Life Insurance Corporation of India & Career Plan 19 January 2019


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Life Insurance Corporation of India & Career Plan : As we all know the insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) of India is the sole public sector company. LIC offer a great career opportunities for youngsters who want to pursue their career in the insurance industry. So, in this article, we are going to see about the Life Insurance Corporation of India and its Employees, Directors, Awards, Products, News and Network.

Life Insurance Corporation of India – Overview

Life Insurance Corporation of India & Career Plan

Life Insurance Corporation of India (LIC) is the one of the leading provider of insurance and investment services in India. It is a publicly held organization totally controlled by the Union Government of India. It not only provides almost 24.6 % of the government’s expenses but also its assets have been valued at INR 13.25 trillion as well. Life Insurance Corporation of India (LIC) was established during 1956 when 243 provident societies and insurers merged together.

Life Insurance Corporation Employees

Life Insurance Corporation of India (LIC) has workforce of over 1,002,149 individual agents, 98 brokers, 242 corporate agents, 42 banks & 79 referral agents.

LIC Board of Directors

The Board of Directors of LIC contains the following:

Name Designation
DK Mehrotra Chairman
MV Tanksale Chairman and Managing Director, Central Bank of India
TS Vijayan Managing Director
Lt. General Arvind Mahajan
T Thomas Mathew Managing Director
Anup Prakash Garg
Sushobhan Sarker Managing Director
Sanjay Jain
DK Mittal Secretary, Department of Financial Services, Ministry of Finance, Government of India
Ashok Singh
Arvind Mayaram Secretary, Department of Economic Affairs, Ministry of Finance, Government of India
KS Sampath
AK Roy Chairman cum Managing Director, GIC
Amardeep Singh Cheema

Life Insurance Corporation of India Awards

The List of the Awards that Life Insurance Corporation of India (LIC) has won in 2011-12 are as follows:

  • Readers Digest
  • Dainik Bhaskar Group
  • Superbrands
  • Bombay Chamber of Commerce
  • Asian Leadership Awards
  • ABCI
  • ET Brand Equity’s Most Trusted
  • Star News – Customer Centric Brand Award

Life Insurance Corporation Products

The List of Products by Life Insurance Corporation could be given as below:

Insurance Plans

  1. Bima Account Plans – Bima Account 2 and Bima Account 1 .
  2. Endowment Assurance Plans – The Endowment Assurance Policy, The Endowment Assurance Policy – Limited Payment, New Janaraksha Plan, Jeevan Vaibhav (Single Premium Endowment Assurance Plan), Jeevan Mitra (Double Cover Endowment Plan), Jeevan Anand, Jeevan Amrit and Jeevan Mitra (Triple Cover Endowment Plan).
  3. Endowment Plus.
  4. Plans for high worth individuals – Jeevan Shree-I and Jeevan Pramukh.
  5. Children Plans – Komal Jeevan, CDA Endowment Vesting at 21, Marriage Endowment Or Educational Annuity Plan, CDA Endowment Vesting at 18, Child Future Plan, Child Career Plan, Jeevan Anurag, Jeevan Chhaya, Jeevan Kishore and Jeevan Ankur.
  6. Money Back Plans – Money Back Policy – Twenty Years.
  7. Plans for Handicapped Dependents – Jeevan Aadhar and Jeevan Vishwas.

Pension Plans

  1. Jeevan Akshay – VI.

Unit Plans

  1. Endowment Plus.

Special Plans

  1. Golden Jubilee Plan – New Bima Gold.
  2. Special Plan – Bima Nivesh 2005 and Jeevan Saral.
  3. Micro Insurance Plans – Jeevan Deep, Jeevan Mangal and Jeevan Madhur.

Group Scheme

  1. Group Scheme – Group Term Insurance Schemes, Group Insurance Scheme in Lieu Of EDLI, Group Leave Encashment Scheme, Group Mortgage Redemption Assurance Scheme, Group Critical Illness Rider, Group Gratuity Scheme and Group Savings Linked Insurance Scheme.
  2. Social Security Scheme – Aam Admi Bima Yojana, Shiksha Sahayog Yojana and JanaShree Bima Yojana (JBY).

Health Plans

  1. Jeevan Arogya Plans – Jeevan Arogya.
  2. Health Plans – Health Protection Plus.

Life Insurance Corporation of India News

The Indian government has appointed SB Mathur, who has previously worked as the chairman of the Life Insurance Corporation of India, as a part time Insurance Regulatory and Development Authority (IRDA) member. He replaces Ela Bhatt whose term expired during September of Year 2012. Mr. SB Mathur has served not only as Chairman of Life Insurance Corporation of India but also as the Head of the Life Insurance Council, an association body of the insurance industry. This appointment is being seen as an attempt to get the insurance industry represented on the IRDA board. Other members of IRDA are the ICAI President and the Joint Secretary Insurance from the Union Finance Ministry.

Employees of the LIC of India operating at the Swarnalok Complex Branch in Eluru Road, Vijayawada during lunch hours try to protest against the Union Government’s decision to the increase the Foreign Direct Investment (FDI) limit in the insurance sector from the previous limit of 29% to 49% . During conversation with the demonstrators, The Branch Secretary CH Kaladhar stated that the decision will ensure that international companies have great control over the savings of Indian people.He also stated that the decision may not have any concrete benefits either for India or its people which could put the national economy at risk. He additionally alleged that the Indian government had surrender to the pressure strategies being applied by the US and not thought of the interests of the people it is governing. Kaladhar also iterated that the government should go back and reconsider the decision for the betterment of the country and the people. The demonstration organized under the All India Insurance Employees’ Association’s banner was attended by the KVVSN Krishna Kumar (Class I Federation leader of LIC), SHHN Raju (President of the LIC Development Officers’ Association) and also the Union Leaders Ramanjaneyulu, NLN Singh, Ratna Jyothi, and Mani Kumari. .

Life Insurance Corporation of India is celebrating October as the Social Security Month. In a statement provided on 06th October, the organization stated that the Indian government had entrusted with different social security programs and it is presently working on them. At present the insurance company is operating a couple of insurance programs for the economically disadvantaged sections of the Indian society. In the 2011-12 fiscal the insurer paid INR 403.91 crores in claims in Aam Admi Bima Yojana & Janashree Bima Yojana schemes.

Life Insurance Corporation Network

The Head Offices of Life Insurance Corporation are located at Mumbai. Presently it has 100 divisional offices and 8 zonal offices located in various parts of India. It also has approximately 3500 service offices inclusive of the 2048 branches, 25 metro area service hubs, 54 customer zones and several satellite offices. Its office locations may be further mentioned as below:

Central Zone Eastern Zone North Central Zone Northern Zone South Central Zone Southern Zone Western Zone
Bhopal Begusarai Agra Ajmer Bangalore Chennai Ahmedabad
Jabalpur Sambalpur Gorakhpur Jodhpur Nellore Salem Nagpur
Bilaspur Berhampur Aligarh Amritsar Belgaum Coimbatore Amravati
Raipur Asansol Haldwani Karnal Raichur Thanjavur Nanded
Gwalior Bhagalpur Allahabad Bikaner Dharwad Ernakulam Aurangabad
Satna Bongaigaon Kanpur Ludhiana Rajahmundry Thrissur Nashik
Indore Bhubaneswar Bareilly Chandigarh Hyderabad Kottayam Bhavnagar
Shahdol Guwahati Lucknow Rohtak Secunderabad Tirunelveli Pune
Cuttack Dehradun Delhi Kadapa Kozhikode Gandhinagar
Howrah Meerut Shimla Shimoga Trivandrum Rajkot
Hazaribagh Faizabad Jaipur Karimnagar Madurai Goa
Jalpaiguri Varanasi Srinagar Udupi Vellore Satara
Jamshedpur Jalandhar Machilipatnam Kolhapur
Jorhat Udaipur Vizag Surat
Muzaffarpur Mysore Mumbai
Kharagpur Warangal Thane
Patna Nadiad
Silchar Vadodara

We hope that this article will not only help you to get information about Life Insurance Corporation of India (LIC) but also encourage you to take efforts for great career opportunities in the insurance company. For more Government & Private Jobs related articles, keep visiting


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