Article on LIC of India
The Life Insurance Corporation of India (LIC of India) was established on September 1, 1956, with a mission to provide financial security to the masses. Today, LIC has a vast network of 2,048 branches and 1,526 satellite offices across India, employing over 1.2 million agents and 120,000 employees.
The first chief of LIC was Dr. John Mathai, who played a crucial role in shaping the organization's initial years. Currently, LIC is headed by M R Kumar, who took over as the Chairman in 2019.
Over the years, LIC has undergone significant changes, adapting to the evolving market and regulatory environment. The introduction of various schemes, such as the Jeevan Bima policy in 1956 and the Unit Linked Insurance Plan (ULIP) in 2001, has helped LIC to stay competitive and attract a large customer base.
LIC's impact on the country's economy has been significant, with the corporation having invested over ₹32 lakh crore in the Indian economy as of 2022. This investment has contributed to the growth of various sectors, including infrastructure, healthcare, and education.
However, LIC has also faced challenges, including increased competition from private insurance players and regulatory changes. Despite these challenges, LIC remains the largest life insurer in India, with a market share of over 70%.
The reasons for LIC's success can be attributed to its:
1. Wide reach and distribution network
2. Diversified product portfolio
3. Strong brand image and trust
4. Adaptability to changing market conditions
In conclusion, LIC of India has come a long way since its inception in 1956, with significant contributions to the country's economy and the lives of millions of Indians. Despite challenges, LIC remains a dominant player in the life insurance sector, with a strong foundation and a commitment to serving the nation.
Statistics:
- 2,048 branches and 1,526 satellite offices
- 1.2 million agents and 120,000 employees
- ₹32 lakh crore invested in the Indian economy (as of 2022)
- Market share of over 70%
- 65 years of service to the nation
©Gurudatta Dinkar Wakdekar, Mumbai
Date : 01/09/2024 Time : 0153
Oh LIC, dear LIC
Oh LIC, dear LIC, a friend so true,
"Zindagi ke saath bhi, zindagi ke baad bhi" too,
A shelter from life's storms, for me and you,
With policies and plans, that guide us along, anew.
Your agents and employees, with hearts so kind,
Help us navigate, life's uncertain mind.
With every premium, a promise is made,
To secure our future, and ease our shade.
Sixty-five years of service, a legacy so grand,
A trusted companion, in this promised land.
Through joys and sorrows, you stand by our side,
A rock of strength, where love and care reside.
"Zindagi ke saath bhi, zindagi ke baad bhi"
You help us build dreams, and keep them strong and free.
Your investments in India, a story to tell,
Of growth and progress, of a nation's bell.
In infrastructure, healthcare, and education too,
You help build a better world, for me and you.
Oh LIC, dear LIC, a love so strong,
A bond between us, that lasts all life long.
You are a guardian, a friend and a guide,
A shining star, that by our side does reside.
So here's to you, dear LIC, a poem to say,
Thank you for being there, every step of the way.
©Gurudatta Dinkar Wakdekar, Mumbai
Date : 01/09/2024 Time : 0805
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