The Life Insurance Corporation of India popularly known as “LIC of India” is the largest life insurance company in India and also the country’s largest investor. It is fully owned by the Government of India.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956.
The organization now comprises 2048 branches, 100 divisional offices and 8 zonal offices, and employs over 1 million agents. It also operates in 12 other countries, primarily to cater to the needs of Non Resident Indians.
LIC owns the following subsidiaries:
Life Insurance Corporation of India International:
This is a joint venture offshore company promoted by LIC which commenced operations in July, 1989 with the objectives of offering US$ to cater to the insurance needs of NRIs and providing insurance services to holders of LIC policies currently residing in the Gulf. LIC International operates in all GCC countries.
A joint venture company formed in 2001 with the Vishal Group of Industries, Nepal.
A joint venture company formed in 2003 with the Bartleet Group of Companies, Sri Lanka.
LIC Housing Finance:
Incorporated in 19th June 1989, its main objective is to provide long term finance for construction or purchase of houses or apartments. It has a Dubai office.
LICHFL Care Homes:
A wholly owned subsidiary of LIC Housing Finance, it builds and operates “Assisted Community Living Centers” for senior citizens.
Organizatinal Structure of LICI:
Polulart Plans of LIC of India:
LIC’s Children Care Plans
- Jeevan Anurag
- Komal Jeevan
- CDA Endowment Vesting At 21
- Marriage Endowment Or Educational Annuity Plan
- CDA Endowment Vesting At 18
- Jeevan Kishore
- Jeevan Chhaya
- Child Career Plan
- Child Future Plan
Plans for Handicapped Dependents
- Jeevan Aadhar
- Jeevan Vishwas
Term Life Insurance
- Two Year Temporary Assurance Policy
- The Convertible Term Assurance Policy
- Anmol Jeevan-I
- Amulya Jeevan-I
- The Endowment Assurance Policy
- The Endowment Assurance Policy-Limited Payment
- Jeevan Mitra(Double Cover Endowment Plan)
- Jeevan Mitra(Triple Cover Endowment Plan)
- Jeevan Anand
- New Janaraksha Plan
- Jeevan Amrit
Joint Life Insurance
Plan for high worth individuals
- Jeevan Shree-I
- Jeevan Pramukh
Money Back Insurnace
- The Money Back Policy-20 Years
- The Money Back Policy-25 Years
- Jeevan Surabhi
- Bima Bachat
- Jeevan Bharati
Whole Life Insurance Plans
- The Whole Life Policy
- The Whole Life Policy- Limited Payment
- The Whole Life Policy- Single Premium
- Jeevan Anand
- Jeevan Tarang