India’s Leading BFSI Companies 2008
Life Insurance Corporation of India
Yogakeshema, Jeevan Bima Marg, P. B. No. 19953, Mumbai - 400021, Maharashtra Tel: 91 22 66598547; Fax: 91 22 22817253; Email: email@example.com; Website: www.licindia.com
Life Insurance Corporation of India (LIC) was formed in Sep 1956 after the Parliament of India passed the Life Insurance Corporation Act in Jun 1956. The company was created with the objective of spreading life insurance more widely, especially to reach all the insurable people in the rural areas and provide them with adequate financial cover at a reasonable cost. Apart from its corporate office, LIC had five zonal offices, 33 divisional offices and 212 branch offices in 1956. The nature of life insurance contracts being long-term coupled with the need to provide a variety of services during the term of the policy, LIC re-organised itself by opening a number of new branch offices. After its re-organisation, servicing functions were transferred to branches which were converted to accounting units.
other cities. LIC has also launched Satellite Sampark offices in order to provide easy access to its policy holders. The company had 340 such offices as on Mar 2008. LIC also provides housing finance through LICHFL. It has also formed an asset management company known as LICMF AMC. The corporation has also extended its operations to the international arena; through various JVs and subsidiaries it operates in as many as nine countries.
T S Vijayan Chairman D&B D-U-N-S® 65-005-6716 IRDA Registration No Business Segment Life Insurance Key Information (As on Mar 2007) Total Income (Rs mn) NPE (Rs mn) Policy Holders Branches Employees Agents No of Policies Issued No of Claims Received No of Claims Settled Solvency Ratio (%) Management Chairman T S Vijayan Managing Directors D K Mehrotra Thomas Mathew T A K Dasgupta 1,744,405.7 1,277,822.6 212.6 2,048 113,710 1,103,047 38,229,292 13,257,345 13,258,205 1.50 512...
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