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.
objectives of the LIC are to:
spread life insurance and provide life insurance protection to the
masses at reasonable cost.
people's saving through insurance-linked savings schemes.
the funds to serve the best interests of both the policy holders and
business with maximum economy, always remembering that the money
belongs to the policy holders
as trustees of the policy holders and protect their individual and
and adapt to meet the changing life insurance needs of the coummunity.
all the people working in the corporation to ensure efficient and
courteous service to the insured public.
amongst all agents and employees of the Corporation a sense of pride
and job satisfaction through dedicated service to achieve the
carries out its objectives through a slew of policies
designed to suit most of the needs of its customers.