CHAPTER-1INRODUCTION

INSURANCE COMPANIES IN INDIA

In India, Insurance is a national matter, in which life and general insurance is yet a booming sector with huge possibilities for different global companies, as life insurance premiums account to 2.3% and general insurance premiums account to 0.65% of Indias GDP. The Indian Insurance sector has gone through several phases and changes, especially after 1999, when the Govt. of India opened up the insurance sector for private companies to solicit insurance by passing Insurance Regulatory and Development Authority (IRDA) Bill, allowing FDI up to 26%. Since then, the Insurance sector in India is considered as a flourishing market amongst global insurance companies. However, the largest life insurance company in India is still owned by the government.

The history of Insurance in India dates back to 1818, when Oriental Life Insurance Company was established by Europeans in Kolkata to cater to their requirements. Nevertheless, there was discrimination among the life of foreigners and Indians, as higher premiums were charged from the latter. In 1870, Indians took a sigh of relief when Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. Onset of the 20th century brought a drastic change in the Insurance sector.In 1912, the Govt. of India passed two acts - the Life Insurance Companies Act, and the Provident Fund Act - to regulate the insurance business. National Insurance Company Ltd, founded in 1906, is the oldest existing insurance company in India. Earlier, the Insurance sector had only two state insurers - Life Insurers i.e. Life Insurance Corporation of India (LIC), and General Insurers i.e. General Insurance Corporation of India (GIC). In December 2000, these subsidiaries were de-linked from parent company and were declared independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

With an annual growth rate of 15-20% and the largest number of life insurance policies in forces, the potential of Indian insurance industry is huge. Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion).The life insurance industry in India grew by an impressive 36%, with premium income from new business at Rs. 253.43 billion during the fiscal year 2004-2005 braving stiff competition from private insurers. This report, Indian Insurance Industry: New Avenues for Growth 2012", finds that the market share of the statebehemoth, LIC, has clocked 21.87% growth in business at Rs.197.86 billion by selling 2.4 billion new policies in 2004-05. But this wasstill not enough toarrest the fall in itsmarket share, as private players grew by 129% tomop up Rs.55.57 billion in 2004-05 from Rs. 24.29 billion in 2003-04.Though the total volume of LIC's business increased in the fiscal year (2004-2005) compared to the previous one, its market share came down from 87.04 to 78.07%.The 14 private insurers increased their market share from about 13%to about 22%in a year's time. The figures for the first two months of the fiscal year 2005-06 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75percent, while the private players have grabbed over 24percent. Therearepresently12generalinsurancecompanieswithfour public sectorcompanies and eight private insurers and private insurance companies collectively have a 10% share of the non-life insurance market.

CHAPTER-2COMPANY PROFILE

COMPANY PROFILE

The story of insurance is probably as old as the story of mankind. The same instinct thatpromptsmodernbusinessmentodaytosecurethemselvesagainstlossanddisaster existed in primitive men also. They too sought toavert 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 itsbeginnings 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 andIndian natives were notbeing 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-standards lives and heavy extra premiums were being charged on them.BombayMutualLifeAssuranceSocietyheraldedthebirthoffirstIndianlifeinsurancecompanyintheyear1870,andcoveredIndianlivesatnormalrates.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 alsoone of such companiesinspired by nationalism. TheSwadeshi movement of1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and NationalInsuranceinCalcuttaandtheCo-operative Assuranceat Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took itsbirth in one of the rooms of the Jorasanko, house of the great poet RabindranathTagore, 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, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certifies by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

Thefirsttwodecadesofthetwentiethcenturysawlotofgrowthininsurancebusiness. From 44 companies with total business-in-force as Rs.22.44 crore, it raised 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 non-life 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 wasnationalized. About 154Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished two stages; initiallythe management of the companies was taken over by means of an Ordinance, and later, the ownership too bymeans of acomprehensive 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 ofspreading life insurance much more widely and inparticular tothe rural areas with a view to reachall insurable persons in thecountry, providing them adequate financial cover at a reasonable cost.LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from itscorporateofficeintheyear1956.Sincelifeinsurancecontractsarelongtermcontracts 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 newbranch offices were opened. As a result of re-organization 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 about200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and ittook another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization happening in the early eighties, by 1985-86LIC had already crossed 7000.00 crore Sum Assured on new policies.Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the corporate office. LICs Wide Area Network covers100 divisional offices and connects all the branches through a Metro Area Network.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, InfoCentershavebeencommissionedatMumbai,Ahmadabad,Bangalore, Chennai,Hyderabad,Kolkata,NewDelhi,Puneandmanyothercities.Withavisionofprovidingeasyaccesstoitspolicyholders,LIChaslauncheditsSATELLITESAMPARKoffices.Thesatelliteofficesaresmaller,leanerandclosertothecustomer.Thedigitalizedrecordsofthesatelliteofficeswillfacilitateanywhereservicing and many other conveniences in the future.LIC continues to be the dominant life insurer even in the liberalized scenario ofIndian insurance and is moving fast on a new growth trajectory surpassing its ownpast 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 by15th 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 unprecedentedperformance 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.

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 nationalized. 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. Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.

107insurersamalgamatedandgroupedintofourcompaniesviz.theNationalInsuranceCompany Ltd., theNew IndiaAssuranceCompany Ltd., theOrientalInsuranceCompanyLtd.andtheUnitedIndiaInsuranceCompanyLtd.GICincorporated as a company.

LIC SUBSIDIARIESUnlike provisions for private players in the insurance sector, the LIC Act provides forsetting up subsidiaries through policy holders fund. It is due to the LIC act that LIC ofIndia has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers .These subsidiaries includeLIC International, LICNepal, LIC Lanka, LICHousing Finance and LIC Mutual Fund.

LIC INERNATIONALThisisajointventureoffshorecompanypromotedbyLICwhichcommencedoperations inJuly, 1989 with theobjectives ofoffering US$ denominated policies to cater to the insurance needs of NRIs and providing insurance services to holders ofLIC policies currently residing in the Gulf. LIC International operates in all GCC countries.

LIC NEPAL A joint venture company formed in 2001 with the Vishal Group of Industries, Nepal.

LIC LANKAA joint venture company formed in 2003 with the Bartleet Group of Companies, Sri Lanka.

LIC HOUSING FINANCE LTD.The Company is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE). LIC Housing Finance Ltd. is one of the largest Housing Finance Company in India. Incorporated on 19th June 1989 under the Companies Act, 1956, the company was promoted by LIC of India and went public in the year 1994. Its main objective is to provide long term finance for construction or purchase of houses or apartments. It has a Dubai office.

LIC MUTUL FUND LTD.Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989 and contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882.

There are some other subsidiaries of LIC which are

1.LIC Mutual Fund Asset Management Company Ltd.2. LIC HFL Care Homes Ltd.3. LICHFL Asset Management Company Private Limited.4. LICHFL Trustee Company Private Limited.5. LICHFL Financial Services Limited, etc.

WHAT IS LIFE INSURANCE?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during:The date of maturity, orSpecified dates at periodic intervals, orUnfortunate death, if it occurs earlier.

Amongotherthings,thecontractalsoprovidesforthepaymentofpremiumperiodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty foruncertainty and comes to the timely aid of the family in the unfortunate event of death of the bread winner.

By and large, life insurance is civilizations partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:1. That of dying prematurely leaves a dependent family to fend for itself.2. That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract of Insurance:A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. At the time of taking a policy, policyholder should ensure that all questions in theproposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection:Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid to Thrift:Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy installment' facility built into the scheme. (Premium payment for insurance is monthly, quarterly, half yearly or yearly). For example: The Salary Saving SchemepopularlyknownasSSSprovidesconvenient method of paying premium each month by deduction from one's salary. In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:In case of insurance, it is easy toacquire loans on the sole security of any policy that has acquired loan value. Besides, alife insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief:Life Insurance is the bestway to enjoy tax deductions onincome tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:A policy that has a suitable insurance plan or acombination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. Children's education, start-in-life or marriage provision or even periodical needs forcash over a stretch of time can be less stressful with the help of these policies.

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or forother investments. Also, loans are granted to policyholders for house building or forpurchase of flats (subject to certain conditions).

Who Can Buy A Policy?Any person who has attained majority and iseligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. Policies canalso be taken, subject to certain conditions, on thelife of one's spouse orchildren. While underwriting proposals, certain factors such as the policyholders state of health, the proponent's income and other relevant factors are considered by the Corporation.

Insurance for WomenPrior to nationalization (1956), many private insurance companies would offer insurance to female lives with some extra premium or on restrictive conditions. However, after nationalization of lifeinsurance, theterms under which life insurance is granted to female lives have been reviewed from time-to-time. At present, women who work and earn an income are treated at par with men. In other cases, a restrictive clause is imposed, only if the age of the female is up to 30years and if she does not have an income attracting Income Tax.

Medical and Non-Medical SchemesLife insurance is normally offered after a medical examination of the life to be assured. However, to facilitate greater spread of insurance and also to avoid in convience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.

With Profit and Without Profit PlansAn insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. Thepremium rate charged fora 'with' profit policy is therefore higher than for a'without'profit policy.

Keyman InsuranceKeyman insurance is taken by a business firm on the life of key employee(s) toprotect the firm against financial losses, which may occur due to the premature demise of the Keyman

OBJECTIVES 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 insurablepersons in the country andproviding them adequate financial cover against death ata reasonable cost.

Maximizemobilizationofpeople'ssavingsbymakinginsurance-linkedsavings adequately attractive.

Bearinmind,intheinvestmentoffunds,theprimaryobligationtoitspolicyholders, whose money it holds in trust, without losing sight of the interest ofthe 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.

Actastrusteesoftheinsuredpublicintheirindividualandcollectivecapacities.

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

Involve all people working in theCorporation tothe best oftheir capability in furthering the interests of the insured public by providing efficient service with courtesy.

Promote amongst all agents and employees of Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

MISSION/VISSION

MISSION

"Explore and enhance the quality of life of people through financial security byproviding products and services of aspired attributes with competitive returns, and by rendering resources for economic development."

VISSION

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

BOARD OF DIRECTORS

Members on the Board of the Corporation

1. Chairman: Shri. T.S. Vijayan2. Managing Director: Shri. D.K. Mehrotra3. Managing Director: Shri. Thomas Mathew T.4. Managing Director: Shri. A.K. Dasgupta5. Finance Secretary: Shri. Ashok Chawla (Ministry of Finance, Govt. of India)

6. AdditionalSecretary: Shri.G.C.Chaturvedi (DepartmentofFinancial Services, Ministry of Finance, Govt. of India.)

7. Chairman cum Managing Director: Shri. Yogesh Lohiya (GIC of India)

8. Chairman & Managing Director: Shri. T.C. Venkat Subramanian (Export-import Bank of India)

9. Dr. Sooranad Rajashekhran

10. Shri. Monis R. KidwaAWARDS AND ACHIVEMENTS

CHAPTER-3RESEARCHMETHODOLOGY

PURPOSE OF THE STUDY

The purpose behind the study of LIFE INSURANCE CORPORATION OF INDIA is to understand the companies background as well as the nature of the various products offered over many years in India. Purpose is to study the products and their benefits to customers. This gives a brief idea of products of the company.

OBJECTIVES OF THE STUDY

The objectives behind the study of the plans and policies of LIFE INSURANCE CORPORATION OF INDIA are:1. To impart knowledge about the history andobjectives ofthe company and also its different subsidiaries.2. To aware thereaders about the different plans and policies provided by LIC, the revalue and benefits to its customers

METHODOLOGY

DATA COLLECTION:

All the information provided on LIFE INSURANCE CORPORATION OF INDIA in the project report has been collected through secondary resources. No survey hasbeen conducted to collectinformation forthe study. Therefore only secondary data issued in the study.

STATICAL TOOLS:

Secondary resources used in the study for information collection is internet and magazines. Magazines & websites have been used and the information retrieved from these sources is then gathered inthis project. Other tools used in thestudy which are used in the preparation of the project after collecting information are: MS Word MS Excel

LIMITATION OF THE STUDY Since the study was undertaken for a short period so time was the biggest constraint. Since subject taken is vast so there are always possibilities that something maynt be forgotten to be mentioned. Data collected may not be 100 % reliable and accurate or dependable, since the data collection source was secondary.

CHAPTER-4POLICIES

POLICIES (SCHEMES)

Life Insurance Corporation of India provides number of products to its costumers.LIC differentiated their policies into five different types which are:1. Insurance Plans2. Pension Plans3. Unit Plans4. Special Plans5. Group Scheme

INSURANCE PLANSAs individuals it is inherent to differ. Each individuals insurance needs and requirements are different from that of the others. LICs Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit yourrequirement.

PENSION PLANSPension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are mostsuited for senior citizens and those planning asecure future, so that you never give up on the best things in life. Jeevan Nidhi Jeevan Akshay-VI New Jeevan Dhara-I New Jeevan Suraksha-I

UNIT PLANSUnit plans are investment plans for those who realize the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income. Market Plus I Profit plus Fortune Plus Money Plus-I Child Fortune Plus

SPCIAL PLANSLICs Special Plans are notplans but opportunities that knock onyour door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime ofhappiness!

Golden Jubilee Plan New Bima Gold

Health Plan Health Protection Plus Health Plus

Special Plan Bima Nivesh 2005 Jeevan Saral Jeevan MadhurSpecial Plan Jeevan Mangal

GROUP SCHEMEGroupInsuranceSchemeislifeinsuranceprotectiontogroupsofpeople. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs.

Group Scheme Group LIC's Superannuation Plus Group Term Insurance Schemes Group Insurance Scheme in Lieu Of EDLI Group Gratuity Scheme Group Super Annuation Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme Group Mortgage Redemption Assurance Scheme Gratuity Plus Group Critical Illness Rider

Social Security Scheme JanaShree Bima Yojana (JBY) Shiksha Sahayog Yojana Aam Admi Bima Yojana

PRODUCTS BY LIC

INSURANCE PLANS

1. Jeevan Anand

Features

Product summary:This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout thelifetime ofthe life assured with the provision of payment of a lump sum at the end of the selected term in case ofhis survival.

Premium:Premiumsarepayableyearly,half-yearly,quarterly,monthlyorthroughsalarydeductions as opted by you throughout the selected term of the policy or till earlierdeath.

Bonuses:This is a with-profit plan and participates in the profits of the Corporations life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared perthousand Sum Assured annually at theend ofeach financial year.Once declared, they form part of the guaranteed benefits of theplan. Bonuses will be added during the selected term or till death, ifit occurs earlier. Final (Additional) Bonus may also bepayable provided the policy hasrun for certain minimum period.

Benefits

Benefits in case of death during the selected term:The Sum Assured along with the vested bonuses is payable on death in a lump sum.

Benefits in case of survival tothe end of selected term:The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.

Accident Benefit:An additional Sum Assured (subject to alimit of Rs.5 lakh) is payable in alump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured duetoaccidentthisadditionalSumassuredispayablein installments.

Supplementary/ExtraBenefits:These are the optional benefits that can be added to your basic plan for extraprotection/option.An additional premium is required to be paid for these benefits.

Surrender Value:Buying a life insurance contract is a long-term commitment. However, surrendervaluesareavailableontheplanonearlierterminationofthecontract.

Guaranteed Surrender Value:The policy may be surrendered after it has been in force for 3 years or more.The guaranteed surrender value is 30% of the basic premiums paid excluding the first yearspremium.Any extrapremium(s)paidandpremium(s)towardsAccident Benefit are also excluded.

Corporations policy onsurrenders:In practice, the Corporation will pay a Special Surrender Value which is eitherequal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would bepayable on death or at maturity. This value will depend on the duration for whichpremiums have been paid and the policy duration at the date of surrender. In some circumstances, in caseof early termination of thepolicy, the surrender value payable may be less than the total premium paid.

2. Jeevan Shree-I

Product summary:ThisisanEndowmentAssuranceplanofferingthechoiceofmanyconvenientpremiums payingterms. It providesfinancialprotection againstdeath throughout the term of plan with the payment of maturity amount on survival to the end of the policy term.

Premiums:Premiumsare payable yearly, half-yearly, quarterly orthrough Salary deductions, as opted byyou, throughout the premium paying term ortill earlier death. Alternativelypremium may be paid in one lump sum (Single premium).

Guaranteed AdditionsThe policy provides for the Guaranteed Additions atthe rate ofRs. 50/- per thousandSumAssuredforeachcompletedyearforfirstfiveyearsofthepolicy.TheGuaranteed Additions are payable along with the Basic Sum Assured at the time ofclaim.

Bonuses:The policy participates in the profits of the Corporations life insurance business from the 6th year onwards. It will get a shareof the profits in the form ofbonuses. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteedbenefits of the plan.

Benefits

Death Benefit:The Sum Assured along with guaranteed additions and vested bonuses, if any, ispayableinalumpsumondeathofthelifeassuredduringthepolicyterm.

Maturity Benefit:The Sum Assured along with guaranteed additions and reversionary bonuses, if anyispayableinalumpsumonsurvivaltotheendofthepolicyterm.

Supplementary/ExtraBenefits:These are the optional benefits that can be added to your basic plan for extraprotection/option.An additional premium is required to be paid for these benefits.

Surrender Value:Buying a life insurance contract is a long-term commitment. However, surrendervalueisavailableontheplanonearlierterminationofthecontract.

Guaranteed Surrender Value:The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first years premium. Incase of asingle premium policy the guaranteed surrender value is 90% of the single premium paid excludinganyextrapremium.

Corporations policy onsurrenders:In practice, the Corporation will pay a Special Surrender Value which is eitherequal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would bepayable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in caseof early termination of thepolicy, the surrender value payable may be less than the total premium paid.

3. Bima Bachat

What is Bima Bachat?

LICsBimaBachatisa money-backpolicy which offers financialsecurity and assurance to the policy holderand his family. Bima Bachat requires the policy holderto pay onlyone premium. The amount paid for thepremium depends on the duration of the policy taken and life insurance is available till the date of maturity.

What other benefits do I receive during the specified duration of the policy?

For a term of 9 years: The policy holder will receive 15% of the sum assured at the end of every 3rd and 6th policy year. For a term 12 years: The policy holder will receive 15% of the sum assured at the end of every 3rd, 6th and 9th policy year. For a term 15 years: The policy holder will receive15% of thesum assured at the end of every 3rd, 6th, 9th and 12th policy year.

What additional benefits do I get upon maturity?If the policy holder outlives the duration of the policy, at the time of maturity, asinglepremiumpayment(excludingextrapremium)ismadealongwithloyalty additions,ifany.

How much insurance do Iget?The policy holder is insured for an amount equal to the sum assured.

What about the installment received already?Theinsurancecoverisirrespectiveoftheinstallmentsreceived.

When am I eligiblefor the guaranteed surrender value?The guaranteed surrender value is available only after completion of at least onepolicy year. This value is equal to 90 % of the single premium paid (excluding extrapremium).

What other benefits does this insurance cover offer?Bima Bachat is the only money-back policy that offers a loan facility. The rate ofinterest for this will be determined from time to time by the corporation. Presently the rate of interest is 9% p.a. payable half-yearly.It also offers other benefits like the 15 day cooling off period, grace period and revival.

Whoiseligibleforthepolicy?Arethereotherconditionsorrestrictions?The following are the requirements that one needs tobe aware of before applying forthis policy: The person applying for the policy should have completed 15 years and should notbe older than 66 years. The policy will mature when the person is 75 years old. There is a choice of three terms to choose from (9, 12 and 15 years) for the policy depending on the age and requirement of the applicant. The minimum sum that needs to be assured is Rs 20,000/- and there is no limit on the amount that can be assured. It isimportant to note thatthe sum assured should be in multiples of Rs 5000/- only. The policy requires the holder to pay a single premium.

Premium payment

Single PremiumThe sample premium rates are as under: -

AgeAnnual Premium per 1000 SA

91215

15716.40771.3804.00

20717.20771.8804.40

25717.55772.2804.95

30718.45773.3806.10

35721.05775.7808.55

40725.80780.25812.9

45734.10787.60819.60

50746.60797.90828.95

55762.65811.95841.75

60784.80831.30859.35

65816.2--

What incentives do I get for ahigher sum assured?

Lets take an example of a30 year old with aBima Bachat policy for 12 years. If these assured is Rs 45,000 then he has to pay a premium of Rs 34800.75. But for a sum assured amount of Rs 50,000 he will have to pay a premium of Rs 36734.13only, thus getting a 5% rebate in premium. Refer to the table below for other rebate percentages.

LessthanRs.50,000NIL

Rs. 50,000 and Less than Rs.1lakh5%

Rs. 1 lakh and Less than Rs.2lakh7%

Rs.2lakhandabove8%

4. The Convertible Term Assurance Policy

FeaturesThis plan ofassurance is designed to meet theneeds of those whoare initially unable to pay the larger premium required for a Whole Life or Endowment AssurancePolicy,buthopetobeabletopayforsuchapolicyinthenearfuture.Thisplan wouldbe found useful also incaseswhere itis desiredto leave thefinal decision as to the plan to a later date when, perhaps a better choice could be made. Policy holders get an option of converting an policy into endowment assurance orlimited payment whole life assurance.

Suitable For:For all people with earned income under Category I and unearned incomes underCategory II, basically Standard and sub-Standard lives attracting EMR classes I and II.

BenefitsSurvival BenefitNot ApplicableDeath BenefitThe sum assured is payable only in the event of death of the Life Assured before the expiry of the specified term.

Plan parametersMinimumMaximum

Entryage20(nearerbirthday)50

Sumassured(Rs.)50,0001,00,00,000

Term(years57

Mode of PaymentMaximumpremiumpayingperiodPolicy loan available

Yearly,Half-yearly, Quarterly,Monthly, SalarySaving Scheme55yearsNo

PENSION PLANS

1. New Jeevan Dhara-I

Features

Product summary:These are Deferred Annuity plans that allow the policyholder to make provision forregular income after the selected term.

Premiums:Premiumsarepayableyearly,half-yearly,quarterly,monthlyorthroughSalarydeduction, as opted by you, throughout the term of the policy or till earlier death .Alternatively,thepremium maybepaidinonelumpsum(singlepremium).

Tax Benefits:Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (TableNo.148) qualify for tax relief under Section 88.

Bonuses:These are with-profit plans and participate in the profits of the Corporations annuity /pension business. Policies get a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared perthousand Sum Assured annually at theend ofeach financial year.Once declared, they form part of the guaranteed benefits of theplan. Final (Additional) Bonuses may also be payable provided policy has run for ascertain minimum period.

Benefits

Death Benefit:On death of the Life Assured during the term of the policy the basic premiums paid, excluding any rider premiums or extra premiums, up to the date of death accumulated with interest at such rates as decided by the Corporation will be payable to the nominee. Currently, the interest rate is 3%, 4% or 5 % if the death occurs within the first 10 years, 20 years or thereafter respectively.

Maturity Benefit:At maturity the policyholder can encash up to a maximum 25% of the maturityproceeds as a tax-free lump sum. The balance should be compulsorily converted to an annuity at the rates applicable at thetime of maturity of the policy. The policyholderhas the choice of opting for any one of 5 annuity options. The annuity options available are:(i) annuity payable for remainder of life(ii) annuity payable for life with guaranteed period of 5, 10, 15 or 20 years(iii) Joint life and last survivor annuity to the annuitant and his/ her spouse underwhich annuity payable to the spouse on death of the purchaser will be 50% of thatpayable to the annuitant(iv) Lifeannuitywithareturnofpurchasepriceondeathoftheannuitant(v) Life annuity increasing at a simple rate of 3% per annum

Supplementary/ExtraBenefits:These are the optional benefits that can be added to your basic plan for extraprotection/option.An additional premium is required to be paid for these benefits.

Surrender Value:Buying a life insurance contract is a long-term commitment.However, surrendervalueisavailableontheplanonearlierterminationofthecontract.

Guaranteed Surrender Value:The policy may be surrendered after it has been in force for 2 years or more butbeforethevestingdate.Theguaranteedsurrendervalue is90% ofthebasicpremiums paidexcludingthe first years premium.In caseof asingle premiumpolicy the guaranteed surrender value is allowed after 2 years from the date ofcommencement of the policy.

Corporations policy onsurrenders:In practice, the company will pay a Special Surrender Value which is equal to orhigherthantheGuaranteedSurrenderValue.Thebenefitpayableonsurrenderreflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums havebeen paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

UNIT PLANS-I1. Market plus-IThis is a unit linked pension plan wherein the pension is payable after aspecifiedperiod.Four typesofinvestment Fundsnamely Bond, Secured,Balancedand Growth Fund are offered. Though primarily a Pension product, the plan has many attractive features and options which make it an ideal Retirement solution for the future.

BENEFITSA) - On Vesting:Onvesting of the policy, the Fund Value will be utilized to provide a pensionbased on the then prevailing Annuity rates. An option to commute up to one third of thepayable benefit in a lump sum is available.

B) On Death:In event ofthe unfortunate death of the policy holder the Fund Value along with the Riders, if any,will be payable in alump sum or asa pension.

OPTIONSThree attractive benefits, viz. - Life Cover, Accident Benefit and Critical Illness Benefit are available as options or riders. Life option is available within certain limits depending on the age at entry of the life assured. The other options are available to allproposers who have opted for Life Cover. The quantum of the risk covers can also be reduced; subject to the minimum limits, once a year. A policy can be taken without any of the riders also.

REVIVALAn attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for aperiod of two years from the due date of first unpaid premium by deduction ofrelevant charges from the policy fund. This period oftwo years is called theRevival Period. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.

PAYMENT OF PREMIUMSPremiums can be paid in a lump sum (single premium) and also by monthly (ECS), quarterly, half-yearly and yearly modes.

CHANGE IN FUND TYPE(SWITCH)The plan also allows a policy holder toswitch from one type of fund toanother up to four times a year, free of charge.

OTHER FEAUTRESThere will be no spread between the Bid and Offer price. The Net Asset Value (NAV) will be declared on a daily basis. Additional premium in multiples of Rs.1, 000can be paid without any limit at anytime during the term of policy.SPECIAL PLANS

1. Bima Nivesh

Features

Bima Nivesh 2005 is a plan with compound rate of guaranteed additions and loyalty additions. This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers. It is a single premium, ideal investment plan for those who have no regular income but good periodical income. Bima Nivesh 2005 is available for terms5 and10 years. The guaranteed surrender value is payable after the policy hasrun forat least one year. Term Assurance Rider is also available by payment of a singlepremium at the option of the proposer.

BenefitsGuaranteed Additions:Guaranteed additions atthe compound rate ofRs.50 perthousand Sum Assured per annum for the policy with term of 5 years and at the compound rate of Rs.55 per thousand Sum Assured per annum for the policy with term of 10 years.Loyalty Addition: Depending upon the Corporation's experience with regard to mortality, interest and expenses andbased onterm of thepolicy, Loyalty addition, ifany, may be declared by the corporation and paid on maturity.Maturity Benefit: The Basic Sum Assured along with compounded Guaranteed Additions will be payable. Loyalty addition, if any, will also be added to this benefit.Payment on death: In case of the unfortunate death of the Life Assured during the term of thepolicy, Sum Assured along with theaccrued guaranteed additions will bepayable.Surrender Value: Surrender value is payable after the policy has run at least forone year.Riders: Term Assurance rider is available.

Eligibility conditions andother restrictions

FortheMainPlanTermAssuranceOption

Min. Ageatentry13 yearscompleted18 years completed

Max.Ageatentry70years50years

Max.MaturityAge75years60years

PolicyTerm5yrs.and10yrsSameasmainplan

SumAssuredRs.25, 000.MaximumNo limit.Min. Sum Assured - Rs.1, 00,000/-Max. Sum Assured - An amount up to the basic Sum Assured for Term Assurance subject to a maximum ofRs.25lakhoverallOptionlimit, underallpoliciesofthelifeassured.

Premium Rates:Single Premium rates for Rs.1000 Sum Assured are Rs.995 for 5 years term and Rs.976 for 10 years term; The Term Rider Premium depends on the age nearer birthday and the term of thepolicy.

REBATES1%ofbasicpremiumonthepremiuminexcessofRs.50,000.Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.

LOANLoan will be available to the policyholders under this plan within the SurrenderValue.

GROUP SCHEME1. Group Term Insurance SchemeA) Nature of the Scheme:Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.

B) Premium Chargeable:Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group.

C) Different Schemes:Group (term) Insurance Scheme has anumber of varieties. The Scheme mayprovide for a uniform cover to all members of the group or graded covers for different categories ofmembers, cover forall amounts of outstanding housing loans or vehicle advances, orsomeother benefits (e.g.,lifecovertosupplementpensionorPFbenefits in case of death). The schemes may have add-ons like Double Accident Benefit, Critical Illness Benefit, Disability benefit etc.

D) General Features ofvarious Group Insurance Schemes:1. PREMIUM:The premium under such scheme may be wholly paid by the employer or the NodalAgency.However,theschememaybecontributoryi.e.themembersmayalsocontribute.

2. DOUBLE ACCIDENT BENEFIT:Double Accident Benefit, i.e. payment of double the sum assured on death due toaccident(withoutpermanentdisabilitybenefit),maybeallowedunderGroupInsurance Schemes for an extra premium.

3. ELIGIBILITY:For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups theinsurability condition isthat themembershould not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member shouldbe in good health on the date of entry.

4. ADMINISTRATION OF THE SCHEME:At the commencement and thereafter on each Annual Renewal Date, the Group Policy holder will have to send the entire member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.

2. Janashree Bima Yojana (JBY)FeaturesThe objective of the scheme is to provide life insurance protection to the rural andurban poor persons below poverty line and marginally above the poverty line.

ELIGIBILITY:A person who is*Aged between 18 and 59 years.*below or marginally above poverty line*A member of any of the approved vocation/occupation groups

NODAL AGENCY:A State Government Department which is concerned with the welfare of any such vocation/occupation group, a Welfare Fund/ Society, Village Panchayat,NGO,Self-Help Group, etc.

MINIMUM MEMBERSHIP SIZE:Twenty five.

FORMS FOR JANASHREE BIMA YOJANA1. Claim form & discharge receipt under JBY (Annexure A)2. Application for scholarship under Shiksha Sahayog Yojana (Performa A)3. Listof students eligible forscholarship underShiksha SahayogYojana (Performa D)4. Certificate of utilization (Performa C)

BenefitsIn the events of*Death (other than by accident) ofthe member, an amount ofRs.30, 000/- is payable.*death/totalpermanentdisability,duetoaccident,anamountofRs.75, 000/-ispayable.*Permanent partial disability, due to accident, an amount of Rs.37,500/- is payable.

PREMIUM:*The premium under the scheme is Rs.200/-per annum per member. *50% of the premiumi.e. Rs.100/- will becontributed bythe member and/or NodalAgency/State Government.*Balance 50% will be borne by the Social Security Fund.APPROVED VOCATION & OCCUPATIONAL GROUPS:A) The group that can becovered are like workers in-(i) Foodstuffs like khandsari(ii) Textile(iii) Manufacture of wood products(iv) Manufacture of paper products(v) Manufacture of leather products(vi) Printing (vii) Rubber and coal products(viii) Chemical products like candle manufacture(ix) Mineral products like earthen toys manufacture(x) Fire cracker's workers(xi)Construction workers(xii)Other related cottage industries to be identified by Nodal Agencies and other groups as identified by the Nodal Agency and approved by LIC.

B) The occupational groups are:Beediworkers,BrickKilnWorkers(Jalandhar),Carpenters,Cobblers,Fisherman,Hamals, Handicraft Artisans, Handloom Weavers, Handloom and Khadi Weavers, Lady Tailors, Leather and Tannery Workers, Papad Workers attached to 'SEWA',Physically Handicapped self- Employed Persons, Primary Milk Producers, Rickshaw Pullers/AutoDrivers, Safai Karmacharis,SaltGrowers,TenduLeafCollectors,Scheme for the Urban Poor, Forest Workers, Sericulture, Toddy Tappers, Power loom Workers, Scheme for Women in Remote Rural Hilly Areas.PLANS NAVThe net asset value ofdifferent schemes of life insurance Corporation of India for the insureds is as follows:NAV TABLENAV'S AS ON DATE21.08.2009EFFECTIVE FOR21.08.2009

BASIC UNIT VALUENAV AS ON DATEREPURCHASE VALUESALEVALUE

BIMA PLUS (140DATE OF LAUNCH 02.02.2001

SECURED FUND1027.106025.750727.1060

BALANCED FUND1032.485630.861332.4856

RISK FUND1044.287442.073044.2874

FUTURE PLUS (172)DATE OF LAUNCH 04.03.2005

BOND FUND1013.177913.177913.1779

INCOME FUND1015.040515.040515.0405

BALANCED FUND1015.601815.6018

15.6018

GROWTH FUND1019.566619.566619.5666

JEEVAN PLUS(173)DATE OF LAUNCH 18.10.2005

BOND FUND1013.172913.172913.1729

SECURED FUND1013.311913.311913.3119

BALANCED FUND1013.616713.616713.6167

GROWTH FUND1018.155618.155618.1556

MONEY PLUS (180)DATE OF LAUNCH 20.12.2006

BOND FUND1012.448412.448412.4484

SECURED FUND1011.880411.880411.8804

BALANCED FUND1011.657011.657011.6570

GROWTH FUND1010.393910.393910.3939

MARKET PLUS (181)DATE OF LAUNCH 05.07.2006

BOND FUND1013.699313.699313.6993

SECURED FUND1012.874412.874412.8744

BALANCED FUND1012.560812.560812.5608

GROWTH FUND1012.972312.972312.9723

FORTUNEPLUS(187)DATE OF LAUNCH 23.08.2007

BOND FUND1012.038012.038012.0380

SECURED FUND1011.259211.259211.2592

BALANCED FUND1010.651410.651410.6514

GROWTH FUND1010.167610.167610.1676

PROFITPLUS(188)DATE OF LAUNCH 23.08.2007

BOND FUND1012.328812.328812.3288

SECURED FUND1010.977910.977910.9779

BALANCED FUND1011.250911.250911.2509

GROWTH FUND1010.031110.031110.0311

GRATUITY PLUSDATE OF LAUNCH 16.06.2009

BOND FUND1012.738212.738212.7382

INCOME FUND1013.262813.262813.2628

BALANCED FUND1013.073813.073813.0738

GROWTH FUND1012.484512.484512.4845

HEALTH PLUS (901)DATE OF LAUNCH 04.02.2008

HEALTH PLUS FUND1010.843010.843010.8430

MONEY PLUS - I (193)DATE OF LAUNCH 22.05.2008

BOND FUND1012.317012.317012.3170

SECURED FUND1013.059913.059913.0599

BALANCED FUND1012.918712.918712.9187

GROWTH FUND1012.182312.182312.1823

MARKET PLUS-I (191)DATE OF LAUNCH 17.06.2008

BOND FUND1011.389711.389711.3897

SECURED FUND1011.351211.351211.3512

BALANCED FUND1011.577211.577211.5772

GROWTH FUND1012.002112.002112.0021

CHILDFORTUNEPLUS (194)DATE OF LAUNCH 01.11.2008

BOND FUND1010.529210.529210.5292

SECURED FUND1012.827612.827612.8276

BALANCED FUND1012.684212.684212.6842

GROWTH FUND1013.332713.332713.3327

HEALTHPROTECTIONPLUS(902)DATE OF LAUNCH 29.04.2009

HEALTH PROTECTIONPLUS FUND1010.142910.142910.1429

JEEVANSAATHIPLUS (197)DATE OF LAUNCH 29.06.2009

BOND FUND1010.037610.037610.0376

SECURED FUND1010.015210.015210.0152

BALANCED FUND1010.009110.009110.0091

GROWTH FUND1010.043910.043910.0439

#Subject toMarket risk;not guaranteed#Past performance maynot indicate futureperformance rider.5) Jeevan Aadhar Plan (Sec.80DD)Premium paid for LICs Jeevan Aadhar Plan (for the maintenance of anhandicapped dependent) is eligible for deduction from the total income to the extent of Rs.50,000and to the extent of Rs.75,000/- where handicapped dependent is suffering from specified severe disability.

6) Exemption in respect of commutation of pension under Jeevan Suraksha &JeevanNidhiPlans.(Section10(10A) :A paymentreceived by way ofcommutationof pension from Jeevan Suraksha&Jeevan Nidhi Annuity plans is exempt from tax.

Analysis

Strategies SWOT Analysis Review

SummaryLife Insurance Corporation of India (LIC) a fully owned subsidiary of Government of India is a life insurance company. LIC offers various life plans such as individual plans pension plans special plans unit plans group schemes child plans and health insurance plans. Few of the companys products are Janashree Chennai, Hyderabad, Delhi, Kanpur, Bhopal and Patna. It offers insurance products in India through authorized banks and service providers. LIC operates through its associates in Fiji United Kingdom Mauritius Bahrain Singapore Sri Lanka and Nepal. The company is headquartered in Mumbai India.

To develop the business LIC is planning to develop and launch new life insurance products that suits customer needs.

Global Datas Life Insurance Corporation of India- Strategies SWOT Analysis Review provides a comprehensive insight into the companys history corporate strategy business structure and operation. The report contains detailed SWOT analysis information on the companys key employees key competitors and major products and services.

This up-to-the-minute company report will help you to formulate strategies to drive your business by enabling you to understand your partners customers and competitors better.

Scope Business Description- A detailed description of the companys operations and business division. Corporate Strategy- Global Datas summarization of the companys business strategy. SWOT Analysis- A detailed analysis of the companys strengths weakness opportunities and threats. Company History- Progression of key events associated with the company. Major Products and Services- A list of major products, services and brands of the company. Key Competitors- A list of key competitors to the company. Key Employees- A list of the key executives of the company. Executive Biographies- A brief summary of the executives employment history. Important Location and Subsidiaries- A list of key locations and subsidiaries of the company including contact details.

CHAPTER-5FINDINGS

FINDINGS

Findings: After completing the study following points can be drawn:

1. It has one of the single distribution networks amongst government insuranceplayers.

2. LIC has many numbers of insurance policies and plans having flexible to meet the customers requirement and expectation.

3. LIC entered the market with aggressive marketing and supported by after sale services with the help of technology.

4. All LIC Plans come with Sovereign Guarantee i.e., Government of India Guarantee regardingrepayment.In fact, asofnow, onlyLIC plansenjoythis Government Guarantee.

CHAPTER-6CONCLSION

CONCLUSION

After completing the project it is concluded that LIC develop its various plans andpolicies, flexible in nature, according to the requirements of its targeted market orcustomers and is thus beneficial to its customers in various ways. The most importantbenefit it provides to its customers is that it is a government owned company. This lead to increase in the satisfaction level of its customer that is why LIC has more than200 million policyholders which is equal to the fourth largest country in world. Therefore itis not only beneficial but better than other insurance companies not only regarding its product but also its services.

BIBLIOGRAPHY

Information and data used in the project has been collected from the following sources:-

1. BOOKS:

Kothari, C.R, Research Methodology, 3rd edition, 1997, Vikas Publishing House Pvt.ltd. New Delhi. Dr. Gupta S.P& Dr. Gupta M.P., Business Statistics by Addition 2004, New Delhi. H. Narayanan, Indian INSURANCE- A Profile, 2008. Dr. P. K. Gupta, Insurance and Risk Management, 2004.

2, BROUCHERS/ INFORMATION BOOKLETS The Insurance Regulatory and Development Authority Bill, 1999. Product list LIC LIC Annual Report,2011

3. WEBSITES w.w.w.liclndia.com( http://www.pagesinventory.com/domain/www.liclndia.com.html) www.lrdaindia.org.com (http://www.urlidea.com/www/irdaindia.org.html) www.indiainfoline.com (http://www.indiainfoline.com/Markets/News/PersonalFinance/Insurance) www.icici.com (http://www.icicibank.com/aboutus/group-comp.html ) www.hdfc.com72(http://www.hdfc.com/corporate_governance/cor_introduction.asp ) www.licmutual.com(http://www.licnomuramf.com/MarketTradeReport.aspx?opt=10) www.lichousing.com(http://www.lichousing.com//lichousing/aboutus/company_profile.asp) www.wikipedia.org(http://en.wikipedia.org/wiki/LIC) www.reportbuyer.com(http://www.reportbuyer.com/companies/company_name/l/life_insurance_corporation_india_strategic_swot_analysis_review.html)