Our Associations

Life Insurance
Corporation of India Agency code: 82003194

            HomePage ::   :: About Us ::   :: Our Associates ::   :: Policies ::                                                                  Faq's | Feedback | Contact Us

Why Do We need Insurance?

Need for yourself, your family & for whom you care the most…

It is indeed to great honor & a matter of privileged excellence for Lifelong Care Insurance Consultants Pvt. Ltd. to get associated with the LIC group in one of the fastest growing sectors in India – LIFE INSURANCE

The Life Insurance Corporation (LIC) is a Corporate autonomous body. It has been established by an Act i.e. L.I.C. Act 1956. The insurance business was nationalized with an object to spread the message of insurance to the nook and corners of the country aiming absolute security of the money contributed by the insuring public, cheaper premium rates & dependable service.

The Corporation has its Central Office at Mumbai with seven Zonal offices and 100 divisional offices. It has 2048 Branches spread in every nook and corner of the country. With the globalization of industry and trade, central Govt. has introduced several initiatives covering industry, fiscal management, trade policy and capital account in the year 2000-2001. The Insurance Regulatory and Development Authority has been established and the insurance sector has been opened up for corporate Houses, financial institutions, Bank & NBFCs. Now LIC has to face competition with these companies.

At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs.6,000 crore annually to 5.6 million policyholders.

Lifelong Care Insurance Consultants Pvt. Ltd. has joined hands with the LIC group to provide the best Insurance facilities to the masses by associating themselves as a Registered Corporate Selling Agent to promote its products through its network.

National Insurance Company Limited was incorporated in 1906 with its Registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were amalgamated with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business (Nationalisation) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking.National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 20,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal and Hong Kong.

Befittingly, the product ranges, of more than 180 policies offered by NIC cater to the diverse insurance requirements of its 10 million policyholders. Innovative and customized policies ensure that even specialized insurance requirements are fully taken care of.

The paid-up share capital of National is Rs.100 crores. The Net Worth of the Company stands at Rs.1054.37 crores, with more than adequate solvency margin. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC's gross direct premium income has steadily grown to 28698.7 million rupees (2869.87 crores rupees) in the financial year 2002-2003.

National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz. Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc.

While NIC has a significant market share in the non life insurance business all over the country, NIC has a large market presence in Northern and Eastern India making it the market leader in these two zones.

The company has also improved its market position from 4th to 3rd in the General Insurance Industry, a significant milestone in the history of the Company in the context of enhanced competition in the Insurance Industry with private players already in the market and considering the fact ever since nationalization of the Industry, “National” had been occupying the 4th position in the market. Despite interest rates in the Indian economy, with prudent management of funds our company could ensure income of Rs.485.88 crore on investment, which took the companies investment yield from 12.63% in 2001-2002 to 12.72% this year. The market value of investments in equities has shown an appreciation of 332% over its book value.

The steady growth in premium income has been commensurately matched by profits over the years. As of March 2003, NIC's general reserve stood at 9707.3 million rupees (970.73 crores rupees) with an asset value of 65330.7 million rupees (6533.07 crores rupees) signaling strong financial fundamentals. No wonder than that NIC has been rated iAAA by ICRA.

 
lcic@lifelongcareinsurance.com