Life Insurance Corporation (LIC) came into existence on 1st September 1956 through the amalgamation of 154 Indian insurance companies, 16 non-Indian companies and 75 provident. The amalgamation was achieved with the help of Life Insurance Act passed by the Parliament in the same year. The LIC was created with the goal of reaching all the insurable people in the country and providing them financial coverage at a reasonable price. In the year 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices. With time there was a need for a branch office at every district headquarter and many branches were opened, which raised the pace of the organization.
LIC now has 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. At present, online premium collection facility is being offered in selected cities as LIC has tied up with some banks and service providers. For providing customer satisfaction the organization has introduced various schemes such as ECS, ATM premium payment facility, IVRS, Info centers which are set up in various cities including Mumbai, Bangalore, Chennai, Kolkata, New Delhi, Pune and many more. It has also come up with SATELLITE SAMPARK offices providing easy access to policyholders. LIC has crossed many milestones and set standards for itself fostering unmatched performance. There are various objectives of the organization:
- Holding the money with obligation and using it in the best possible manner in the interests of the policyholder and the community.
- Bringing attractive savings plans and making them easily accessible to the policyholders.
- Giving attractive returns to the people and keeping in mind national priorities.Being trustworthy to the customers and develop the spirit of corporate social responsibility.
- Spreading insurance in both rural and urban areas and covering all the insurable persons at a reasonable cost.
- Bringing in plans and policies favorable to the changing environment.
- Providing efficient service and involving people in the organization for their satisfaction.
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