Life Insurance Corporation or LIC is the leading life Insurance company in India.
Image: company logo
It is a state owned Insurance group which is headquartered in Mumbai, and offers wide variety of Insurance products like Pension Plans, Special Plans, Unit-Linked Plans, Insurance Plans and Group Schemes. It was founded in 1956 after Indian Parliament passed Life Insurance Act which nationalised Indian private Insurance Industry.
Insurance Plans provides insurance to individual customers on the basis of their needs and requirements. Special Plans are opportunities that is a perfect blend of Investment and Insurance. Pension Plans are basically for senior citizens who want to plan a better future. Unit Plans are basically to see the savings yield benefits and for saving taxes when people do not have consistent income.
Currently LIC has more than 2000 branch offices and around 110 divisional offices around the country. It has also tied up with few banks and service providers to offer online premium facilities in selected cities. With a vision to provide easy access to its customer, LIC launched its Satellite Sampark offices. LIC has a slogan in Sanskrit which means “Your welfare is our responsibility” and it takes care of all its customers with different policies like Jeevan Sangam, Jeevan Rakshak, Jeevan Lakshya and Bima Bachat.
LIC also has awards and accolades in its name for being the most trusted brand of India and it also took initiatives like establishing Golden Jubilee Foundation as a charity organization with the aim to reduce poverty and promote education.
Income (in INR '000)= 18354345
Net Profit (in INR '000)= 18235084
1.Top 15 insurance companies are selected and parameters like income and net profits are chosen
2. The parameters taken are Revenue and Net Profit and they have been given a weightage of 40% and 60% respectively. Revenue is basically the Premium earned by the companies.
3.Once the final score is calculated, the top 10 insurance companies are found out