LIC full form: LIC stands for Life Insurance Corporation of India, it is a governmental organization established in the year 1956. LIC is actually an insurance and investment organization that was invented from the Life Insurance Act of India. The aim of LIC is to provide the citizens of India with a larger return on their economic security.
The services and products offered by the LIC are comparatively good than the other investment companies in the market. Through LIC all the citizens can get a quality life with assured economic development.
According to the annual survey done in the year 2019, it is learned that LIC has a total of 28.3 trillion $ funds with more than 290 million policy holders all across the country.
Objectives of LIC: LIC full form
- LIC work towards reaching the country’s rural areas in order to provide a reasonable defence system against death to the most number of people.
- To evaluate and analyse the revenue from the economic growth of the country. LIC also works towards maintaining a standard growth every year for the company.
- The amounts collected from various schemes of LIC are invested in the best interest of all the policyholders and in regions of National significance.
- One of the objectives of LIC is to act as Insured Trustee.
- Upgrading the schemes and policies for meeting the changes and development in the market.
- LIC works towards making its workers competent enough to deal with all the policyholders.
- LIC offers services to India and other foreign countries like Belgium and Australia.
History of LIC:
LIC full form: The first company to offer insurance coverage in India was Oriental Life Insurance; it was established in Kolkata in 1818. The main target of this company was the Europeans who were forced to take life insurance policies. Then Surendernath Tagore founded the Hindustan Insurance Society which later was renamed as Life Insurance Corporation.
One of the members of the parliament, Feroze Gandhi escalated the matter of insurance fraud done by some of the private insurance agencies. After the whole investigation, it was concluded that Sachin Devkekar, owner of Times of India Newspaper was involved in the fraud. He was one of the wealthiest businessmen of that time, he was sent to prison for 2 years.
In view of this incident, the government of India passed the Life Insurance Act on 19th June 1956.
List of LIC products:
LIC provides different product lines, which includes life insurance policies, investment products and savings. Discussed below are some famous LIC products and plans that were introduced in the year 2016-2017:
- LIC Bima Diamond Plan
- LIC Jeevan Labh Plan
- LIC Jeevan Pragati
- LIC Jeevan Shikhar Plan.
LIC’s Contribution to the five-year plans:
| Plan | Year | Investment |
| 2 | 1956–1961 | ₹184 Cr |
| 3 | 1961–1966 | ₹285 Cr |
| 4 | 1969–1974 | ₹1,530 Cr |
| 5 | 1974–1979 | ₹2,942 Cr |
| 6 | 1980–1985 | ₹7,140 Cr |
| 7 | 1985–1990 | ₹12,969 Cr |
| 8 | 1992–1997 | ₹56,097 Cr |
| 9 | 1997–2002 | ₹1,70,929 Cr |
| 10 | 2002–2007 | ₹3,94,779 Cr |
| 11 | 2007–2012 | ₹7,04,720 Cr |
| 12 | 2012–2017 | ₹14,23,055 Cr |
| 13 | 2017–2022 | ₹28,01,483 C |
The LIC has 8 Zonal Offices that are headed by a Zonal Manager (I/C) (Executive Director Cadre). The Zonal manager is one of the key decision-makers of the corporation after the Board.
| North Zone | New Delhi |
| Central Zone | Bhopal |
| East Zone | Kolkata |
| West Zone | Mumbai |
| South Zone | Chennai |
| East Central Zone | Patna |
| North Central Zone | Kanpur |
| South Central Zone | Hyderabad |
How to get a job in LIC?
LIC full form: Candidates who are interested to work for LIC must first understand the meaning of LIC. They must prepare for the entrance exam that is conducted by the LIC employees every year. For knowing more about LIC, you can refer to their official website and study on genuine websites. Once you crack the entrance exam, you will be called for an interview. This will be the final stage of selection, after you clear the interview process you will be a certified LIC employee.
Depending on the qualification and post you have applied for you will be given the job and title. If you work hard with sincerity, you will get a promotion every year with good incentives.
FAQs: LIC full form
Q1. Is LIC a private or government organization?
A1. LIC stands for Life Insurance Corporation; it is an Indian statutory insurance corporation that works under the ownership of the Indian Government. The headquarters of LIC is situated in Mumbai.
Q2. What is the qualification needed to be a LIC agent?
A2. The aspirant must have a bachelor’s degree from a known university. Apart from this, the aspirant must compulsory be a citizen of India.
Q3. Who are eligible to take the LIC policy?
A3. There is no restriction with regards to citizens taking LIC policy. Anybody who is willing to take the LIC policy can do it online or visit the LIC office for assistance.
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