life insurance assignments
WHAT IS LIFE INSURANCE CORPORATION OF INDIA? Please help i hav to do some work on this subject?
The Indian life insurance Companies Act 1912 was the first legal step to regulate the life insurance business. Later, in 1928 India Insurance Companies Act was enacted to allow the Government to collect statistical information about life and the life insurance business transaction in India by India and foreign insurance companies, including insurance companies estimate. In 1938, in order to protect the public interest to ensure the earlier legislation was consolidated and amended by Insurance Act 1938, with detailed comprehensive and effective control over the activities of insurers. The Act was amended in 1950 resulted in far reaching changes in the insurance industry. In 1956, 154 insurance companies in India, 16 foreign insurance companies and 75 provident were conducting business life insurance in India. On January 19, 1956, management of life insurance 245 insurance companies and Indian and foreign companies operating forecast in India was taken by the Central Government. Life Insurance Corporation was formed in September 1956 by Lic 1956 to the Parliament, with a capital of Rs.50 min. The then Finance Minister Mr. CDDeshmukh pilot, while the bill for the nationalization of ICF targets outlined as follows: "To carry out the business with greater economy in the spirit of trusteeship; to charge premium no higher than justified on strictly actuarial investing funds to get the most out of the policy holders consistent with safety of capital, to provide a fast and efficient service to policyholders insurance thus very popular. "Today, although that goal remains the same, the vision of SCI is to become" a trans-national conglomerate competition important for societies and the pride of India. Objectives * Dissemination of Lic life insurance much more widely and in particular to rural areas and social groups and economically backward classes in order to reach all persons insured in the country and give them adequate financial cover against death at a reasonable cost. * Maximize mobilizing people's savings by the insurance-linked savings adequately attractive. * Please note, investment funds, the primary obligation to its policyholders whose money it holds in trust, without losing sight of the interests of the community as a whole, funds will be deployed to the greatest advantage of investors and the community as a whole, taking into account national priorities and obligations of attractive returns. * Conduct business with utmost economy and with the full realization that the funds belong to policyholders. * Act as trustees of the insured population in their individual and collective capacities. * Meet the various life insurance needs community that might arise in the evolution of economic and social environment. * Involve all people working in the Corporation in accordance with their capacity to promote the interests of the insured population by providing an 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 to achieving corporate objectives. Life Insurance Corporation of India,
