Life Insurance Corporation of India (LIC) founded in 1956 is the largest life insurance company in India and Life Insurancealso the country's largest investor; it is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 5 Trillion Rupees. Being one of the largest financial institutions of India who has wide spread network all over the country with best track record for the settlement of claims.
The Economic Times Brand Equity Survey rated LIC as the "No. 1 Service Brand of the Country" LIC's vital objective is to protect people, to look after their savings, and to provide protection to each & every consumer." LIC has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 10 crore policies is being held on computers in LIC.
LIC's MISSION is to "Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development." And Vision is to stood "As A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."
Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LIC's Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LIC's ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.