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The particulars of LIC

4 (1) (b) (i)

 

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

Mission

"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."

Vision

"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.
 

Organization Chart

  • Chairperson
    • Managing Director
        • Marketing /PD/SBA
        • Program Implementation: Regulatory Initiatives & others
        • Investment-MO
        • Actuarial & Actuarial/ Admn/IT Implementation
        • NEW Business & Reinsurance
        • Corporate Communications
        • SBU-International Operations/ GIFT City
        • Investor Relations
        • Research/Innovation/Corporate Planning/New Projects
        • Digital Initiative & implementation & Data Protection
    • Managing Director
        • Digital Marketing
        • Investment - FRONT OFFICE
        • Information Techonology - SD/BPR/Insuretech
        • Digital Transformation Project: Project DIVE (Digital Innovation & Value Enhancement)
        • ERM/ Information Security/Data Protection
        • Subsidiaries/ Associates & JVs in India
    • Managing Director
        • Marketing-CLIA
        • Investment-BO
        • Personnel
        • HRD/OD
        • Management Development Centre
        • Estates
        • Office Service/ ESG:Initiatives & Implementation
        • Engineering
        • Legal
        • Audit
        • Digital Initiative & implementation & Data Protection
    • Managing Director
      • Marketing-B&AC
      • Pension & Group Schemes/ P&GS IT
      • CRM-PS
      • CRM- Claims/ Annuities
      • Finance & Accounts/Taxation
      • Corporate Governance/ Compliance/GJF/Liaison
      • Board Secretariat
      • Inspection
      • RTI/CPIO
      • Digital Initiative & implementation & Data Protection
  • Chief Vigilance Officer will report directly to the Chairperson
 

Organizational Structure as on 31.12.2023

 

Business in force as on 31.03.2023

 

Other Performance Parameters as on 31.03.2023

 

New Business Figures as on 31.03.2023

 

*Excluding business procured under Pradhan Mantri Vaya Vandana Yojana
 

New Business Pradhan Mantri Vaya Vandana Yojana

 

PENSION GROUP BUSINESS

Achievement From 01.04.2022 to 31.03.2023

International Operations

 

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:

 
A) Branch Offices:
 

1. Fiji Branch

2. Mauritius Branch and

3. U.K Branch


B) Overseas Subsidiaries:
 

1. LIC (International) B.S.C. (c) : The Company operates in GCC countries of Bahrain, Qatar, Kuwait, U.A.E. (Dubai & Abu Dhabi) and Oman.

2. LIC (Nepal) Ltd.

3. LIC (Lanka) Ltd.

4. LIC of Bangladesh Ltd.


C) Wholly Owned Subsidiary:
 

1. LIC (Singapore) Pte Ltd.


D) Equity Holdings:
 

LIC of India has its presence through Equity holdings in Kenindia Assurance Co. Ltd in Kenya and Saudi Indian Company for Cooperative Insurance in Saudi Arabia.

The International Operations Department provides necessary support and guidance to these Overseas units on a wide range of issues related to Corporate Governance, Regulations, Marketing, IT, Personnel etc.

The functioning of all Overseas units are reviewed by the Board of LIC of India periodically.

 

Life Insurance Corporation of India has the following Subsidiaries and Associate Companies operating in India


Subsidiary Companies:
 

LIC Pension Fund Limited (100 per cent owned)

LIC Cards Services Limited (100 per cent owned)


Associate Companies:
 

1. IDBI Bank Limited (49.24 per cent)

2. LIC Mutual Fund Trustee Private Limited (49 percent)

3. LIC Housing Finance Limited (45.24 percent)

4. LIC Mutual Fund Asset Management Limited (45 per cent)

5. IDBI Bank Trusteeship Services Limited (29.84 percent)

6. LICHFL Asset Management Company Limited (5.38 percent)

These companies have made significant mark in their respective area of operations.
 

LIC has 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 Centers 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 31.03.2023) of RTI in LIC."

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) attached file is in PDF Document Format (535 KB)

Last modified date : Tue, 30 Jan 2024 07:05:53 +0000