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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

Individual Policies : 29.09 (In Crore) with Sum Assured /NCO 46,24,916 (Rs in Crore)
Group Policies(lives) : 11.61(In Crore) with Sum Assured /NCO 20,14,670.17 (Rs in Crore)
 
Other Performance Parameters as on 31.03.2019

Total Income : 5,60,784.39 (Rs in Crore)
Total Premium Income :     3,37,185.40 (Rs in Crore) 
Payment to Policyholders :     2,50,936.23 (Rs in Crore)
Total Life Fund :     28,28,320.12 (Rs in Crore)
Total Assets :     31,11,847.28 (Rs in Crore)
 
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     12997.43 (Rs in Crore)
 
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.