The particulars of LIC of India, functions and duties
The Particulars of LIC of India
Life Insurance Corporation of India is a statutory Corporation established under Section 3 of LIC Act, 1956. 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 65 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.
Mission and Vision of LIC of India
"Ensure 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."
"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
Objectives Of LIC
- Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
- Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
- Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
- Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
- Act as trustees of the insured public in their individual and collective capacities.
- Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
- Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
- Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.
- Managing Director1
- Executive Director (STRATEGY CELL)
- Executive Director (Investment FRONT OFFICE)
- Executive Director (Finance & Accounts)/Taxation
- Appointed Actuary & Executive Director (Actuarial)
- Executive Director (Digital Marketing)
- Company Secretary (Board Secretariat)
- HEAD (INVESTOR RELATIONS)
- Managing Director2
- Executive Director (*) (Marketing/PDEV)
- Executive Director (Investment - MID OFFICE)
- Executive Director (Information Techonology - SD)
- Executive Director (Information Techonology - BPR)
- Executive Director (Corporate Communication)
- Executive Director (Office Services /SBU Estates)
- Executive Director (Legal & HPF)
- Executive Director (Subsidiaries/Associates & JVs in India)
- Managing Director3
- Executive Director (**)(CRM-PS)
- Executive Director (CRM/CLAIMS/ANNUITIES)
- Executive Director (Marketing-CLIA)
- Executive Director (SBU-International Operations)
- Executive Director (Corporate Governance/REG.Compliance/GJF/ Liaison)
- Executive Director (Audit)
- Executive Director (Corporate Planning/New Projects)
- Executive Director (RTI/CPIO)
- Executive Director (Pension & Group Schemes)
- Managing Director4
- Executive Director (Personnel)
- Executive Director (Investment - BACK OFFICE)
- Executive Director (Marketing-B&AC)
- Executive Director (New Business & Reinsurance)
- Executive Director (Inspection)
- Executive Director (Engineering)
- Executive Director (HRD/OD)
- Director (Management Development Centre)
Organizational Structure as on 31.12.2022
Business in force as on 31.03.2022
||Sum Assured /NCO (Rs in Crore)
Other Performance Parameters as on 31.03.2022
||(Rs in Crore)
|Total Premium Income
|Payment to Policyholders
|Total Life Fund
New Business Figures as on 31.03.2022
|Policies (In lacs)
||First Year Premium Income (Rs in crore)
*Excluding business procured under Pradhan Mantri Vaya Vandana Yojana
New Business Pradhan Mantri Vaya Vandana Yojana
|FPI (Rs in Crore)
PENSION & GROUP BUSINESS
Achievement From 01.04.2021 to 31.03.2022
|No. of Lives (in lacs)
|Premium Income (in crore)
Life Insurance Corporation of India has its overseas operations in 14 countries through its Branch Offices, Joint Venture Companies and Wholly Owned Subsidiary, as given below:
- Fiji Branch
- Mauritius Branch and
- U.K Branch
- LIC (Singapore) Pte Ltd (a Wholly Owned Subsidiary)
- LIC (International) B.S.C. (c)
- LIC (Nepal) Ltd.
- LIC (Lanka) Ltd.
- LIC of (Bangladesh) Ltd.
- Kenindia Assurance Co. Ltd.,(Equity Shareholding)
Life Insurance Corporation of India has the following Subsidiaries and Associate Companies operating in India
- LIC Pension Fund Limited (100 per cent owned)
- LIC Cards Services Limited (100 per cent owned)
- IDBI Bank Limited (49.24 per cent)
- LIC Mutual Fund Trustee Private Limited (49 percent)
- LIC Housing Finance Limited (45.24 percent)
- LIC Mutual Fund Asset Management Limited (45 per cent)
- IDBI Bank Trusteeship Services Limited (29.84 percent)
- LICHFL Asset Management Company Limited (5.38 percent)
These companies have made significant mark in their respective area of operations.
LIC created a good resilient information dissemination system to comply with the Act by placing the CPIOs at all the Divisional and Zonal offices. Further, all the in charges of Branch Offices/satellite Offices/P&GS Units/Audit Centres have been designated as CAPIOs. Thus, the Corporation has taken care to ensure that the RTI personnel are placed at every levels within the organization and also in the nook and corner of the country.
"Structure and statistics (as at 31.03.2022) of RTI in LIC."
|No. of CPIOs
|No. of Appellate Authorities
|No. of Alternate CPIOs
|No. of Alternate AA
|No. of CAPIOs
|No. of RTI Applications (from inception upto 31.03.2022)
|No. of appeals(31.03.2022)
|No. of hearings(31.03.2022)
During the year 2015-16 the Corporation has adopted Government of India’s RTI online portal,developed by DOPT, across the country, connecting all Offices of the Corporation under a single system. This has created a direct on-line access for the information seekers.
The particulars of the Organisation, functions & duties are as laid down under :-
- Life Insurance Corporation Act,1956 (as amended upto 31.5.2021)(click here for details) (535 KB)