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Upto 1956, the life insurance
business of all companies was nationalised and a single monolithic
organisation, the Life Insurance Corporation of India (LIC), was set up.
Today, life insurance is almost entirely in the hands of the LIC. The Post
and Telegraph Department conduct some business in this area for its
employees, but the volume of that business in relation to that of LIC, is
negligible and declining.
The objectives of the LIC are to:
-
To spread life insurance and provide life insurance protection to the masses at reasonable cost.
-
mobilise people's saving through insurance-linked savings schemes.
-
invest the funds to serve the best interests of both the policy holders and the nation.
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conduct business with maximum economy, always remembering that the money belongs to the policy holders
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act as trustees of the policy holders and protect their individual and collective interests.
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innovate and adapt to meet the changing life insurance needs of the coummunity.
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involve all the people working in the corporation to ensure efficient and courteous service to the insured public.
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promote amongst all agents and employees of the Corporation a sense of pride and job satisfaction through dedicated service to achieve the corporate objective.
LIC carries out its objectives through a slew of policies designed to suit most of the needs of its customers.