It is the largest insurance company in India. The company was founded in when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India.
He replaces Ela Bhatt whose term expired during September Apart from his tenure as the Life Insurance Corporation of India chairman, Mathur has also served as the head of the Life Insurance Council, an association body of the insurance industry. This appointment is being seen as an effort to get the insurance industry represented on the IRDA board.
While speaking to the demonstrators, CH Kaladhar, the branch secretary, stated that the decision will ensure that international companies have greater control over the savings of Indian people and the decision may not have any concrete benefits either for India or its people.
He also stated that the decision could put at risk the national economy. He also alleged that the Indian government had caved in to the pressure strategies being applied by the US and not thought of the interests of the people it is governing.
Kaladhar also iterated that the government should go back and think about the decision for the betterment of the country and the people.
In a statement provided on October 6, the organization stated that the Indian government had entrusted with different social security programs and it is presently working on them. At present the insurer is operating a couple of insurance programs for the economically disadvantaged sections of the Indian society: Life Insurance Corporation Network The head offices of Life Insurance Corporation are at Mumbai, and it presently has divisional offices and 8 zonal offices located in various parts of India.
It also has approximately service offices inclusive of the following: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 . LIC of India - Life insurance corporation of India is the largest life insurance company in India with over branches. Get LIC plans reviews, features and benfits, latest plans info online at PolicyX/5(41). Life Insurance Corporation of India (LIC) is the biggest provider of insurance and investment services in India.
It is a publicly held organization held totally by the Union Government of India and also provides almost percent of the government’s expenses.4/5(30). LIC of India Overview.
Life Insurance Corporation of India (LIC of India) is the only public sector life insurance company in India. It was founded in with the merger of more than insurance companies and provident societies. Sep 19, · Life Insurance Corporation of India provides life insurance products and services in India.
The company offers insurance, pension, unit, special, and micro insurance plans, as . Aug 23, · Life Insurance Corporation of India: Find Latest Stories, Special Reports, News & Pictures on Life Insurance Corporation of India. Read expert opinions, top news, insights and trends on The Economic Times.