LIFE INSURANCE CORPORATION

A
Project report
on
LIFE INSURANCE CORPORATION OF INDIA

Submitted to
Prof. Nirav Joshi

Submitted By
Limbachiya Bhavesh
Lakdawala Hadia
Lalakiya Arzoo
Chavda Zalak
Darji kisan
Purohit Shivani
Kadiwala Ahemad Ali

LIFE INSURANCE CORPORATION

INTRODUCTION OF LIC
The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves against loss and disaster existed in
primitive men also. They too sought to avert the evil consequences of fire and flood and loss
of life and were willing to make some sort of sacrifice in order to achieve security. Though
the concept of insurance is largely a development of the recent past, particularly after the
industrial era past few centuries yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with
the purpose of looking after the needs of European community and Indian natives were not
being insured by these companies. However, later with the efforts of eminent people like
Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But
Indian lives were being treated as sub-standard lives and heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian
life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as
Indian enterprise with highly patriotic motives, insurance companies came into existence to
carry the message of insurance and social security through insurance to various sectors of
society. Bharat Insurance Company (1896) was also one of such companies inspired by
nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies.
The United India in Madras, National Indian and National Insurance in Calcutta and the Cooperative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative
Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great
poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and
Swadeshi Life (later Bombay Life) were some of the companies established during the same
period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912,
the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical
valuations of companies should be certified by an actuary. But the Act discriminated between
foreign and Indian companies on many accounts, putting the Indian companies at a
disadvantage.

LIFE INSURANCE CORPORATION

The first two decades of the twentieth century saw lot of growth in insurance business. From
44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with
total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance
companies many financially unsound concerns were also floated which failed miserably. The
Insurance Act 1938 was the first legislation governing not only life insurance but also nonlife insurance to provide strict state control over insurance business. The demand for
nationalization of life insurance industry was made repeatedly in the past but it gathered
momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the
Legislative Assembly. However, it was much later on the 19th of January, 1956, that life
insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian
companies and 75 provident were operating in India at the time of nationalization.
Nationalization was accomplished in two stages; initially the management of the companies
was taken over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the
19th of June 1956, and the Life Insurance Corporation of India was created on 1st September,
1956, with the objective of spreading life insurance much more widely and in particular to the
rural areas with a view to reach all insurable persons in the country, providing them adequate
financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate
office in the year 1956. Since life insurance contracts are long term contracts and during the
currency of the policy it requires a variety of services need was felt in the later years to
expand the operations and place a branch office at each district headquarter. Re-organization
of LIC took place and large numbers of new branch offices were opened. As a result of reorganisation servicing functions were transferred to the branches, and branches were made
accounting units. It worked wonders with the performance of the corporation. It may be seen
that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00
crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore
mark of new business. But with re-organisation happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum Assured on new policies.
Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8
Zonal offices, 1381 Satellite offices and the Corporate office. LIC's Wide Area Network
covers 113 Divisional offices and connects all the branches through a Metro Area Network.
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LIFE INSURANCE CORPORATION

LIC has tied up with some Banks and Service providers to offer on-line premium collection
facility in selected cities. LICs 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.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC
has issued over one crore policies during the current year. It has crossed the milestone of
issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67%
over the corresponding period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC to take this
message of protection to light the lamps of security in as many homes as possible and to help
the people in providing security to their families.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil
started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started
its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

LIFE INSURANCE CORPORATION

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.

The subsidiary companies of LIC

1. LIC of India, International
A joint venture offshore company promoted by LIC,
commenced its operation in july1989. The primary objective is to the US-dollar denominated
policies which cater to the insurance needs of non-resident in Indians. It
provides insurance services to policyholders who residing in Gulf. The LIC International
operates in all Gulf Cooperation Council (GCC) countries.
2. LIC Nepal
A joint venture company formed in September 2001 with the Vishal Group of
Industries with a capital base of Rs.250mn. It is one of the largest capitalized insurance
companies of Nepal. It has joint share between LIC of India (55%) Vishal Group (25%) and
has a public participation to the extent 20%.
3. Life Insurance Corporation Lanka Limited (LICL)
A joint venture company formed in 2003 with the
Bartleet Group of Companies, it is one of the oldest and reliable institutions in Sri Lanka. The
combined strengths of these two formidable companies has enabled LICL to emerge as the
premier provider of Life Insurance in Sri Lanka. The Indian-based bluechip also has offices
in UK, Mauritius, Fiji, and in all Middle East countries.

LIFE INSURANCE CORPORATION

4. LIC Housing Finance
Incorporated on June 19, 1989; its main objective is to provide long
term finance for construction or purchase of houses or apartments. The company provides
long terms finance to individuals for purchase, construction, repair and renovation of new \
existing flats \ houses. It also provides finance on existing property for business, personal
needs and gives loans to professionals for purchase or construction of clinics \ nursing
homes \ diagnostic centers \ office space and also for purchase of equipments. It has set up a
representative office in Dubai and Kuwait to cater to the non- resident Indians in countries
covering Bahrain, Dubai, Kuwait, Qatar and Saudi Arabia. It has client group of over
9,40,000 prudent house owners who enjoy the companys financial assistance.
5. LIC Housing Finance Limited Care Homes
It is a Wholly-owned subsidiary of LIC Housing
Finance. It builds and operates Assisted Community Living Center for senior citizens. It
operates a network of approximately 6 regional offices, 13 back offices, and 127 marketing
offices.

LIFE INSURANCE CORPORATION

Objective of LIC

Spread Life Insurance widely and in particular to the rural areas and to the socially
and economically backward classes with a view to reaching all insurable persons in
the country and providing them adequate financial cover against death at a reasonable
cost.

Maximize mobilization of people's savings by making insurance-linked savings

adequately attractive.

Bear in mind, in the investment of funds, the primary obligation to its policyholders,
whose money it holds in trust, without losing sight of the interest of the community as
a whole; the funds to be deployed to the best advantage of the investors as well as the
community as a whole, keeping in view national priorities and obligations of
attractive return.

Conduct business with utmost economy and with the full realization that the moneys
belong to the policyholders.

Act as trustees of the insured public in their individual and collective capacities.

Meet the various life insurance needs of the community that would arise in the
changing social and economic environment.

Involve all people working in the Corporation to the best of their capability in
furthering the interests of the insured public by providing efficient service with
courtesy.

Promote amongst all agents and employees of the Corporation a sense of

participation, pride and job satisfaction through discharge of their duties with
dedication towards achievement of Corporate Objective.

LIFE INSURANCE CORPORATION

Vision
"A trans-nationally competitive financial conglomerate of significance to societies and Pride
of India."

Mission
"Ensure 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."

LIFE INSURANCE CORPORATION

Types of Policies
The Researcher, found the different types of Life Insurance Plans in the market. As we
know that Life Insurance is important for everyone to protect family incase of their demise
the insured money will save their family for educating their children and marriage etc.
According to your needs, one can choose Life Insurance Scheme of any form.
Term Insurance Policy
This policy is pure risk cover with the insured amount will
be paid only if the policy holder dies in the period of policy time. The intention of this policy
is to protect the policy holders family incase of death. For example, a person who takes term
policy of Rs.500000 for 20 years, if he dies before 20 years then his family will get the
insured amount. If he survive after 20 years then he will not get any amount from the
insurance company. It is the reason why term policies are very low cost. So, this type of
policy is not suitable for savings or investment.
Whole Life Policy
As the name itself says, the policy holder has to pay the premium
for whole life till his death. This policy doesnt address any other needs of the policy holder.
Because of these reasons this kind of policy is not very popular or insurance company not
suggesting to take this policy.

Endowment Policy
It is the most popular Life Insurance Plans among other types of
policies. This policy combines risk cover with the savings and investment. If the policy
holder dies during the policy time, he will get the assured amount. Even if he survives he will
receive the assured amount. The advantage of this policy is if the policy holder survives after
the completion of policy tenure, he receives assured amount plus additional benefits like
Bonus, etc. In this kind of policy, policy holder receives huge amount while completing the
tenure. In addition to the basic policy, insurers offer various benefits such as double

LIFE INSURANCE CORPORATION

endowment and marriage/ education endowment plans. The cost of such a policy is slightly
higher but worth its value.

Money Back Policy

Money Back Policy is to provide money on the occasions when
the policy holder needs for his personal life. The occasions may be marriage, education, etc.
Money will be paid back to the policy holder with the specified duration. If the policy holder
dies before the policy term, the sum assured will be given to his family. A portion of the sum
assured is payable at regular intervals. On survival the remainder of the sum assured is
payable.

Annuities and Pension

An annuity is a series of periodic payments. An annuity
contract is an insurance policy, under which the annuity provider (insurer) agrees to pay the
purchaser of annuity (annuitant) a series of regular periodical payments for a fixed period or
during someone's life time. In an annuity, the insurer agrees to pay the insured a stipulated
sum of money periodically. The purpose of an annuity is to protect against risk as well as
provide money in the form of pension at regular intervals. Over the years, insurers have
added various features to basic insurance policies in order to address specific needs of a cross
section of people.

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Departmental details in LIC

The organization having a such a huge size has
to have a well defined hierarchical structure and LIC is not an exception to this fact. A well
defined proper organization structure with officials with exact knowledge of their duties is a
must for an organization to prosper. LIC has a vast network offices across the country and
abroad so it has defined and maintained its organizational structure in the following way. LIC
has its main central head office at Yogaakshema Jeevan bima marg at Mumbai. Then it is
followed by eight zonal offices namely central zone, eastern zone, east central zone,
northern zone, north central zone, southern zone, south central zone, western zone
respectively. After these eight zonal offices there are several divisional offices under each
zonal office and these divisional offices are mostly in each big city. At last comes the branch
office and there are several branch offices under each divisional office. At all the branch
offices there is a branch manager and several departments and the major function of these
branch offices is sales and servicing of the policies. In a branch office the top most is a
branch manager and under his control seven different departments with each of these
departments functioning independently to each other.

Organisation structure and human resource as on 31.03.2014

Zonal office

Division office
Branch office
Satellite office
Mini office
Employees
Agents

8
113
2,048
1,346
1,248
1,20,388
11,63,604

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LIFE INSURANCE CORPORATION

LIC Operate All Over India

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LIFE INSURANCE CORPORATION

Insurance Plans in LIC

The following insurance plans are on offer. They provide the most suitable options that can fit
customers requirement.

Individual plans
As individuals it is inherent to differ. Each individual's insurance needs and
requirements are different from that of the others. LIC's Insurance Plans are policies
that talk to you individually and give you the most suitable options that can fit your
requirement.

LIC's Jeevan Pragati

LICs Jeevan Shikhar
LIC's Jeevan Labh
Lic's Single Premium Endowment Plan
Lic's New Endowment Plan
Lic's New Jeevan Anand
LIC's Jeevan Rakshak
LIC's Limited Premium Endowment Plan
LIC's Jeevan Lakshya
LIC's NEW MONEY BACK PLAN - 20 YEARS
LIC's NEW MONEY BACK PLAN - 25 YEARS
LIC's NEW BIMA BACHAT
LIC's NEW CHILDREN'S MONEY BACK PLAN
LIC's Jeevan Tarun
LIC's Anmol Jeevan II
LIC's Amulya Jeevan II
LIC's e-Term
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LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01)

Health plan
LIC's JEEVAN AROGYA

Pension Plans
Pension Plans are Individual Plans that gaze into your future and foresee financial stability
during your old age. These policies are most suited for senior citizens and those planning a
secure future, so that you never give up on the best things in life.

Jeevan Akshay-VI
LIC's New Jeevan Nidhi

Micro Insurance Plans

LICs Micro Insurance Plans are not plans but opportunities that knock on your door once in
a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of
happiness!.
LICs New Jeevan Mangal
Micro - Insurance Forms
LIC's Bhagya Lakshmi Plan

Group Scheme
Group Insurance Scheme is life insurance protection to groups of people. This scheme is
ideal for employers, associations, societies etc. and allows you to enjoy group benefits at
really low costs.

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LIC's Group Credit Life Insurance

LIC's SINGLE PREMIUM GROUP INSURANCE
LIC's New Group Leave Encashment Plan
LIC's New Group Superannuation Cash Accumulation Plan
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE
PLAN I
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE
PLAN II
LIC's New Group Gratuity Cash Accumulation Plan

Aam Admi Bima Yojana

Withdrawn Plans

Jeevan Nischay
Wealth Plus
Jeevan Aastha
Jeevan Varsha
Fortune Plus
Health Plus
Pension Plus
New Jeevan Dhara-I
Jeevan Vriddhi
Jeevan Sugam
Mortgage Redemption
CDA Endowment Vesting At 21
The Whole Life Policy- Limited
Payment
Jeevan Arogya
The Whole Life Policy
Jeevan Pramukh
Anmol Jeevan-I
Jeevan Amrit
Jeevan Bharthi-I
The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
Jeevan Anurag

Market Plus I
Profit Plus
Money Plus-I
Child Fortune Plus
Jeevan Saathi Plus
Samridhi Plus
Jeevan Nidhi
New Jeevan Suraksha-I
Jeevan Vaibhav (Single Premium Endowment
Assurance Plan)
Two Year Temporary Assurance Policy
Flexi Plus
CDA Endowment Vesting At 18
Health Protection Plus
Bima Account 1
Bima Account 2
Jeevan Mitra(Double Cover Endowment Plan)
New Jeevan Nidhi
Jeevan Surabhi-25 Years
Jeevan Surabhi-20 Years
Jeevan Mitra(Triple Cover Endowment Plan)
The Whole Life Policy- Single Premium
Komal Jeevan
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Child Career Plan
Jeevan Kishore
Marriage Endowment
Jeevan Saathi
Jeevan Ankur
New Janaraksha Plan
Jeevan Tarang
Jeevan Anand
Jeevan Aadhar
Endowment Plus
Bima Nivesh 2005
Jeevan Deep
Jeevan Madhur
Amulya Jeevan-I
LIC's JEEVAN SANGAM

Child Future Plan

Jeevan Chhaya
Educational Annuity Plan
Jeevan Shree-I
The Endowment Assurance Policy - Limited
Payment
The Money Back Policy - 20 Years
The Endowment Assurance Policy
Bima Bachat
Jeevan Vishwas
New Bima Gold
Jeevan Saral
Jeevan Mangal
Jeevan Mangal
LIC's Jeevan Shagun
VARISHTHA PENSION BIMA YOJANA

1. LICS JEEVAN PRAGATI PLAN

LIC's Jeevan Pragati Plan is a non-linked, with - profits plan which offers a combination of
protection and savings. This plan provides for automatic increase in risk cover after every
five years during the term of the policy. In addition, this plan also takes care of liquidity
needs through loan facility.
1. Benefits:
Death benefit : In case of death during the policy term, provided all due premiums have been
paid, Death benefit, defined as sum of "Sum Assured on Death ", vested Simple
Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where "Sum
Assured on Death" is defined as the higher of 10 times of annualised premium or Absolute
amount assured to be paid on death i.e. 100% of the Basic Sum Assured during first 5 policy
years, 125% of the Basic Sum Assured during 6 th to 10th policy years, 150% of the Basic Sum
Assured during 11th to 15 th policy years and thereafter 200% of the Basic Sum Assured.
This death benefit shall not be less than 105% of all the premiums paid as on date of death.

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LIFE INSURANCE CORPORATION

Premiums referred above shall not include any taxes, extra amount chargeable under the
policy due to underwriting decision and rider premium, if any.
Maturity Benefit: "Sum Assured on Maturity" equal to Basic Sum Assured, along with
vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in
lump sum on survival to the end of the policy term provided all due premiums have been
paid.
Participation in Profits : The policy shall participate in profits of the Corporation and shall
be entitled to receive Simple Reversionary Bonuses declared as per the experience of the
Corporation, provided the policy is in force. The Bonuses shall be declared on the Basic Sum
Assured.
Final Additional Bonus may also be declared under the policy in the year when the policy
results into a claim either by death or maturity.
2. Optional Rider:
The policyholder has an option of availing LIC's Accidental Death and Disability Benefit
Rider. Rider sum assured cannot exceed the Basic Sum Assured.
For more details on the above riders, refer to the rider brochure or contact LIC's nearest
Branch Office.
2. LIC JEEVAN LAKSHYA
LIC's Jeevan Lakshya is a participating non-linked plan which offers a combination of
protection and savings. This plan provides for Annual Income benefit that may help to fulfill
the needs of the family, primarily for the benefit of children, in case of unfortunate death of
Policyholder any time before maturity and a lump sum amount at the time of maturity
irrespective of survival of the Policyholder. This plan also takes care of liquidity needs
through its loan facility.
1. Benefits:
Death Benefit:

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On death of the Life Assured before the stipulated Date of Maturity provided the policy is in
full force by paying upto-date premiums, Death Benefit, defined as sum of Sum Assured
on Death, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be
payable.
Where Sum Assured on Death is defined as the sum of:
1. Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be
payable from the policy anniversary coinciding with or following the date of death of
Life Assured, till the policy anniversary prior to the date of maturity.
2. Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be
payable on due date of maturity; and
The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the
Death Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on
date of death.
Premiums referred above exclude tax, extra premium and rider premium(s), if any.
Maturity Benefit:
Sum Assured on Maturity equal to Basic Sum Assured, along with vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on
survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive
Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the
policy is in full force.
In case of death under a policy which is in full force, the policy shall continue to participate
in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and
Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple
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Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on
due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid (except in case of death of the Life Assured under
inforce policy), the policy shall cease to participate in future profits irrespective of whether or
not the policy has acquired paid up value. However, the policy shall be considered as inforce
on death during the grace period.
Final Additional Bonus shall not be payable under reduced paid-up policies.

1. Optional Benefits:
The policyholder has an option of availing the following Rider benefit(s):
1. LICs Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
2. LICs New Term Assurance Rider (UIN: 512B210V01)
Rider Sum Assured cannot exceed the Basic Sum Assured.

3. LIC JEEVAN AROGYA

LIC's Jeevan Arogya is a unique non-participating non-linked plan which provides health
insurance cover against certain specified health risks and provides you with timely support in
case of medical emergencies and helps you and your family remain financially independent in
difficult times.
Health has been a major concern on everybodys mind, including yours. In these days of
skyrocketing medical expenses, when a family member is ill, it is a traumatic time for the rest
of the family. As a caring person, you do not want to let any unfortunate incident to affect
your plans for you and your family. So why let any medical emergencies shatter your peace
of mind.
LICs Jeevan Arogya gives you:

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LIFE INSURANCE CORPORATION

Valuable financial protection in case of hospitalisation, surgery etc

Increasing Health cover every year

Lump sum benefit irrespective of actual medical costs

No claim benefit

Flexible benefit limit to choose from

Flexible premium payment options

Very easy to choose your plan

Step 1
Choose the level of Health cover you need

Step 2

Work out the premium payable along with our Representative

Step 1: Choose the level of Health cover you need:

You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit
applicable in the first year of the policy) as per your need from out of the following choices:
` 1000 per day
` 2000 per day

` 3000 per day

` 4000 per day

This is the amount that will be payable to you in the event of hospitalisation in the first year
on a per day basis. The Major Surgical Benefit that you will be covered for will be 100 times
the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum
Assured will be ` 1 lakh, 2 lakh, 3 lakh, 4 lakh respectively. Other benefits such as Day Care
Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned
below shall also be payable depending upon the daily Hospital Cash Benefit chosen.

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LIFE INSURANCE CORPORATION

Step

2:

Work

out

the

premium

payable

along

with

our

representative

Your premium will depend on your age, gender, the Health cover option you have chosen,
whether you are Principal Insured or other insured life and the mode of payment.
Tables below give an indicative annual premium, payable yearly, for all health benefits
corresponding to an Initial Daily Benefit of ` 1000 per day, for some of the ages in respect of
various lives that can be covered under a single policy:
PRINCIPAL INSURED (Male)
Age at entry
Premium (`)

20

1922.65

30

2242.90

40

2799.70

50

3768.00

SPOUSE (Female) / PARENT (of PI/Spouse) (Female)

Age at entry
Premium (`)

20

1393.15

30

1730.65

40

2240.60

50

2849.10

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CHILD
Age at entry
Premium (`)

792.00

794.75

10

812.35

15

870.75

(Premiums indicated are exclusive of Service Tax)

Who can be insured?
You (as Principal Insured (PI)), your spouse, your children, your parents and parents of your
spouse can all be insured under one policy. Quite a relief isnt it, to have all insured under one
policy!
The minimum and maximum age at entry is as under:

Minimum age at entry

Maximum age at entry

Self / spouse

18 years

65 years (last birthday)

Parents / parents-in-law

18 years

75 (last birthday)

Children

91 days

17 years (last birthday)

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How long are each insured under this policy?
Each of the insured are covered for Health risks up to age (80). Children are insured up to age
25 years.

4. LICs Jeevan Labh

LIC's Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan
which offers a combination of protection and savings. This plan provides financial support
for the family in case of unfortunate death of the policyholder any time before maturity and a
lump sum amount at the time of maturity for the surviving policyholder. This plan also takes
care of liquidity needs through its loan facility.

1.

Benefits:

Death benefit:
In case of death during the policy term, provided all due premiums have been paid, Death
benefit, defined as sum of "Sum Assured on Death", vested Simple Reversionary Bonuses
and Final Additional bonus, if any, shall be payable. Where, "Sum Assured on Death" is
defined as the higher of 10 times of annualised premium or Absolute amount assured to be
paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all
the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the
policy due to underwriting decision and rider premium(s), if any.
Maturity Benefit:
"Sum Assured on Maturity" equal to Basic Sum Assured, along with vested Simple
Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on
survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive
Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the
policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy
results into a claim either by death or maturity.
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LIFE INSURANCE CORPORATION

2. Optional Benefit:
The policyholder has an option of availing the following Rider benefit(s):
i) LIC's Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
ii) LIC's New Term Assurance Rider (UIN: 512B210V01)
Rider sum assured cannot exceed the basic sum assured.

5. LIC's New Childrens Money Back Plan

LIC's New Childrens Money Back Plan is a participating non-linked money back plan.
This plan is specially designed to meet the educational, marriage and other needs of growing
children through Survival Benefits. In addition, it provides for the risk cover on the life of
child during the policy term and for number of survival benefits on surviving to the end of the
specified durations.
The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.
1. Benefits:
Death benefit:
On death of the Life Assured before the stipulated Date of Maturity provided the policy is in
full force, then
On death of the Life Assured before the date of commencement of risk: Return of premium/s
excluding taxes, extra premium and rider premium, if any.
On death after the date of commencement of risk:
Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary
Bonuses and Final Additional Bonus, if any, shall be payable. Where Sum Assured on
Death is defined as Higher of 10 times of annualized premium or Absolute amount Assured
to be paid on Death i.e. Basic Sum Assured.
This death benefit shall not be less than 105% of the total premiums paid as on date of death.
The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

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LIFE INSURANCE CORPORATION

Survival Benefit: On the Life Assured surviving the policy anniversary coinciding with or
immediately following the completion of ages 18 years, 20 years and 22 years, 20% of the
Basic Sum Assured on each occasion shall be payable, provided the policy is in full force.
Maturity Benefit: On the Life assured surviving the stipulated date of maturity, provided the
policy is in full force, Sum Assured on Maturity ( which is 40% of the Basic Sum Assured)
along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be
payable.
Participation in Profits: The policy shall participate in profits of the Corporation and shall
be entitled to receive Simple Reversionary Bonuses declared as per the experience of the
Corporation, provided the policy is in full force.
Final Additional Bonus may also be declared under the policy in the year when the policy
results into a claim either by death or maturity.
2. Optional Benefit:
a) Option to defer the Survival Benefit(s): The policyholder will have option to take the
survival benefit at any time on or after its due date but during the currency of the policy. In
case of deferment of a due survival benefit (s) opted by the policyholder, the Corporation will
pay increased survival benefit (s) equal to
Survival Benefits % * Sum Assured * (Factor applicable to Survival Benefit (s))
These factors are enclosed as Annexure I.
This option shall be required to be intimated in writing by the policyholder six months before
the due date of the Survival Benefit to the servicing branch of policy.
b) LICs Premium Waiver Benefit Rider (UIN: 512B204V01): LICs Premium Waiver
Benefit Rider is available as an optional rider on the life of proposer aged between ages 18 to
55 years by payment of additional premium. In case of death of the proposer, the premiums
under the basic plan falling due after the date of death shall be waived. The cost of medical
and special reports shall be borne by the proposer. This rider shall not operate in the event of
death of the proposer by his own hands whether sane or insane within 12 months from the
date of issuance of First Premium receipt or within 12 months from the date of revival.

6. LICs Group Credit Life Insurance

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LIFE INSURANCE CORPORATION

LICs Group Credit Life Insurance is a nonlinked, non-participating single premium group
term insurance plan. This plan offers an insurance cover on death of the group member
during the policy term.
The amount of insurance cover i.e. sum assured shall depend on the loan amount, rate of
interest, moratorium period, if any, and nature of the loan, the sum assured in respect of each
member may vary during policy term and it will be guided by the scheme rules of the loan
provider (i.e. Master Policyholder).
1. BENEFITS
Death Benefit:
In case of unfortunate death of a member under a policy during the policy term, a Sum
Assured as per the risk cover schedule in respect of that member shall be paid.
Maturity Benefit:
On survival to the end of the policy term, nothing shall be payable.
2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
a) Minimum Entry Age : 18 years (completed)
b) Maximum Entry Age : 60 years (nearest birthday)
c) Maximum Maturity Age : 65 years (nearest birthday)
d) Minimum Sum Assured : Rs.400000/e) Maximum Sum Assured : No limit.
f) Policy Term : 5 to 35 years
g) Minimum group size : 50 members
h) Premium payment mode : Single premium only
3. LOAN:
No loan is available under this plan.
4. TAXES: Taxes including service tax, if any, shall be as per the Tax Laws and the rate of
tax as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the policyholder on the
single premium including extra premium, if any. The amount of tax paid shall not be
considered for the calculation of benefits payable under the plan including surrender value.

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LIFE INSURANCE CORPORATION

5. FREE LOOK PERIOD:
If Master Policyholder/ any member is not satisfied with the Terms and Conditions of the
policy then the Master Policyholder may return the policy /the member may return the
Certificate of Insurance through the Master Policyholder within the 15 days from the date of
receipt of the Policy Document /Certificate of Insurance stating the reasons of objection.
On receipt of the same the Corporation shall cancel the policy and return the amount of
premium deposited after deducting proportionate risk premium for the period on cover and
charges for medical examination, special reports, if any and stamp duty.
6. EXCLUSION:
SUICIDE:
In case of death of a member due to suicide, within 12 months from date of entry of the
member into the scheme claim payable shall be 80% of the Single Premium paid (excluding
taxes and extra premium, if any) in respect of that member.
For groups where the insurance cover is compulsory for all new entrants, above clause shall
not be applicable.

7. LICs Single Premium Group Insurance

LICs Single Premium Group Insurance is a nonlinked non-participating single premium
group term insurance plan. This plan offers a flat life cover on death of the group member
during the policy term. An employer willing to cover their employees or a non-employeremployee homogeneous group may take this plan for their members.
1. BENEFITS
Death Benefit:
In case of unfortunate death of a member covered under this plan, Sum Assured in respect of
that member shall be payable.
Maturity Benefit: On survival to the end of the policy term nothing shall be payable.
2. ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
a) Minimum Entry Age : 18 years (completed)
b) Maximum Entry Age : 60 years (nearest birthday)
c) Maximum Age at Maturity : 65 years (nearest birthday)
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LIFE INSURANCE CORPORATION

d) Minimum Sum Assured : Rs. 5000/e) Maximum Sum Assured : Rs. 10,00,000/f) Policy Term : 2 to 7 years
g) Minimum group size for : 50 members
h) Premium payment mode : Single premium only
3. LOAN:
No loan is available under this plan.
4. TAXES:
Taxes including service tax, if any, shall be as per the Tax Laws and the rate of tax as
applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the policyholder on the
single premium including extra premium, if any. The amount of tax paid shall not be
considered for the calculation of benefits payable under the plan including surrender value.
5. COOLING-OFF PERIOD:
If Master Policyholder/ any member is not satisfied with the Terms and Conditions of the
policy then the Master Policyholder may return the policy /the member may return the
Certificate of Insurance through the Master Policyholder within the 15 days from the date of
receipt of the Policy Document /Certificate of Insurance stating the reasons of objection.
On receipt of the same the Corporation shall cancel the policy and return the amount of
premium deposited after deducting proportionate risk premium for the period on cover and
charges for medical examination, special reports, if any and stamp duty.
6. EXCLUSION:
Suicide:
In case of death of a member due to suicide, within 12 months from the Date of
Commencement of Risk, claim payable shall be 80% of the Single Premium paid (excluding
taxes and extra premium, if any) in respect of that member or surrender value, whichever is
higher. The Corporation will not entertain any other claim in respect of that member.
For compulsory employer-employee group the above clause shall not be applicable.

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LIFE INSURANCE CORPORATION

8. LICs Jeevan Ananad
LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive
combination of protection and savings. This combination provides financial protection
against death throughout the lifetime of the policyholder with the provision of payment of
lump sum at the end of the selected policy term in case of his/her survival. This plan also
takes care of liquidity needs through its loan facility.
1. Benefits:
Death benefit :
Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum of Sum Assured on
Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall
be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum
Assured or 10 times of annualised premium. This death benefit shall not be less than
105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums,
if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested
Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in
lump sum on survival to the end of the policy term provided all due premiums have been
paid.
Participation in Profits : The policy shall participate in profits of the Corporation and
shall be entitled to receive Simple Reversionary Bonuses declared as per the experience
of the Corporation during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy
results into death claim during the policy term or due for the survival benefit payment
provided the policy is in full force and has run for certain minimum term.
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LIFE INSURANCE CORPORATION

3. Optional Benefit:
LIC's Accidental Death and Disability Benefit Rider: LIC's Accidental Death and
Disability Benefit Rider is available as an optional rider by payment of additional
premium during the policy term. In case of accidental death during the policy term,
Accident Benefit Sum Assured will be payable as lump sum along with the death
benefit under the basic plan. In case of accidental permanent disability arising due to
accident (within 180 days from the date of accident), an amount equal to the Accident
Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years
and future premiums for Accident Benefit Sum Assured as well as premiums for the
portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under
the policy, shall be waived.

9. LIC's New Bima Bachat

LIC's New Bima Bachat is a participating non-linked savings cum protection plan, where
premium is paid in lump sum at the outset of the policy. It is a money-back plan which
provides financial protection against death during the policy term with the provision of
payment of survival benefits at specified durations during the policy term. In addition, on
maturity, the single premium shall be returned along with Loyalty Addition, if any. This plan
also takes care of liquidity needs through its loan facility.
a) BENEFITS:
Death benefit:
On death during the first five policy years: Sum Assured.
On death after completion of five policy years: Sum Assured along with Loyalty Addition, if
any.

b)Survival Benefits:
Payable as given below in case of Life Assured surviving to the end of the specified
durations:
For policy term 9 years: 15% of the Sum Assured at the end of each of 3rd & 6th policy
year
For policy term 12 years: 15% of the Sum Assured at the end of each of 3rd, 6th & 9th
policy year
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LIFE INSURANCE CORPORATION

For policy term 15 years: 15% of the Sum Assured at the end of each of 3rd, 6th, 9th & 12th
policy year
c) Maturity Benefit:
Payment of Single Premium (excluding taxes and extra premium, if any) along with Loyalty
Addition, if any, in case of Life Assured surviving to the end of the policy term.

d) Loyalty Addition
Depending upon the Corporation's experience the policies shall be participate in the profits
and shall be eligible for Loyalty Addition. The Loyalty Addition, if any, is payable on death
after completion of five policy years and on policyholder surviving to maturity, at such rate
and on such terms as may be declared by the Corporation.

10. LICs NEW ENDOWMENT PLAN

LIC's New Endowment Plan is a participating non-linked plan which offers an attractive
combination of protection and saving features. This combination provides financial support
for the family of the deceased policyholder any time before maturity and good lump sum
amount at the time of maturity for the surviving policyholders. This plan also takes care of
liquidity needs through its loan facility.
1. Benefits:
Death benefit:
In case of death during the policy term provided all due premiums have been paid Death
benefit, defined as sum of "Sum Assured on Death" and vested Simple Reversionary
Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on
Death is defined as higher of Basic Sum Assured or 10 times of annualised premium. This
death benefit shall not be less than 105% of all the premiums paid as on date of death.
Where premiums exclude service tax, extra premium and rider premiums, if any.

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LIFE INSURANCE CORPORATION

Maturity Benefit: Basic Sum Assured, along with vested simple reversionary bonuses and
Final Additional bonus, if any, shall be payable in lump sum on Survival to the end of the
policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in profits of the Corporation and shall
be entitled to receive Simple Reversionary Bonuses declared as per the experience of the
Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy
results into a claim either by death or maturity, provided the policy has run for certain
minimum term.

1. Optional Benefit:
LICs Accidental Death and Disability Benefit Rider: LICs Accidental Death and
Disability Benefit Rider is available as an optional rider by payment of additional premium.
In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum
along with the death benefit under the basic plan. In case of accidental permanent disability
arising due to accident (within 180 days from the date of accident), an amount equal to the
Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10
years and future premiums for Accident Benefit Sum Assured as well as premiums for the
portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the
policy, shall be waived.

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Grievance Redressal Policy of LIC

I) Grievance Redressal Officers:
Grievance Redressal Officers have been designated at all levels of the Organisation :
At the branch level: The Sr/Branch manager
At the divisional level: Manager, CRM
At the zonal level: The Regional Manager CRM
At the Central level: The Executive Director CRM/Chief(CRM)
For P&GS policies:
At the Zonal level:
The Regional Manager (Pension and Group Schemes) in case of P&GS.
Policyholders can personally contact these designated Officials and seek redressal of their
grievances.
The respective Grievance Redressal Officers are available at their Offices for personal
interviews with the customers on all Mondays between 2.30 p.m. to 4.30 p.m., except on
holidays without prior appointment.
Customers can meet the Grievance Redressal Officers on other days also with prior
appointment.

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LIFE INSURANCE CORPORATION

The names of the Grievance Redressal Officers are displayed in the respective Offices and
are periodically published in the local newspapers.
II) Claims Review Committee:
The Corporation settles a large number of Death Claims every year. Only in case of
fraudulent suppression of material information is the liability repudiated. This is to ensure
that claims are not paid to fraudulent persons of the cost of honest policyholders. The number
of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is
given to the claimant to make a representation for consideration by the Review Committees
of the Zonal office and the Central Office. As a result of such review, depending on the merits
of each case, appropriate decisions are taken. The Claims Review Committees of the Central
and Zonal Offices have among their Members, a retired High Court/District Court Judge.
This has helped providing transparency and confidence in our operations and has resulted in
greater satisfaction among claimants, policyholders and public.
III) Policyholder Councils And Zonal Advisory Boards:
In all the 109 Divisional Centres, Policyholders' Councils have been established. Three
policyholders of the area represent the interest of the policyholders and interact with the
Divisional Management on consumer concerns. Similarly, at all the seven Zonal Centres,
Zonal Advisory Boards are functioning.
V) Citizens' Charter:
LIC has adopted a Citizens Charter through which it reiterates its commitments to the
customers and the standards for general procedures, the standards for policy servicing, the
standards for easy access to information for customers and the standards for fairness in
dealing with the customers have been laid down.

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LIFE INSURANCE CORPORATION

Factors affecting life Insurance Policy:Life Insurance policy is a contract between the insurance company and the insured or the
policy holder. The objective of buying a best life insurance policy in India is to cover you
adequately so that in case of your death, your beneficiary still manages to maintain the same
lifestyle. The death benefit can also help pay off debts or overcome the contribution of your
earnings. But nevertheless, buying a good life insurance policy covering your needs
appropriately is absolutely dependent on you. You have to be very clear about what is dear to
you and what you want to cover. If you are the only bread winner in the family then your goal
should be to cover yourself adequately or if
there are other members like your spouse contributing to the earnings, get you and your
spouse a good cover sufficient to protect your family in times of crisis.
Many people look at life insurance policies critically, but it is the only financial support one
can expect in critical times. This is also the reason we pay premium year after year to avail its
service. Factors that predominantly affect your life insurance policy are:
1. Age - The younger you are the premium will be cheap. The moments you get old the
premium tend to rise. This is because the older you get you are more prone to risks than the
younger people. An insurance company does this slotting as per the mortality chart available
to them.

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LIFE INSURANCE CORPORATION

2. Sex - The studies has revealed that women folks live longer than men. Thus the premium
of a man's life insurance policy is always on the higher side than that of a woman. The
researches have justified early death of man because of stressful life they lead, the pressure of
being the bread winner, etc.
3. Occupation - If you are a pilot the premium of your policy will definitely be high because
your job involves high risk. And the insurance companies charge you for covering the risk. If
you are a teacher you are working in a low risk zone so your premium will be lower.
4. Health - Health is often the most important factor, followed by age and sex which affects
your life insurance policy. Someone with poor health will have to pay a very high premium,
or even be uninsurable. Poor health raises the rates for life insurance policy because it
decreases the number of years you are likely to pay premiums and increases the risk of
paying a claim early.
5. Lifestyle - If you lead a lavish life then your premium to be paid will obviously be on the
higher side. To enable your beneficiary to maintain the same grand lifestyle, you have to
cover yourself exponentially.

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LIFE INSURANCE CORPORATION

SWOT analysis
The SWOT analysis involves an in depth study of the strength and weakness of the provided
organization and it also provides information to the promoter, consultant, other agencies and
helps in long term viability of the project.

1. It is the oldest and most well experienced player having a Plan India presence.
2. LIC has a strong and very well developed distribution network.
3. It is has consumer base and evolved as one of the most powerful brands of the country.
4. It has a large product portfolio and claim settlement is easier to get.
5. It has the advantage of government guarantee is accompanied with it.

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LIFE INSURANCE CORPORATION

1. Its employees and other staff are lethargic and least motivated to render prompt and sincere
customer service.
2. After sales customer grievance redressal mechanism is inefficient.
3. Agents not taking into account the needs of people and promote policies having high
commissions only.
4. Very slow decision making and internal problems between top management and lower
cadre staff.
5. The top management or boss are mediocre and there is large scale corruption in main
office.
6. The development officers and agents who are the foundation pillars of LIC are not
provided with extra funds and powers to promote its products aggressively.

1. Emergency of a huge concern over average income consumers of market in the country
2. People becoming more aware and demanding so there is scope for a whole lot of
innovative products.
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LIFE INSURANCE CORPORATION

3. Pension markets, health insurance and large real estate portfolio.

1. There is too much internal discord.

2. Entry of new private players in industry.
3. Red-tapism is very much persistent.

Performance of LIC of India- A Review:The number of new policies marketed grew from 14.69 lakhs in 1961 to 2.18 crores in 200405 and the sum assured under this business rose to high of Rs.1,79,886.66 crores in 2004-05
from Rs.336.67 crores in 1957. The total funds of the corporation also grew from Rs.702.80
cr. in 1961 to Rs.4,16,910.36 cr. in 2004-05. Investments, which were Rs.329.74 cr in 1957
rose to a high of Rs.4,13,800.95 cr in 2007-08, all of which gets deployed for the
development of the nation. The LIC has huge investible funds and the main source comes
from the premiums collected from the policy holders.
The Corporation invests funds in various states, industries and also in various other countries.
The LIC, while investing its fund, has to consider various factors and forces such as safety,
liquidity and productivity of fund with various other regulatory bindings in terms of
investment norms, assetliability

management etc. In short, the LIC has to make its

investments within the ambit of these bindings as a result, the corporation is not in apposition
to pursue a prudent investment policy due to which its investment income may come under
pressure. Adding fuel to the fire, the falling interest rate would also adversely affect the
investment performance of the Corporation. Still at present LIC continues to be the dominant
life insurer even in the post-liberalization phase of the Indian insurance industry.

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LIFE INSURANCE CORPORATION

The average premium growth rate so far has been 20%. With the targeted Rs.1,75,000 crores
total premium by the end of current fiscal, The life insurance giant has got a market share
about 75%.The corporation has crossed many milestones and has set unprecedented
performance records in various aspects of life insurance business. The state- owned
corporation is targeting a business of over Rs.3,00,000 crores by2011-12. The life insurance
major expects its assets size to grow about Rs.6,00,000cr or 75% in the next three years. In
the current fiscal year, the company has recruited about two lakhs insurance agent across the
country, which is more than double of the 90,000 agents hired in the previous fiscal. It has
also hired 4,500 development officers in the current fiscal year and 5,000 new officers could
be hired in the next fiscal.
It has bagged various awards which include Loyalty Award 2009, Golden Peacock Innovative
Product/Service Award 2009, Readers Digest Trusted Brand Award 2008 in the Platinum
Category, CNBC Awaaz Consumer Awards 2008 and NDTV Profit Business Leadership
Award 2008. Economic Times Brand Equity Survey rated LIC as the No.1 service brand of
the country for the 5th consecutive year. In the chart below is shown the market share of LIC
and private in terms of total premium collected.

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LIFE INSURANCE CORPORATION

Awards and Achievement

(1)

(2)

(3)

(4)

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LIFE INSURANCE CORPORATION

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

Names of Awards
1. Pitch Top 50 Brands 2014
2. Indian Insurance awards 2014 - Life Insurance Company of the year
3. Lokmat BFSI Awards 2014 - Best Life Insurance Company
4. Hindustan Times Mumbai Hot 50
5. Super Brands 2014
6. Indira Gandhi Award from President of India
7. BFSI Vision CSR Award - Community Development
8. Money Today FPCIL
9. BFSI Leadership - LIC GJF
10.Master Brand 2013 Award
11.CONSUMER Superbrand AWARD
12.Outlook Money Award - Best Life Insurance Provider

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