What is the Full Form of LIC | Physics Wallah

Full form of LIC

LIC is an insurance and investment corporation owned by the Government of India. A full form of LIC is the Life Insurance Corporation of India. India Finance Ministry holds LIC. Currently, the LIC executive committee consists of Mr. Kumar and four managing directors.

Delhi, Chennai, Mumbai, and Hyderabad have four LIC offices out of eight. Currently, LIC has 2048 computerized branches and 1408 satellite offices. Now, the LIC headquarters are located in Mumbai.

History of LIC

By passing the Life Insurance of India Act, LIC was established on 1st September 1956. This act made the insurance industry in India under state control by merging a few insurance companies to form one Indian State Life Insurance Corporation. Before establishing the LIC, there were more than 245 insurance companies and financial institutions. Based in Kolkata, India's first Insurance company, Oriental Life Insurance company charged exorbitant fees as it targeted Europeans based in India. To address this, the notorious Surendra Nath Tagore founded the Hindustan Insurance Society. This later became Life Insurance Corporation. As a result of the extreme insurance fraud perpetrated by the insurance institutions, the Indian Parliament passed the Indian Life Insurance Act, which created the LIC, making India the National Insurance business. Although the government released the insurance sector in 2000, the LIC still stands above any other private insurance company because of its strong performance.

Product and Services of LIC

It offers a wide range of products, including Life insurance policies, savings, and investment products. Some of the popular LIC products/programs introduced in 2016-2017 are given below:

LIC Endowment Plans:

• LIC’s New Jeevan Rakshak

• LIC’s New Jeevan Anand

• LIC’s Jeevan Labh

• LIC’s Jeevan Pragati

• LIC’s Jeevan Lakshya

• LIC New Endowment Plan

LIC Money Back Plans:

• LIC New Bima Bachat Plan

• LIC New Children’s Money Back Plan

• LIC’s Bima Diamond

• LIC New Money Back Plan - 25 Years

LIC Term Assurance Plans:

• LIC's Anmol Jeevan II

• LIC's Amulya Jeevan II

• LIC's e-Term

How Does LIC Operate?

As seen above, LIC has 2048 branches and eight regional offices. In addition to this, LIC has 113 divisional offices, 1408 satellite offices, and one central office. LIC has 25 service hubs in the municipal area in different parts of the city. To know more about how LIC works, it has an extensive network of more than 1,500,000 agents. Apart from this, they also have 342 corporate agents, 109 referral agents, and 114 clients. The 8 LIC locations are North Zone (New Delhi), Central Zone (Bhopal), East Zone (Kolkata), West Zone (Mumbai), South Zone (Chennai), East Central Zone (Patna), North Central Zone (Kanpur) ), and the South Central Zone (Hyderabad).

For each department headed by the Executive Director and for each area led by Zonal managers, the LIC follows a horizontal command line and a vertical command line. Horizontal management includes the Senior Manager, Zonal Manager, and Chairman, while the vertical management includes Division Managers, Executive Directors, and Regional Managers.

Structure of LIC

A LIC Executive Board consists of the chairman and directors.

Currently, MR Kumar is the chairman of the LIC executive committee, with Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta, and Raj Kumar as executive directors.

The central LIC office is located in Mumbai. The main office consists of the offices of the chairman, all four directors, and all the executive directors. LIC has eight regional offices. These offices are located in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna.

Why Must You Trust LIC?

• LIC products and services are very promising

• No scandals or fraud cases have been committed.

• The benefits of policies and investments are enormous.

• LIC agents are also reliable and knowledgeable.

• You will know about the company and its loyalty from anyone.

• Details of their services are registered, and anyone can learn more about them.