Meaning and Definition of InsuranceInsurance is a means of compensating for probable losses in which one person agrees to compensate the other in case of a loss in consideration of premium.Important insurance terms:Insurer: Insured:Proposals: Premium:Policy: Claim:
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OBJECTIVE OF LICSpread Life Insurance widely and in particular to the rural areas and to thesocially and economically backward classes with a view to reaching all
insurable persons in the country and providing them adequate financial coveragainst death at a reasonable cost.
Maximize mobilization of people’s savings by making insurance-linked savingsadequately attractive.
Bear in mind, in the investment of funds, the primary obligation to itspolicyholders, whose money it holds in trust, without losing sight of the interestof the community as a whole; the funds to be deployed to the best advantage ofthe investors as well as the community as a whole, keeping in view nationalpriorities and obligations of attractive return.
Conduct business with utmost economy and with the full realization thatthe moneys belong to the policyholders.
Act as the trustees of the insured public in their individual and collective
PRODUCTS• As individuals it is inherent to differ. Each individual’s
insurance needs and requirements are different fromthat of the others. LIC? s Insurance Plans are policiesthat talk to you individually and give you the mostsuitable options that can fit your requirement.
• Jeevan AnuragKomal Jeevan CDA EndowmentVesting At 21 Marriage Endowment Or Educational Annuity Plan
• Jeevan Aadhar Jeevan Vishwas
• The Endowment Assurance Policy The EndowmentAssurance Policy-Limited Payment JeevanMitra(Double Cover Endowment Plan) Jeevan Anand
"Explore and enhance the quality of life of peoplethrough financial security by providing products andservices of aspired attributes with competitive returns,and by rendering resources for economic
development.""A trans-nationally competitive financial conglomerateof significance to societies and Pride of India.”
This site has been designed for giving a variety of general and policyinformation to our policyholders. For viewing the policy related information,new customers are required to go through a Registration procedure, the
details of which are stated in the ensuing paragraph.
Login Login facility is provided on the Home Page for the use of registered users.
Registration
All new users are required to complete the Registration Form onlineselecting username and password of their choice.• The username can be alpha, numeric, with characters dot and underscore.• The password must be in between 8 to 30 characters.• The information marked with (*) are mandatory fields and cannot be left
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• The pin-code cannot be more than 6-digits.• The e-mail id entered should be a valid one for further correspondence.• The user-id chosen should be unique.• Password should be unique and be kept confidential.
Spread Life Insurance widely and in particular to therural areas and to the socially and economically
backward classes with a view to reaching all insurablepersons in the country and providing them adequatefinancial cover against death at a reasonable cost.
• Maximize mobilization of people's savings by makinginsurance-linked savings adequately attractive.Involve all people working in the corporation to thebest of their capability in furthering the interests of theinsured public by providing efficient service withcourtesy.
• Promote amongst all agents and employees of theCorporation sense of participation, pride and jobsatisfaction through discharge of their duties withdedication towards achievement of corporateobjectives.
Sales promotion is one of the five aspects ofpromotional mix. (The other four parts of the
promotional mix are advertising, personal selling,direct marketing and publicity / public relations.) Mediaand non-media marketing communication areemployed for a pre-determined, limited time toincrease consumer demand, stimulate market demand
or improve product availability.
• PRICE:Price means the premium over here in life insurance, it
vitally effect the volume of sales. Price is a valuationupon then products by the offerer. The variousvariables of price mix are insured sum, interest onloan, investment return, mode of payment,underwriting, commission, tax benefit, incentives etc.
• A)On positive side :1. Spread the insurance culture fairly widely;2. Mobilized large savings for national development and financedsocially important sectors such as housing, electricity, water supply
and sewerage;3. Acquired considerable financial strength and gained confidence ofthe insuring public;4. And had built up a large talented pool of insurance professionals.
B) On the negative side:1, the vast marketing and services network of LIC wasinadequately responsive to customer needs;2. Insurance awareness was low among the general public;3. Work culture within the organization was unsatisfactory;4. Failure to adequately computerize had seriously affected theefficiency of the organization and the quality of customer service;