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PRESENTED BY :-

POOJA BANGARINAMDAR PAWAR

.


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WHAT IS LIFE INSURANCE Life insurance is a contract between the policy

holder and the insurer, where the insurer promisesto pay a designated beneficiary a sum of money(the "benefits") upon the death of the insuredperson. Depending on the contract, other eventssuch as terminal illness or critical illness may alsotrigger payment.In return, the policy holder agrees to pay astipulated amount (the "premium") at regularintervals or in lump sums. In some countries, death

expenses such as funerals are included in thepremium; however, in the United States thepredominant form simply specifies a lump sum tobe paid on the insured's demise.
http://en.wikipedia.org/wiki/Insurance_policyhttp://en.wikipedia.org/wiki/Insurance_policyhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Beneficiaryhttp://en.wikipedia.org/wiki/Terminal_illnesshttp://en.wikipedia.org/wiki/Critical_illnesshttp://en.wikipedia.org/wiki/Critical_illnesshttp://en.wikipedia.org/wiki/Terminal_illnesshttp://en.wikipedia.org/wiki/Beneficiaryhttp://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Insurance_policyhttp://en.wikipedia.org/wiki/Insurance_policy


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OBJECTIVE Wide Coverage :-Spread life insurance widely and in particular to the

rural areas and to the socially and economicallybackward classes with a view to reaching all

insurable persons in the country and providing themadequate financial cover against death at areasonable cost.

Saving mobilization :-Maximize mobilization of peoples savings by

making insurance linked savings adequately

attractive.
http://www.liclifeinsuranceindia.com/http://www.liclifeinsuranceindia.com/tag/insurance/http://www.liclifeinsuranceindia.com/tag/insurance/http://www.liclifeinsuranceindia.com/


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Economy :-Conduct business with utmost economy and with thefull realization that the moneys belong to the policy

holders.

Trustee :-Act as trustees of the insured public in theirindividual and collective capacities.

Meeting Growing needs :- Meet the various lifeinsurance needs of the community that would arise inthe changing social and economic environment.
http://www.liclifeinsuranceindia.com/sitemap/http://www.liclifeinsuranceindia.com/sitemap/http://www.liclifeinsuranceindia.com/tag/life-insurance/http://www.liclifeinsuranceindia.com/tag/life-insurance/http://www.liclifeinsuranceindia.com/tag/life-insurance/http://www.liclifeinsuranceindia.com/tag/life-insurance/http://www.liclifeinsuranceindia.com/sitemap/http://www.liclifeinsuranceindia.com/sitemap/


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SWOT ANALYSIS OFLIC OF INDIA

STRENGTHS:

Indias top insurance company and best among Public sector

company.

Provide better infrastructure than any other Public company.

LIC of India provides various types of insurance policies tothe customer.

LIC make good relationship with customers and provide extraunique features for the customer who wants to take policy fromthem.


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Provide all types of insurance advisories. AndThe transparency is also much better from otherinsurance companies with least employee turnover

WEAKNESSES:

Average waiting time for the customer is 15 to 20 minutes.

No separate customer care unit.

Rude attitude of the employees.

No other facility such as, multiplicity and free financial adviceof the company .


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OPPORTUNITIES:

Setup a marketing cell at the local branch.

Ensure that policies are diversified across several

customer segments.

Raise the share of nonfund income by increasing product offering wherever nec

essary by better use of technology.

Reduce the impact of operational risks by putting inplace appropriate frameworks to measure risks, mitigate

them or insuring them.


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THEREATS:

Growth of private players has led to shiftingemphasis from public sector companies.Increase in foreign insurance companiesresulted in taking away business from PSUs.

( Public sector Undertaking )


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The other subsidiary companies underLIC are

Life Insurance Corporation (LIC) of India International :-

form in July, 1989 joint venture with offshore company US.

LIC Nepal :-

Formed in 2001 in joint venture with Vishal Group of Industries,Nepal.

LIC Lanka :-

Formed in 2003 in joint venture with Bartleet Group of

Companies, Sri Lanka. LIC Housing Finance :-

Formed in 19th june 1989 the main objective of providing long

term finance for construction of houses .

LIC Housing Finance Limited Care Homes


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PRODUCTSJivaan Arogya plan

Children plan

Endowment Assurance plan


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Plan for High Worth individual

Money Back plan

Whole life plans


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Endowment plus

Special money back Plan for Women

Joint life plan


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Golden Jubilee

Health Plan

Jeevan Madhur

SPECIAL PLAN OF LICLIC


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SUPERIORITY OF LIFEINSURNACE PROTECTION

AID TO THRIFT

LIQUIDITY

TAX RELIEF

EASY MONEY


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Benefits of Life Insurance:-

Safeguards the insureds family against anuntimely death and provides for a secured income

It is a means of compulsory savings

It is a source of income during old age

It helps in meeting certain periodic financialneeds, either for a childs education or marriage


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Improves the lifestyle of the insured and his

family

Takes care of disabilities and uncertain futureadversities of life

It brings tax-benefits under Section 80C of theIncome Tax Act


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TAX BENEFIT The Life Insurance Plans, Namely

Endowment Assurance, money Plan, Single

Premium, whole of life Insurance, Termassurance plan and & loan Cover Termassurance are entitled to rebate under

Section 88 of the Income Tax act 1967.


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Additionally, Health Insurance riders areeligible tax exemption under section 80D.

The pension product, personal pensionplan is eligible for exemption under section80ccc. Further more, the proceeds from

life insurance plan are exempt fromincome tax under section 10 ( 10D ).


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ORGANAIZATIONSET UP OF

LIC

B d f Di t


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Board of Directors

Chairman

Managing Director

Executive Managers (5)

Head Office (MUMBAI)

Divisional Offices (100)

Branch Offices (2048)

Agents (1002149)

Zonal Offices (7) Special cell

(Srinagar)


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MARKET SHARE (2010-11)


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DIVERSIFIED FIELDSo LIC HOUSING FINANCE Ltd

o LIC HFL CARE HOUSE Ltd

o LIC MUTUAL FUNDS AMC Ltd

o LIC PENSION FUND Ltd


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From the year 2006, LIC is continuouslywinning the Readers' Digest Trusted

brand award.

According to The Brand Trust Report 2011,LIC is the 8th most trusted brand of India.

AWARDS AND

RECOGNITION
http://en.wikipedia.org/wiki/The_Brand_Trust_Reporthttp://en.wikipedia.org/wiki/The_Brand_Trust_Report


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AWARDS (2010-2011)

CNBC Awaz Consumer Award

ET brand Equity Award for top brand

in Insurance category


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Out look money Award for best

life insurer

AIMA high performance Award


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Readers Digest Trusted Brand Golden Peacock Award for CorporateGovernance


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Global Youth Marketing Award for Most

preferred Life Insurance CompanyPower Brand Award


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Shoppers & Consumers

Insight AwardMY FM Stars of Industry Award

for Excellence in Life Insurance


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