Case Study of Lic

1783 Words Dec 17th, 2010 8 Pages

Prof. Vipin Agarwal

Submitted by:-
Biplab Banerjee(PG-22)
Manish Chaurasia(PG-37)
Moumita Ghosh(PG-42)
Prasant Kumar(PG-54)

INSURANCE:- What does insurance mean for people? The simple bookish definition is that making life secures from every kind of calamities and worst situation is called insurance. The real concept of insurance is much broader than that. In ancient time people used to sacrifice the lives of animals to make God happy so that God would protect them from calamities and in bad situations. This was also a type of insurance and the premium was scarification of animals. It is typical human psychology that they want to protect themselves from future crisis.
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Again after 10 years LIC crossed the mark of 2000.00 cr. But in 1985-86 LIC was reorganized and as a result of that consolidation it crossed the miracle level of 7000.00 cr sum was assured of new policies.
In terms of selling policies LIC has been a champion. Every year more than 1crore policies are sold by LIC, and it is increasing at a healthy rate of 16.67% .
The business of LIC now has spreaded in 12 countries and Over 1 million agents are employed in LIC. So LIC is now enjoying global presence also.
LIC own the following subsidiaries-
1. Life Insurance and Corporation of India International-
This is joint venture Company promoted by LIC which starts its operation in July 1989 with the objectives of offering US dollar determinate insurance policies to Non Residential Indians (NRIs)
2. LIC NEPAL – Incorporated in 2001
3. LIC LANKA- Formed in 2003
4. LIC Housing finance- Formed in 19 June 1989. Its main objective is to provide long term finance for construction or purchase of houses or apartments. It has an office in Dubai also.
5. LICHEL Care Homes-A wholly owned subsidiary of LIC housing finance. It builds and operates assisted community living for senior citizens.
Besides all these, LIC has entered into

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