How Much Money Does LIC Have?

Brief History Of Insurance

The story of coverage is possibly as antique because the story of mankind. The same tendency that drives contemporary investors these days to secure themselves from loss and catastrophe modified into additionally found in primitive men.

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They also sought to preclude the horrible outcomes of hearth and floods and absence of existence and have been willing to make any sort of sacrifice to benefit protection. Although the concept of insurance is essentially a improvement of recent times, especially inside the post-industrial era – the previous few centuries – its origins date again to about 6000 years inside the past.

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Life coverage in its modern shape got here to India from England inside the three hundred and sixty five days 1818. Oriental Life Insurance Company began by way of Europeans in Calcutta turned into the primary lifestyles coverage employer on Indian soil.

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 All the coverage organizations established in the course of that period had been introduced in with the motive of assembly the desires of the European Community and Indian Natives had been no longer being insured through those corporations. 

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However, later with the efforts of eminent people like Babu Muttalal Seal, overseas existence coverage companies commenced out insuring Indian life. But Indian lifestyles changed into being treated as a substandard existence and heavy extra top class became being charged on them.

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The Bombay Mutual Life Assurance Society heralded the begin of the primary Indian lifestyles insurance business company in the year 1870 and covered Indian existence at ordinary costs. Starting as an Indian employer with relatively patriotic dreams, coverage businesses got here into lifestyles to carry the message of coverage and social protection via coverage to diverse segments of the society. 

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The India Insurance Company (1896) end up additionally one in every of such agencies inspired thru nationalism. The Swadeshi Movement of 1905–1907 gave beginning to greater coverage organizations. 

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

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The splendid poet Rabindranath Tagore in Calcutta. Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) have been some of the businesses mounted for the duration of this period. Before 1912, there was no regulation in India to regulate the coverage business.

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The Life Insurance Companies Act and the Provident Fund Act have been surpassed in 1912. The Life Insurance Companies Act, 1912 made it essential that premium price tables and periodic valuations of agencies be certified via an actuary. But the Act discriminated among foreign and Indian agencies in masses of respects, causing losses to Indian corporations.

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The first  a long term of the twentieth century observed massive boom in the insurance business enterprise. From forty 4 groups with a complete turnover of Rs 22.Forty four crore, it rose to 176 organizations with a entire turnover of Rs 298 crore in 1938.

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Several financially unsound worries moreover emerged at some stage in the booming increase of coverage organizations, which failed miserably. The Insurance Act 1938 became the number one law to modify no longer simplest life insurance however non-lifestyles insurance which provided strict united states manage over the insurance corporation. 

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Nationalization of the existence insurance enterprise changed into demanded again and again within the beyond, but received momentum in 1944 while a bill to amend the Life Insurance Act 1938 became added in the Assembly. However, it became lots later that lifestyles coverage in India changed into nationalized on January 19, 1956.

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At the time of nationalisation, there were approximately 154 Indian coverage agencies, 16 non-Indian groups and 75 providents going for walks in India. Nationalization become performed in  levels; Initially the management of the groups become taken over through an ordinance, and later, the ownership was additionally taken over thru a entire invoice. 

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The Parliament of India handed the Life Insurance Corporation Act on 19 June 1956, and the Life Insurance Corporation of India have become hooked up on 1 September 1956, with the intention of spreading life insurance more substantially and mainly in rural regions.

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To reach all of the insurable males and females inside the united states, providing them suitable enough economic cowl at an inexpensive charge.

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In the year 1956, LIC had 5 Zonal Offices, 33 Divisional Offices and 212 Branch Offices apart from the Corporate Office. Since life coverage contracts are long term contracts and it turn out to be felt to require a ramification of services at some degree in the foreign exchange of the insurance. 

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To enlarge operations in next years and to installation a branch workplace in each district headquarters. LIC emerge as reorganized and a large wide variety of latest branch offices had been opened. 

The restructuring resulted within the switch of servicing abilities to branches, and branches becoming accounting gadgets. It worked wonders with the general overall performance of the corporation.

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It can be visible that the organisation crossed one thousand.00 crores fine in 1969-70 with a brand new commercial company of approximately two hundred.00 crores in 1957, and it took each different 10 years for LIC to move the brand new business company determine of 2000.00 crores. But with the restructuring within the early eighties, with the aid of 1985-86 LIC had already crossed 7000.00 Crore Sum Assured on new guidelines.

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Today LIC capabilities with 2048 completely computerized branch places of work, 113 divisional workplaces, eight regional workplaces, 1381 satellite workplaces and corporate place of job. LIC’s large area network covers 113 divisional places of work and all branches are related via metro region network.Breaks.

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 LIC has tied up with few banks and company carriers to provide on line top charge collection facility in choose towns. LIC’s ECS and ATM top class payment facility is further to the advantage of the clients. 

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Apart from on-line kiosks and IVRS, records centers have been set up in cities like Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and masses of greater. With a view to offer smooth accessibility to its policyholders, LIC has launched its satellite tv for computer liaison offices. Satellite workplaces are smaller, thinner and closer to the patron. 

The digitized records of satellite offices will facilitate everywhere in future servicing and plenty of different facilities.

LIC is still the main life insurer even inside the liberalized state of affairs of Indian coverage and is rapid transferring on a modern increase trajectory surpassing its previous report. LIC has issued a couple of crore regulations during the contemporary 12 months.

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 It has crossed the milestone of issuing 1,01,32,955 new suggestions as much as October 15, 2005 and registered a wholesome increase fee of sixteen.Sixty seven% over the corresponding length of the previous year.

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Since then, LIC has crossed many milestones and set an unparalleled performance record in diverse factors of lifestyles insurance industrial employer. The identical motive which inspired our ancestors to deliver insurance into lifestyles on this u . S ., we at LIC to take this message of safety and slight protection lamps in an increasing number of homes and assist humans to offer protection 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 primary life coverage business enterprise on Indian soil, started out out functioning.

1870: Bombay Mutual Life Assurance Society, the primary Indian lifestyles insurance business enterprise, starts offevolved its business company.

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1912: The Life Insurance Companies Act of India is enacted because the primary regulation to alter the existence coverage commercial enterprise.

1928: The Insurance Companies Act of India is enacted to allow the authorities to build up statistical information approximately each existence and non-life insurance organizations.

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1938: The first law modified into consolidated and amended with the purpose of protective the pastimes of the insured public thru the Insurance Act.

1956: 245 Indian and remote places coverage companies and provident societies are taken over and nationalized by the important government. LIC constituted by the use of an Act of Parliament, viz.

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The latest insurance company in India, alternatively, can hint its roots to Triton Insurance Company Limited, which come to be the primary present day coverage corporation installed with the resource of the British in the yr 1850 in Calcutta.

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

1907: Indian Mercantile Insurance Limited come to be installed, which grow to be the primary company to deal in all commands of preferred insurance business organization.

1957: The General Insurance Council, a department of the Insurance Association of India, formulates a code of behavior to make certain truthful conduct and sound industrial employer practices.

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1968: The Insurance Act was amended to adjust investments and installation a Minimum Solvency Margin and Tariff Advisory Committee.

1972: The General Insurance Business (Nationalisation) Act, 1972 nationalized the overall insurance company in India with effect from January 1, 1973.

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107 coverage organizations were amalgamated and grouped into four agencies. National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited GIC have been covered as a single organization.

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