Download - 25151536 LIC Plans Presentation
-
7/30/2019 25151536 LIC Plans Presentation
1/30
Company
LOGOLIC-Secure your life,secure your future
Live life like a kingGive your family happiness and Zing
PREPAREDSanjeev Dheer
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
2/30
Company
LOGO
INTRODUCTION OF LIC
HISTORY OF LICFORMATION OF LIC
IMPORTANT MILESTONES IN THE
GENERAL INSURANCEVARIOUS PLANS &POLICIES
CURRENT STATUS
AWARDS
CONTENT
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
3/30
INTRODUCTION OF LIC
The Life Insurance Corporation of India (LIC), apublic sector enterprise, is the largest insurancecompany in India, selling insurance products
and related services.Each of its business products offered a variety
of different plans to suit different customers andsituations, Also provided social security
schemes and pension schemes. Investment inLIC was considered by a majority of itscustomers to be reliable and secure.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
4/30
HISTORY OF LIC
The concept of life insurance came to Indiawhen two British insurance companies wereestablished in the country - the Oriental Life
Insurance Company (in Calcutta in 1818 ByBipin Behari Dasgupta and others ) andBombay Life Assurance Company (inBombay in 1823).
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
5/30
IMPORTANT MILESTONES
1912 - The Indian Life Assurance Companies Actenacted as the first statute to regulate the lifeinsurance business.
1928 - The Indian Insurance Companies Act enacted
to enable the government to collect statisticalinformation about both life and non-life insurancebusinesses.
1938 - Earlier legislation consolidated and amended to
by the Insurance Act with the objective of protectingthe interests of the insuring public.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
6/30
Cont..IMPORTANT MILESTONES
This legislation was lead to met requirement of
insurance policy act like
statutory requirement of equity capital for
companies carrying on life insurance business a ceiling on share holdings in such companies
stricter control on investments
Submission of periodical returns relating to
investments and other such information to thecontroller.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
7/30
Malpractices and Mismanagement had creptinto the management of several of thesecompanies. More than 50 private insurance
companies had been liquidated or swindledthe policyholders.
There were complaints of different types ofmalpractices by many insurance companies
like falsification and denial of claims, andinter-locking of funds.
INC-SURAT
Cont..IMPORTANT MILESTONES
-
7/30/2019 25151536 LIC Plans Presentation
8/30
To protect the public, the governmentnationalized the insurance industry. OnJanuary 19, 1956, the management of the
life insurance business of 245 Indian andforeign insurers and provident insurancesocieties then operating in India were takenover by the central government.
By 1956, there were 154 life insurancecompanies in India.
INC-SURAT
Cont..IMPORTANT MILESTONES
-
7/30/2019 25151536 LIC Plans Presentation
9/30
FORMATION OF LIC
The Parliament of India passed the Life Insurance
Corporation Act on the 19th of June 1956, and theLife Insurance Corporation of India was created on1st September, 1956, with a capital contribution ofRs. 5 crore from the Government of India. with the
objective of spreading life insurance much morewidely and in particular to the rural areas with aview to reach all insurable persons in the country,providing them adequate financial cover at areasonable cost.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
10/30
IMPORTANT MILESTONESIN THE
GENERAL INSURANCE BUSINESS IN INDIA
1907 - The Indian Mercantile Insurance Ltd. setup, the first company to transact all classes ofgeneral insurance business.
1957 - General Insurance Council, a wing of theInsurance Association of India, frames a code ofconduct for ensuring fair conduct and soundbusiness practices.
1968 - The Insurance Act amended to regulateinvestments and set minimum solvency marginsand the Tariff Advisory Committee set up.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
11/30
Conti
1972 - The General Insurance Business(Nationalization) Act, 1972 nationalized thegeneral insurance business in India with effectfrom 1st January 1973.
107 insurers amalgamated and grouped intofour companies viz. the National InsuranceCompany Ltd., the New India AssuranceCompany Ltd., the Oriental Insurance CompanyLtd. and the United India Insurance CompanyLtd. GIC incorporated as a company.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
12/30
LIC OWNS THE FOLLOWINGSUBSIDIARIES
1. Life Insurance Corporation of India
International: This is a joint ventureoffshore company promoted by LIC which
commenced operations in July, 1989 withthe objectives of offering US$denominated policies to cater to theinsurance needs of NRIs and providing
insurance services to holders of LICpolicies currently residing in the Gulf.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
13/30
Attractive LIC PlansJeevan Anand :Best sellingplan of LIC.Offers maturity
benefit, with extended whole lifecover(free of cost)along with
Double accident benefits. Jeevan
ke sath bhi.jeevan ke baad bhiLoan facility,Assignment
available.
-
7/30/2019 25151536 LIC Plans Presentation
14/30
Jeevan Mitra
Jeevan Mitra: Most suitable plan to protectthe family,with high returns on exigency.
Maturity benefits- SA+bonus +FAB
Death Benefit:Double SA+Bonus + FAB
Accidental benefits :Triple SA + Bonus +
FAB Loan facility ,assignment available
-
7/30/2019 25151536 LIC Plans Presentation
15/30
Jeevan Mitra-Triple Cover
This plan is most suitable with highest andunusual benefits for your family.
Maturity benefits-SA + Bonus + FAB
Death Benefit:3 x SA + Bonus + FAB
Accidental benefits:4 times SA,bonus and
FABHousing loan,Loans,assignment available.
-
7/30/2019 25151536 LIC Plans Presentation
16/30
Jeevan Sathi
Jeevan Sathi is an ideal plan for marriedcouple and protects the surviving spousein the event of exigency.
On maturity:SA+Bonus+FAB On death of any one,surviving partner gets
SA with premium waiver.
Survivor on maturity gets SA+bonus,but incase of death before maturity-SA+acc.bonus paid to nominee.
-
7/30/2019 25151536 LIC Plans Presentation
17/30
Children Plans
Komal Jeevan
Jeevan Kishore
Jeevan Chhaya Marriage Endow.or Edu. Annuity plan
Child Fortune plus
Jeevan Anurag
-
7/30/2019 25151536 LIC Plans Presentation
18/30
Money Back Plans
These plans are best suitable forprofessionals and businessmen, who getsystematic and periodic repayments of
survival benefits.
Money Back Policy-20 yr term
Money back policy-25 yr term
Jeevan Surabhi (Term-15/20/25 yrs)
Bima Bachat-single prem. facility
-
7/30/2019 25151536 LIC Plans Presentation
19/30
Pension Plans
These plans are most suitable to provideregular financial security even when youget retired, you shall never get tired.
Jeevan Nidhi
Jeevan Akshay
New Jeevan Dhara New Jeevan Suraksha
-
7/30/2019 25151536 LIC Plans Presentation
20/30
ULIP Plans
Plans are linked to the money markets andprovide a best blend of life protection aswell as flexibility and growth of
investments. Market Plus I
Fortune Plus
Profit Plus Child fortune plus
Jeevan Sathi plus
-
7/30/2019 25151536 LIC Plans Presentation
21/30
Special Plans
Plans for High net worth individuals andCEOs, industrialists ,persona eminence.
Jeevan Shree I
Jeevan Pramukh
Key man Insurance
Jeevan Aadhar & Jeevan Vishwas-plansfor disabled and handicapped dependents
-
7/30/2019 25151536 LIC Plans Presentation
22/30
CURRENT STATUS
Tracing the developments in the Indianinsurance sector reveals the 360-degree turnwitnessed over a period of almost 190 years.
The enforcement of New Economic Reforms in
1991 coupled with the formation of InsuranceRegulatory and Development Authority Act(IRDA) of 2000 (which started issuing licenses toprivate life insurers ) has diluted the
monopolistic attitude commanded by LIC.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
23/30
Current scenario
The only insurance company belonging tothe public sector now has to compete withseveral other corporate entities of its kindwhich often are heavyweight Indian as wellas Multinational Life Insurance Brands in
themselves.The Malhotra committee's recommendations
in 1994 brought about a sea change in theindustry.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
24/30
PROGRESS OF LIC
Headquartered in Mumbai, which isconsidered the financial capital of India, theLife Insurance Corporation of India currentlyhas
a) 8 zonal Offices and
b)101 divisional offices located in different partsof India
c)2048 branches located in different cities andtowns of India.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
25/30
d) Contributed around 7 % of India's GDP in2006.
e) It also funds close to 24.6% of the Indian
Government's expenses.f) It has assets estimated of 5 Trillion
Rupees.
g) 1.2 million agents and Employs over .
1,12,184
INC-SURAT
ContiPROGRSS OF LIC
-
7/30/2019 25151536 LIC Plans Presentation
26/30
h) In the financial year 2006-07 Life InsuranceCorporation of India's number of policy holders aresaid to have crossed a whopping 200 million (fourthin terms of population of the countries of the world)
i) It also operates in 12 other countries.j) The recent Economic Times Brand Equity
Survey rated LIC as the No. 1 Service
Brand of the Country.
INC-SURAT
ContiPROGRSS OF LIC
-
7/30/2019 25151536 LIC Plans Presentation
27/30
INC-SURAT
The Corporation, which started its
business with around
-
7/30/2019 25151536 LIC Plans Presentation
28/30
AWARDS
INC-SURAT
Golden Peacock
Innovative Product /Service Award - 2009
Loyalty Awards -
2009
-
7/30/2019 25151536 LIC Plans Presentation
29/30
LIC- A Lion KingThough many more Private playershave entered the Insurance Universein India, still LIC manages to be the
largest player in the Indian market,with the lion's share of 55%, with bestbouquet of products and plans to be
offered for masses as well as classes.
INC-SURAT
-
7/30/2019 25151536 LIC Plans Presentation
30/30