Life Insurance Corporation

Founded in September, 1956, the Life Insurance Corporation of India (LICI) is the largest government-owned life insurance company in India. LIC is headquartered in Mumbai and currently operates 7 zonal offices and 100 divisional offices in India, 2048 branches, and employs over 10,00,000 agents, besides catering to the needs of Non Resident Indians (it functions in 12 countries). The company continues to be the dominant insurance provider even in a liberalized market in India where a great many private jointly-ventured insurance companies are competing. By Oct, 2005, LIC has issued over a crore new policies, hence registering a healthy growth rate of 16.67% over that achieved in the previous year. It has won the Awaaz Consumer Award both for the year 2005 and 2006.

Insurance Products and Services :

1. Insurance Plans include:

• Children Plans (such as Jeevan Anurag, Komal Jeevan, CDA Endowment Vesting At 21, Marriage Endowment, CDA Endowment Vesting At 18, Educational Annuity Plan, Jeevan Kishore, and Jeevan Chhaya)

• Plans for Handicapped Dependents (such as Jeevan Aadhar,Jeevan Vishwas)

• Endowment Assurance Plans [including The Endowment Assurance Policy, The Endowment Assurance Policy-Limited Payment, Jeevan Mitra(Double Cover Endowment Plan), Jeevan Mitra(Triple Cover Endowment Plan), and others]

• Plans for High Worth Individuals (including Jeevan Shree-I, Jeevan Pramukh)

• Money Back Plans (including The Money Back Policy-20 Years, The Money Back Policy-25 Years, Jeevan Surabhi-15 Years, Jeevan Surabhi-20 Years, Jeevan Surabhi-25 Years, Bima Bachat)

• Special Money Back Plan for Women (including Jeevan Bharati)

• Whole Life Plans (including The Whole Life Policy, The Whole Life Policy- Limited Payment, The Whole Life Policy- Single Premium, Jeevan Anand, Jeevan Tarang)

• Term Assurance Plans (including Two Year Temporary Assurance Policy, The Convertible Term Assurance Policy, Anmol Jeevan-I, Amulya Jeevan)

• Joint Life Plan (including Jeevan Saathi )

2. Group Scheme (including Group Term Insurance Schemes, Group Insurance Scheme in Lieu Of EDLI, Group Gratuity Scheme, and others)

3. Social Security Scheme including JanaShree Bima Yojana (JBY)