The Life Insurance Corporation of India is one of the largest insurers not only in Asia, but in the whole world. It sells the highest number of policies more than 27 million and settles and largest number of claims more than 10 million every year. It has set unmatched standards in investment practices, product innovation, customer servicing and underwriting. It is not merely a life insurer but a financial conglomerate of international significance. It has, through its subsidiaries and associate companies namely, the LIC Housing Finance Limited and the LIC Mutual Fund, contributed substantially to the housing stock and the capital market of the country. Its international ventures, the LIC International E.C., LIC Nepal Ltd., LIC  Mauritius Offshore Ltd., along with the LIC branch offices in London, Mauritius and Fiji have successfully tapped the vast potential for life insurance in the respective countries.
Apart from commercial operations, the LIC is also involved in social welfare activities. Its investments combine financial pragmatism with concern for the country’s infrastructure development and improvement in quality of life. The LIC partners the Government of India through its social security schemes to provide the protection of life insurance and other benefits like scholarships and pensions to millions of those who cannot afford individual life insurance.
LIC voluntarily adopted a “Citizens Charter” in 1997 articulating its commitments to customers/employees/community at large. It was modified  in the year 2003 further reducing benchmark for response time.
The Claims Review committee CRC takes care of policy holders’ grievances.
Policy information and premium payment made easy for policy holders through IT and IT enabled services like Man/Wan/Internet/Corpoate Website/Banks/ATMS/payment gateways/kiosks/Electronic clearing System /IVRS/ Call centre/ toll free numbers etc.
In the process of setting up active data warehouse for personalized services to customers, electronic Document Management System is in progress.
Effective internal and external communication system through internet, intranet, House Journal, News letter, Flashes, Suggestion boxes, e-mailers, SMS etc.
LIC has innovations in its products and services as an ongoing process; Exclusive girl child plan, exclusive women plan and the latest Jeevan Saral, Green Channel introduced for immediate issue of policy across the counter.
LIC is an Industry Leader in India with more than 160 million policies in force and adding policies every year.
LIC practice good governance with an information sharing system through Central, Zonal, Divisional offices and branches across the country with employees and agents.
Ranked as a Super Brand in India No. 1 Service Brand of India as also largest It User in India.
Largest Institutional Investor in India and second largest in Asia among insurers.
Deployment of funds is strictly according to the regulatory framework and prudential norms laid down and maintaining the expense ratios as per prudential norms.
Corporate Governance: It is an epitome of values, commitment and fariness in dealing with its customers who from the core strength of an article of faith of LIC.
LIC has in place a strong mechanism to check, monitor leakages in the system by way of Internal External audit Inspection happening all though the year.
Various consultative committees have been formed jointly with plicy-holders to receive feedback and take corrective action wherever necessary.
LIC earmarks a certain budget and draws up a plan help charitable and social institutions to take care of social responsibility.
LIC has been securing the lives of Indians in all the Demographic/ Psychographic grous over last 48 years. In addition to CRM initiatives. LIC engages independent agencies market researchers consultants to give market indications for the appropriate action by the Top management.
LIC is neither a listed company nor  a public limited company. However, the word renowned management consultant, Messrs. Deloitte, Touche & Tohamatsu have conducted a management audit and has confirmed and LIC financial position is sound.
The Life Insurance Corporation of India is one of the largest insurers not only in Asia, but in the whole world. It sells the highest number of policies more than 27 million and settles and largest number of claims more than 10 million every year. It has set unmatched standards in investment practices, product innovation, customer servicing and underwriting. It is not merely a life insurer but a financial conglomerate of international significance. It has, through its subsidiaries and associate companies namely, the LIC Housing Finance Limited and the LIC Mutual Fund, contributed substantially to the housing stock and the capital market of the country. Its international ventures, the LIC International E.C., LIC Nepal Ltd., LIC  Mauritius Offshore Ltd., along with the LIC branch offices in London, Mauritius and Fiji have successfully tapped the vast potential for life insurance in the respective countries.



