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Home » Bottom Links » RTI Center » I Particulars of LIC
I. The Particulars of LIC of India

 

I. 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 62 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.
 

Organizational Structure as on 31.03.2019

 
Central Office 1
Zonal Offices 8
Divisional Offices 113
Branch Offices 2048
Mini Offices 1200
Satellite Offices 1481
 

Business in force as on 31.03.2019



 
(In Crore) Sum Assured /NCO (Rs in Crore)
Individual Policies
29.09
46,24,916
Group Policies(lives)
11.61
20,14,670.17
 

Other Performance Parameters as on 31.03.2019



 
Particulars (Rs in Crore)
Total Income 5,60,784.39
Total Premium Income 3,37,185.40
Payment to Policyholders 2,50,936.23
Total Life Fund 28,28,320.12
Total Assets 31,11,847.28
 

New Business Figures as on 31.03.2019



 
Policies (In lacs) First Year Premium Income (Rs in crore)
Composite 214.33* 142191.69*
 

*Excluding business procured under Pradhan Mantri Vaya Vandana Yojana

New Business Pradhan Mantri Vaya Vandana Yojana



 
Policies 194418
FPI (Rs in Crore) 12997.43
 

PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES

 

Achievement From 01.04.2018 to 31.03.2019



 
  P&GS Conventional Social Security Schemes
No. of Lives (in lacs) 383.39 179.61
Premium Income ( in crore) 96988.75 1210.75


 

International Operations / Associates of LIC

 

A.SBU INTERNATIONAL OPERATIONS :

Fiji
Mauritius
United Kingdom

B. WHOLLY OWNED SUBSIDARY

Singapore

C. JOINT VENTURE COMPANIES

Bahrain
Bangladesh

D. CHIEF AGENTS’ OFFICES

Bahrain
Abu Dhabi
Dubai
Kuwait
Oman
Qatar
Kenya
Sri Lanka
Nepal
Saudi Arabia

 

LIC Housing Finance Ltd was started as a subsidiary of LIC of India, which has now attained the status of a listed private Company. The Companies shares are listed on the Bombay Stock Exchange and National Stock Exchange and its Global Depository Shares are listed on the Luxembourg Stock Exchange.

LIC Cards Services Ltd is a wholly owned subsidiary of LIC of India. The objective of the Company is to provide credit card services to LIC Employees, Club Member Agents and Policyholders.

 

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.

Following structure and statistics is indicative of the RTI structure in LIC.

No. of CPIOs 130
No. of Appellate Authorities 130
No. of Alternate CPIOs 244
No. of Alternate AA 18
No. of CAPIOs 3603
No. of RTI Applications (from inception upto 31.03.19) 1,37,089
No. of appeals(31.03.19) 23,889
No. of hearings(31.03.19) 3,586
 

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 :-

1. Life Insurance Corporation Act, 1956.(click here for details)
2. The Annual Report 2018-19 (click here for details)

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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