Life Insurance India

Life Insurance corporation was formed by the LIC Act of 1956 by which 245 Indian and foreign insurers and provident societies were taken over by the central government and nationalised into one company with a capital of Rs.5 crore of India.

The government of India created LIC in order to provide insurance solutions ata reasonable cost to more and more insurable population in India residing in all corners of the country and particularly in rural areas where major chunk of the country's population lived and which were still untapped.

Today LIC has established massive network for selling its insurance products at every nook and corner. With 1002149 insurance advisors working, it has the largest number of insurance advisors in the country providing adequate financial cover to such a large population Its network includes 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the Corporate office. To manage such a huge network it has connected all its 100 divisional offices with Wide Area Network and all the 2048 branches with Metro Area Network.

LIC has taken various steps to provide the best of facilities to its customers so that they are neither physically nor mentally exerted. It has started on-line premium collection facility by tieing up with some Banks and Service providers and its ECS and ATM premium payment facility further adds to the convenience of its customers.LIC launched its SATELLITE SAMPARK offices with the aim to provide easy access to its huge number of policy holders which are spread all over the country. It has also opened on-line Kiosks, IVRS and Info Centres in major cities in the country such as Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. All this helps LIC to provide world class facilties to its policy holders and maintain their strong faith in itself.