PROJECT ON LIC

SUMMARY REPORT
COMPANY PROFILE
MEANING OF INSURANCE AND LIFE INSURANCE INTRODUCTION OF LIC HISTORY OF LIC NATIONALIZATION

BOARD OF MEMBERS
ORGANIZATION CHART

MISSION AND VISION OF LIC OBJECTIVE OFLIC PRODUCT OF LIC AWARDS SWOT ANALYSIS

Strengths : 1) Brand Image 2) Govt Guarantee 3) Claims settlement 4) Pan India presence 5) Large product portfolio Weakness : 1) Lethargic Staff 2) Mediocre Top Bosses 3) Large scale Corruption in Main Office 4) Ultra-Slow decision making process 5) Internal problems between Top Management and lower cadre Employees Opportunities : 1) Pension Market 2) Health Insurance 3) Large Real Estate portfolio Threats : 1) Internal discord 2) New players 3) Red-tapism

Source(s):
Source : Try spending a month at LIC's main office at Yogakshema and you will realise that its a big corporate gambling den. I spent more than 1 year in LIC as my company had bagged a contract there
Summary Life Insurance Corporation of India (LIC) is a life insurance company fully owned by the Government of India. LIC offers individual plans, pension plans, special plans, unit plans, and group schemes. The company offers child plans, and health insurance plans. It also offers LIC credit cards through its subsidiary LIC Cards Services Limited. LIC has zonal offices in Mumbai, Kolkata, Chennai, Hyderabad, Delhi, Kanpur, Bhopal and Patna. It offers insurance products in India through authorized banks and service providers. LIC operates through its associates in Fiji, United Kingdom, Mauritius, Bahrain, Singapore, Sri Lanka, and Nepal. The company is headquartered in Mumbai, India. GlobalDatas Life Insurance Corporation of India - Strategic SWOT Analysis Review provides a comprehensive insight into the companys history, corporate strategy, business structure and operations. The report contains a detailed SWOT analysis, information on the companys key employees, key competitors and major products and services. This up-to-the-minute company report will help you to formulate strategies to drive your business by enabling you to understand your partners, customers and competitors better. Scope

Business description - A detailed description of the companys operations and business divisions.

Corporate strategy - GlobalDatas summarization of the companys business strategy. SWOT analysis - A detailed analysis of the companys strengths, weakness, opportunities and threats. Company history - Progression of key events associated with the company. Major products and services - A list of major products, services and brands of the company. Key competitors - A list of key competitors to the company. Key employees - A list of the key executives of the company. Executive biographies - A brief summary of the executives employment history. Key operational heads - A list of personnel heading key departments/functions. Important locations and subsidiaries - A list of key locations and subsidiaries of the company, including contact details.

Note: Some sections may be missing if data is unavailable for the company. Reasons to Buy

Gain key insights into the company for academic or business research purposes. Key elements such as SWOT analysis and corporate strategy are incorporated in the profile to assist your academic or business research needs. Identify potential customers and suppliers with this reports analysis of the companys business structure, operations, major products and services and business strategy. Understand and respond to your competitors business structure and strategies with GlobalDatas detailed SWOT analysis. In this, the companys core strengths, weaknesses, opportunities and threats are analyzed, providing you with an up to date objective view of the company. Examine potential investment and acquisition targets with this reports detailed insight into the companys strategic, business and operational performance.

LIC of India - SWOT Analysis (Datamonitor)

Market: Finance and Banking Published Date: 08 Sep 2010 Report Type: Company Profile Country: Global Number of Pages: 16 View Table of Contents LIC of India - SWOT Analysis

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LIC of India - SWOT Analysis company profile is the essential source for top-level company data and information. LIC of India - SWOT Analysis examines the company's key business structure and operations, history and products, and provides summary analysis of its key revenue lines and strategy. The Life Insurance Corporation of India (LIC or the group) is primarily a life insurance service provider. The company primarily operates in India. It is headquartered in Mumbai, India and employs 114,196 people. The group recorded revenues of INR2002.8 billion or $38.7 billion during the financial year (FY)

ended March 2009, a decrease of 2.9% over FY2008. The net profit was $9,573.5 million in FY2009, an increase of 13.3% over FY2008. Scope of the Report - Provides all the crucial information on LIC of India required for business and competitor intelligence needs - Contains a study of the major internal and external factors affecting LIC of India in the form of a SWOT analysis as well as a breakdown and examination of leading product revenue streams of LIC of India -Data is supplemented with details on LIC of India history, key executives, business description, locations and subsidiaries as well as a list of products and services and the latest available statement from LIC of India Reasons to Purchase - Support sales activities by understanding your customers' businesses better - Qualify prospective partners and suppliers - Keep fully up to date on your competitors' business structure, strategy and prospects - Obtain the most up to date company information available Companiesandmarkets.com provides a wide range of industry statistics, market research reports and industry reports providing market size, trends, analysis, competitive intelligence, company profiles, SWOT analysis reports, company analysis and forecasts.

C O N C E P T O F I N S U R A N C E : Life has always been an uncertain thing. To be secure against unpleasant possibilities,always requires the utmost resourcefulness and foresight on the part of man. To prayor to pay for protection is the spirit of the humanity. Man has been accustomed topray God for protection and security from time immemorial. In modern daysInsurance Companies want him to pay for protection and security. The insurance mansays "God helps those who help themselves"; probably he is correct.Too many people in this country are not in employment; and work for too many nolonger guarantees income security. Several millions are part-time, self employed andlow-earning workers living under pitiable circumstances where there is no securitycover against risk. Further the inherent changing employment risks, the prospect of continual change in the work place with its attendant threats of unemployment andlow pay especially after the adoption of New Economic Policy and the imminent lifecycle risks - a new source of insecurity which includes the changing demands of family life, separation, divorce and elderly dependents are tormenting the society.Risk has become central to one's life. It is within this background life insurance policyhas been introduced by the insurance companies covering risks at various levels. Lifeinsurance coverage is against disablement or in the event of death of the insured,economic support for the dependents. It is a measure of social security to livelihoodfor the insured or dependents. This is to make the right to life meaningful, worthliving and right to livelihood a means for sustenance. Therefore, it goes withoutsaying that an appropriate life insurance policy within the paying capacity and meansof the insured to pay premium is one of the social security measures envisaged underthe Indian Constitution. Hence, right to social security, protection of the family,economic empowerment to the poor and

disadvantaged are integral part of the right tolife and dignity of the person guaranteed in the constitution.Man finds his security in income (money) which enables him to buy food, clothing,shelter and other necessities of life. A person has to earn income not only for himself but also for his dependents, viz., wife and children. He has to provide legally for hisfamily needs, and so he has to keep aside something regularly for a rainy day and forhis old age. This fundamental need for security for self and dependents proved to bethe mother of invention of the institution of life insurance.