About Us – Life Insurance Corporation Of India(LIC)?

Brief History Of Insurance

The story of coverage is possibly as antique as the tale of mankind. The equal tendency that drives cutting-edge traders these days to relaxed themselves from loss and disaster changed into also found in primitive guys.

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They also sought to preclude the terrible effects of hearth and floods and lack of lifestyles and have been inclined to make any type of sacrifice to benefit protection. Although the idea of insurance is basically a development of latest times, mainly within the post-commercial technology – the previous couple of centuries – its origins date returned to about 6000 years in the past.

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Life coverage in its current form came to India from England inside the 12 months 1818. Oriental Life Insurance Company started by Europeans in Calcutta turned into the primary existence coverage organization on Indian soil.

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All the insurance corporations established in the course of that duration have been delivered in with the purpose of assembly the desires of the European Community and Indian Natives have been not being insured through these agencies. 

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However, later with the efforts of eminent humans like Babu Muttalal Seal, foreign life coverage groups started out insuring Indian lifestyles. But Indian existence changed into being dealt with as a substandard life and heavy greater premium was being charged on them.

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The Bombay Mutual Life Assurance Society heralded the start of the primary Indian life coverage business enterprise in the yr 1870 and included Indian life at ordinary prices. Starting as an Indian corporation with relatively patriotic goals, insurance corporations got here into lifestyles to carry the message of coverage and social protection through insurance to diverse segments of the society. 

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The India Insurance Company (1896) become additionally one in all such companies stimulated through nationalism. The Swadeshi Movement of 1905–1907 gave birth to more coverage groups. 

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United India in Madras, National Indian and National Insurance in Calcutta and Co-operative Assurance in Lahore were mounted in 1906. In 1907, the Hindustan Co-operative Insurance Company took its beginning in certainly one of Jorasanko’s residence. 

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The extremely good poet Rabindranath Tagore in Calcutta. Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) had been some of the corporations mounted during this period. Before 1912, there has been no law in India to modify the insurance business.

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The Life Insurance Companies Act and the Provident Fund Act were surpassed in 1912. The Life Insurance Companies Act, 1912 made it important that premium rate tables and periodic valuations of agencies be licensed through an actuary. But the Act discriminated among foreign and Indian businesses in lots of respects, causing losses to Indian agencies.

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The first  a long time of the 20th century noticed good sized growth inside the insurance enterprise. From forty four corporations with a total turnover of Rs 22.44 crore, it rose to 176 corporations with a complete turnover of Rs 298 crore in 1938.

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Several financially unsound worries additionally emerged during the booming increase of coverage businesses, which failed miserably. The Insurance Act 1938 became the primary regulation to regulate now not simplest existence insurance but non-lifestyles insurance which provided strict country control over the insurance enterprise. 

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Nationalization of the life coverage industry turned into demanded repeatedly inside the past, however gained momentum in 1944 when a bill to amend the Life Insurance Act 1938 became added in the Assembly. However, it became lots later that life coverage in India changed into nationalized on January 19, 1956.

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At the time of nationalisation, there were about 154 Indian insurance groups, sixteen non-Indian businesses and seventy five providents running in India. Nationalization turned into achieved in  phases; Initially the management of the companies was taken over via an ordinance, and later, the ownership turned into additionally taken over thru a complete invoice. 

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The Parliament of India surpassed the Life Insurance Corporation Act on 19 June 1956, and the Life Insurance Corporation of India became mounted on 1 September 1956, with the goal of spreading existence insurance greater extensively and in particular in rural regions.

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 To reach all of the insurable men and women within the country, supplying them good enough financial cowl at an inexpensive price.

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In the yr 1956, LIC had 5 Zonal Offices, 33 Divisional Offices and 212 Branch Offices apart from the Corporate Office. Since lifestyles coverage contracts are long time contracts and it become felt to require a selection of offerings at some stage in the forex of the coverage. 

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To enlarge operations in next years and to installation a department office in every district headquarters. LIC become reorganized and a massive number of recent branch offices had been opened. 

The restructuring resulted inside the transfer of servicing capabilities to branches, and branches turning into accounting devices. It worked wonders with the overall performance of the corporation.

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 It can be visible that the employer crossed a thousand.00 crores best in 1969-70 with a new commercial enterprise of approximately 200.00 crores in 1957, and it took every other 10 years for LIC to cross the new commercial enterprise determine of 2000.00 crores. But with the restructuring inside the early eighties, by means of 1985-86 LIC had already crossed 7000.00 Crore Sum Assured on new policies.

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Today LIC features with 2048 fully computerized branch workplaces, 113 divisional offices, eight regional places of work, 1381 satellite places of work and corporate workplace. LIC’s huge region community covers 113 divisional offices and all branches are linked thru metro region network.Breaks.

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LIC has tied up with few banks and provider vendors to provide on-line top rate series facility in choose cities. LIC’s ECS and ATM premium payment facility is similarly to the benefit of the clients. 

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Apart from on line kiosks and IVRS, information centers were installation in cities like Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and plenty of extra. With a view to offer clean accessibility to its policyholders, LIC has released its satellite tv for pc liaison places of work. Satellite offices are smaller, thinner and closer to the consumer. 

The digitized data of satellite places of work will facilitate everywhere in destiny servicing and many other centers.

LIC is still the main lifestyles insurer even in the liberalized situation of Indian insurance and is rapid moving on a brand new boom trajectory surpassing its preceding report. LIC has issued more than one crore policies throughout the present day year.

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 It has crossed the milestone of issuing 1,01,32,955 new guidelines up to October 15, 2005 and registered a wholesome growth price of sixteen.Sixty seven% over the corresponding period of the preceding year.

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Since then, LIC has crossed many milestones and set an unheard of performance file in various elements of existence insurance commercial enterprise. The equal motive which stimulated our ancestors to deliver insurance into lifestyles on this u . S ., we at LIC to take this message of safety and mild protection lamps in increasingly more houses and help human beings to provide safety to their families. Inspires to assist.

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» Some Crucial Milestones In Lifestyles Insurance Business In India Are:

1818: The Oriental Life Insurance Company, the first existence coverage corporation on Indian soil, started out functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance agency, starts offevolved its commercial enterprise.

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1912: The Life Insurance Companies Act of India is enacted because the first regulation to adjust the life coverage business.

1928: The Insurance Companies Act of India is enacted to allow the government to accumulate statistical statistics approximately both existence and non-life coverage groups.

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1938: The first regulation changed into consolidated and amended with the goal of shielding the interests of the insured public through the Insurance Act.

1956: 245 Indian and overseas coverage groups and provident societies are taken over and nationalized by the principal authorities. LIC constituted by using an Act of Parliament, viz.

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The trendy coverage enterprise in India, alternatively, can hint its roots to Triton Insurance Company Limited, which become the primary trendy coverage agency installed with the aid of the British within the year 1850 in Calcutta.

» Some Of The Important Milestones Within The Popular Coverage Commercial Enterprise In India Are:

1907: Indian Mercantile Insurance Limited become hooked up, which become the primary company to deal in all instructions of standard insurance commercial enterprise.

1957: The General Insurance Council, a department of the Insurance Association of India, formulates a code of behavior to make sure fair behavior and sound commercial enterprise practices.

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1968: The Insurance Act turned into amended to adjust investments and set up a Minimum Solvency Margin and Tariff Advisory Committee.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalized the general coverage enterprise in India with impact from January 1, 1973.

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107 coverage corporations had been amalgamated and grouped into four organizations. National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited GIC have been included as a single agency.

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