (%) 76.84 70.44

*Excluding Business procured under Varishtha Pension Bima Yojna.

VARISHTA PENSION BIMA YOJANA

Policies 184694
FPI (Rs. in Crore) 5460.04

PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES

P&GS Conventional Social Security Schemes
No of Lives (in lacs) 400.16 226.04
Premium Income (Rs. in crore) 64685.15 254.26

BUSINESS IN FORCE AS ON 31.03.2016

(in Crore) Sum Assured/NCO
(Rs. in Crore)
Individual Policies 29.02 38,32,912.04
Group Policies (lives) 12.09 10,30,916.42

OTHER PERFORMANCE PARAMETERS

(Rs. in Crore)
Total Income 424186.68
Total Premium Income 266225.38
Payment to Policyholders 143445.17
Total Life Fund 2057625.38
Total Assets 2210378.65

CLAIM SETTLEMENT PERFORMANCE 2015-16

Total Number of Claims settled 215.71 lakh
Total amount of Claims paid
(including Micro Insurance and P&GS)
Rs.1,01,041.65 Crores
Percentage of Maturity claims settled 99.75%
Percentage of Death Claims settled 99.55%

LIC now looking forward for Highly Enthusiastic and Self Motivated person who want to earn unlimited Wealth and reach highest level of success & status. All it needs is a DECISION of yours which can change your life and that of others too. Come Join my team and be a part of ever growing Insurance market with India's Insurance giant LIC. To know more about the procedure and profession Download LIC profile PDF OR Call at 9845474003 or write at joinlicbangalore@gmail.com