History Of LIC

Good LIC .. Today we are going to see the History Of the Life Insurance Corporation of India . Before Independence , Insurance Companies where working in India for one reason to swindle people's money .  There were more than 200 Insurance Companies in India Like, Bharat Insurance Company,United India,National Indian,National Insurance,Co-operative Assurance,Hindustan Co-operatives,General Assurance,Indian Mercantile .The world war I & II and independence struggle in India  had adverse effects in the economy of India and numerous Insurance Companies went bankrupt .The General public were duped and they had no Insurance Cover ..


                                                                           After India got Independence ,our Prime Minister Nehru went around world to get business for India ,but none came forward .Only Russia agreed for technology sharing deal .Nehru came back and decided that India has to take care of its own and create surplus on its own. Then Came Idea of Government Insurance Corporation .Nehru and Group of Ministers decided only way to go forward is to Nationalize the Insurance Business in India to save people from fraud and also to create a Insurance Giant. On September 1st 1955 Life Insurance Corporation Of India was born by unifying all the Private Insurers .Government  Of  India  for  its Part Gave   Rs 5 Crore for a Capital . 

                                                                 Then Started The Golden Era of LIC of India . Now LIC has 8 Zones ,109 divisions, 2048 Branch Fully Computerized Branch offices ,992 Satellite Offices and a Corporate Office . LIC every year ,gives 5 %  of the surplus ( Profits ) as dividend to Govt of India and the last year figure was Rs.1,030,92,26,702/- .  So i would say that 5 Crore is Very good Investment . Next will see the role of LIC in nation building ,Signing off .............
                                                          
Picture Courtesy: indiainfoline