Life Insurance corporation of India (LIC) A first insurance company

Life Insurance corporation of India (LIC) A first insurance company

Life Insurance corporation of India (LIC): A first insurance company

Now a days insurance becomes very important for all the people that are living in this world. This article is going to be fascinating and very informative, as this article is based on knowledge all about the agency, named Life Insurance Corporation of India (LIC). Take a look at all the information/knowledge of this agency as covered in this article. Things that are focused are as follows:

  • What is the Life Insurance Corrosion of India (LIC)?
  • History and about the company.
  • Structure
  • Slogan
  • Holdings

What is the Life Insurance Corporation of India (LIC)?







It is an agency which provides insurance facility to its customer. It is an Indian state-owned insurance group and investment corporation owned by the Government of India. The agency is providing security to the risk not solving or protect from risk it provides security only. Supposed that you purchase a life insurance of LIC and unfortunately accident happened with you than your will receive certain amount according to policy.

(Note: it cover unfortunately accident not suicide.)


History and about the Company



The oriental Life Insurance Company is the first insurance company in India offering Life insurance coverage. It was established in Kolkata in 1818. it primarily market target of this company is Europeans living in India, and it changed Indians heftier premium. Surendrnath Tagore was the founder of Hindusthan Insurance society later on it becomes Life Insurance corporation. It was founded on 1 September 1956 when the Parliament of India passed the life insurance Act that nationalized the insurance industry in India. Over 245 insurance companies and provident society were merged to create the state-owned life insurance corporation. LIC also contributed in five-year plane at every year. It creates Monopoly that time.



Structure 



Currently MR Kumar is the LIC executive board consists of chairman. Managing director of LIC is vipin Anand and TC Suseel Kumar.

Slogan    

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The slogan of LIC created that time was “yogakshemam vahaamyaham” as on Sanskrit later it was translated in English as “Your welfare is our responsibility”. This slogan derives from ancient Hindu text, “The Bhagwat Gita” from 9th chapter, 22rd. The slogan of LIC can be seen in the logo, written in “Devanagari” script. This line means “I carry what they lack, and I preserve what they have”.

Holdings


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LIC holds share worth of about ₹2.33 Lakh in all the nifty companies put together, but it lowers it holding in a 27 nifty companies during the quarter.

The cumulative value of LIC holding in these 27 companies are felled by little over ₹8,000 crore during the quarter that shows the analysis of changes in their shareholding patterns.

When the LIC is estimated of their sold shares worth ₹500-1,000 crore in each of Mahindra & Mahindra, HDFC Bank, ICICI Bank, Tata Motors, L&T, HDFC, Wipro, SBI, Maruti Suzuki, Dr Redis and Bajaj Auto.

The insurance behemoth is also trimmed holdings in Abuja Cements, Cipla, TCS, Lupin and Asian Paints. A marginal decline was also witnessed in its stakes in companies such as Punjab National Bank, IDFC, Hindustan Unilever, Grasim, ACC, BPCL, Bank of Baroda, Sun Pharma and Tata Power.

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