What it Does: Life Insurance Corporation of India offers investors a wide variety of products. Life insurance policies offer protection against death, disability, and retirement. It also provides savings plans such as savings deposits and recurring deposits (RD).
Mission: The Life Insurance Corporation's goal is to protect against financial distress arising out of death, disability, and old age. It aims to achieve this by providing affordable life insurance products and financial protection for policyholders against premature death, disability, or total and permanent disablement (TPD).
Size and Presence: The Corporation offers these policies through its network of over 3300 branches. It is the largest life insurance provider in the country and is also one of the largest employers in India, with more than 100,000 workers.
Best Known For: The company offers a wide range of policies such as unit-linked insurance plans, traditional plans, investment-linked policies, and pension products.
The Good Bits: The company also provides training programs for new employees to be more productive at work. The training programs are given by experienced professionals who help new employees learn new skills and knowledge which can be used to perform better at work.
The Not So Good Bits: The merger between LIC and SBI Life Insurance has caused communication and training issues, making it difficult for employees to adapt to their new roles.
LIC was incorporated on July 1, 1956, as a public limited company under the name Life Insurance Corporation of India. The company is engaged in providing life insurance and long-term savings products. It offers protection against death, disability, and old age by providing financial security to policyholders.
The Life Insurance Corporation of India (LIC) was established in 1956 with a paid-up capital of INR 100 crore. It became the first government-owned non-bank financial institution to be listed on the Bombay Stock Exchange (BSE). LIC's total assets crossed INR 24 lakh crore in FY 2014-15, with a growth rate of 18%. It has 8 million policies for individuals and 1 million for corporate houses as of March 2015. The total number of policyholders stands at 60 million people across India.
The company culture is very friendly and open. It does not feel like a corporate entity. Everyone is approachable, and they are very transparent in their dealings. Employees have a good work-life balance, flexible working hours, and great benefits. The company has maintained its culture despite being a government organization.
The LIC recruitment process consists of several stages. The first step is the online application form. Candidates must submit their applications online on the LIC website. Applicants will receive an email from the LIC informing them that their application has been received. The next step is to attend an interview at one of the LIC offices. At this stage, applicants should bring their passports and copies of their certificates with them.
Applicants will be asked to sit an aptitude test before attending an interview with one or more management team members. If successful in this stage, candidates will be invited for a medical examination, including blood tests and X-rays. Those who pass this stage will be invited back for another interview where they are told whether they have been offered a job or not.
The company offers careers in sales, marketing, insurance, investment banking, and research to both fresher and experienced professionals. LIC offers a dynamic work environment where employees are encouraged to perform at their best. The company's focus on employee growth and development ensures that employees can take on bigger responsibilities as they gain experience.
The average remuneration of a LIC employee is INR 5,43,447. The lowest-paid employee at LIC earns around INR 1,96,000, close to the median of INR 2,15,000. The highest-paid employee at LIC earns around INR 10,96,000, close to the 90th percentile of INR 11,94,000.
LIC has already made significant contributions to the development of agriculture by providing financial assistance for agricultural research. It also provides credit facilities for small farmers through the Kisan Credit Card Scheme (KCC) and other similar schemes.
The Corporation has also been actively promoting education since its inception. LIC makes contributions towards building schools, colleges, and technical institutions as well as providing financial assistance to meritorious students in higher education institutions through scholarships, etc.
In 2009, the company announced that it would be increasing its stake in General Insurance Corporation of India (GIC). However, this move was opposed by the then Finance Minister P Chidambaram, who said it would violate FDI rules.