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Brand of the week -LIC INDIA

LIC is ranked as the No 1 insurance company in the world. Also, it is the largest privately held and state owned insurance companies in India. It is one of the most pioneering organizations that have introduced the leverage of Information Technology in their business as well as servicing. The Economic Times Brand Equity Survey 2010 rated LIC as the No. 4 Service Brand of the Country. From the year 2006, LIC has been consistently winning the Readers' Digest Trusted brand award. LIC operates through an extensive network of 2,048 branch offices (fully computerized), 109 divisional offices, 8 zonal offices and 992 satellite offices. Their, aim is to be easily accessible to their customers by launching its satellite Sampark offices. The brand is targeting a 13 percent growth, in total premiums this fiscal to Rs 2, 00, 000 crore.

LIC invested a whopping Rs 61,000 crore in equities last year which came down to more than half of the money jointly invested by foreign institutional investors. This indicates the fact that LIC is the largest investor in stock markets till date. In order to facilitate their reach for customer convenience and access to their services, they have LIC’s ECS and ATM premium payment facilities. It has been successful in bridging the gap between the old and the new.

A brand that goes back to more than a 100 years, has been successful in establishing trust, simplicity, consistency over the years as well as catering to the needs of a tech savvy generation. LIC’s portfolio basket includes a wide array of over 40 life insurance and pension schemes to suit the different needs of every customer. LIC in their endeavor to cater to the needs of below the poverty line population offers the ‘Janashree Bima Yojana scheme’ where the premium is subsidized by social security fund (SCF) of the Government of India and other nodal agencies. Apart from this, there are many other attractive plans to address the needs of the economically backward section of the society.

Since its formation, it has helped in strengthening the country through its consistent performance. LIC not only symbolizes insurance in all its forms but it is also a national entity that invests in projects with an aim to develop the country. LIC continues to be the leading life insurer even in the liberalized times .In terms of volumes also, the corporation is the largest insurer in the world. Since its inception, LIC has crossed many milestones in the various aspects of insurance business and continually updates and reinvents itself to suit the needs of the current generations.