Life Insurance Corporation Of India Essay

Life Insurance Corporation Of India Essay

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Life Insurance Corporation is of special importance in India because of its unique position. In September 1956, 245 insurance companies were amalgamated and unified into one single organization. This was birth of „Life Insurance Corporation of India‟. The nationalization of life insurance was another milestone on the road, the country had chosen in order to reach its goal of socialistic pattern of society. Into the lives of millions in the rural areas, it introduced a new sense of awareness of building for the future in the spirit of calm confidence which insurance along can give. It is a measure conceived in a genuine spirit of service to the people. It is for the people to respond, confound the doubters and make it a resound success.
The Life Insurance Corporation of India made its bow on the national stage on 1st September 1956. And today with a sense of fulfillment and calm confidence, it stepped into the sixth decade of its progress, expansion and continuation of myriad services to the nation, as a premier public sector financial institution of the country. During the six decades of its existence, Life insurance Corporation has striven hard to meet its obligations to further the people‟s welfare – by mobilization of savings and investment of funds for development of the nation within the framework of given guidelines and to spread the protection of life insurance far and wide. It can confidently claim that it has registered substantial growth in all directions since nationalization, has acquired its own personality and individuality and has emerged as a live – wire institution seeking out and trying to meet the life insurance needs of the people wherever and however they are placed.
The setting up of the Life Insurance Cor...


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...vidual‟s ability to save in a systematic manner. The total net savings in the life insurance is represented by the term – „Life Fund‟. This may be defined as the excess of income over expenditure. The volume of life fund is a correct indicator of the financial resources of the Life Insurance Corporation and it is mainly through this fund that it makes itself felt as a large financier in the Indian Capital Market. Thus Life Insurance Corporation becomes one of the major state undertakings in India. It has extended its vigilant eye and benevolent care throughout the length and breadth of India. Table 2.8 shows the growth of life fund of LIC of India since its inception.

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Table: 2.8
Life Fund of LIC during Pre and Post Reforms Period

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