Study In Judges Presentation 001. Conquest And Failure Chapter 1v1-21 Presentation 001.
LIC presentation... 001
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Transcript of LIC presentation... 001
PRESENTED BY :- POOJA BANGAR
INAMDAR PAWAR
.
WHAT IS LIFE INSURANCE• Life insurance is a contract between
the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (the "benefits") upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment.
In return, the policy holder agrees to pay a stipulated amount (the "premium") at regular intervals or in lump sums. In some countries, death expenses such as funerals are included in the premium; however, in the United States the predominant form simply specifies a lump sum to be paid on the insured's demise.
OBJECTIVE• Wide Coverage :-
Spread life insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
• Saving mobilization :- Maximize mobilization of people’s savings by making insurance linked savings adequately attractive.
• Economy :- Conduct business with utmost economy and with the full realization that the moneys belong to the policy holders.
• Trustee :- Act as trustees of the insured public in their individual and collective capacities.
• Meeting Growing needs :- Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
SWOT ANALYSIS OFLIC OF INDIA
STRENGTHS:
• India’s top insurance company and best among Public sector company.
• Provide better infrastructure than any other Public company.
• LIC of India provides various types of insurance policies to the customer.
•LIC make good relationship with customers and provide extra unique features for the customer who wants to take policy from them.
• Provide all types of insurance advisories. And The transparency is also much better from other insurance companies with least employee turnover
WEAKNESSES:
• Average waiting time for the customer is 15 to 20 minutes.
• No separate customer care unit.
• Rude attitude of the employees.
• No other facility such as, multiplicity and free financial advice of the company .
OPPORTUNITIES:
• Setup a marketing cell at the local branch.
• Ensure that policies are diversified across several customer segments.
• Raise the share of non fund income by increasing product offering wherever necessary by better use of technology.
• Reduce the impact of operational risks by putting in place appropriate frameworks to measure risks, mitigate them or insuring them.
THEREATS:
• Growth of private players has led to shifting emphasis from public sector companies. Increase in foreign insurance companies resulted in taking away business from PSU’s.( Public sector Undertaking )
The other subsidiary companies under LIC are
• Life Insurance Corporation (LIC) of India International :- form in July, 1989 joint venture with offshore company US.• LIC Nepal :- Formed in 2001 in joint venture with Vishal Group of Industries,
Nepal.• LIC Lanka :- Formed in 2003 in joint venture with Bartleet Group of
Companies, Sri Lanka.• LIC Housing Finance :- Formed in 19th june 1989 the main objective of providing long
term finance for construction of houses .• LIC Housing Finance Limited Care Homes
PRODUCTS
SPECIAL PLAN OF LIC LIC
SUPERIORITY OF LIFE INSURNACE
• PROTECTION
• AID TO THRIFT
• LIQUIDITY
• TAX RELIEF
• EASY MONEY
Benefits of Life Insurance:-
Safeguards the insured’s family against an untimely death and provides for a secured income…
It is a means of compulsory savings…
It is a source of income during old age…
It helps in meeting certain periodic financial needs, either for a child’s education or marriage…
Improves the lifestyle of the insured and his family…
Takes care of disabilities and uncertain future adversities of life…
It brings tax-benefits under Section 80C of the Income Tax Act…
TAX BENEFIT
• The Life Insurance Plans, Namely Endowment Assurance, money Plan, Single Premium, whole of life Insurance, Term assurance plan and & loan Cover Term assurance are entitled to rebate under Section 88 of the Income Tax act 1967.
• Additionally, Health Insurance riders are eligible tax exemption under section 80D.
• The pension product, personal pension plan is eligible for exemption under section 80ccc. Further more, the proceeds from life insurance plan are exempt from income tax under section 10 ( 10D ).
ORGANAIZATION SET UP OF
LIC
Board of Directors
Chairman
Managing Director
Executive Managers (5)
Head Office (MUMBAI)
Divisional Offices (100)
Branch Offices (2048)
Agents (1002149)
Zonal Offices (7) Special cell (Srinagar)
MARKET SHARE (2010-11)
DIVERSIFIED FIELDS
o LIC HOUSING FINANCE Ltd
o LIC HFL CARE HOUSE Ltd
o LIC MUTUAL FUNDS AMC Ltd
o LIC PENSION FUND Ltd
From the year 2006, LIC is continuously winning the Readers' Digest Trusted brand award.
According to The Brand Trust Report 2011, LIC is the 8th most trusted brand of India.
AWARDS AND RECOGNITION
AWARDS (2010-2011)
CNBC Awaz Consumer Award
ET brand Equity Award for top brand in Insurance category
Out look money Award for best
life insurer
AIMA high performance
Award
Readers Digest Trusted Brand
Golden Peacock Award for Corporate Governance
Global Youth Marketing Award for Most preferred Life Insurance Company
Power Brand Award
Shoppers & Consumers
Insight Award
MY FM Stars of Industry Award for Excellence in Life Insurance
THANK YOU