Lic

LIFE INSURANCE CORPORATION OF INDIA
Project submitted for internal assessment of Welfare Economics
Under the guidance of Prof. Pankaj Upadhyay
Prepared By
Ankit Kumar Rai SE-2 Roll No.-7
IIPM
1
IIPM TOWER, SATBARI, CHANDAN HAULA, CHATTARPUR-BHATIMINES ROAD NEW DELHI
ABSTRACT
The main aim was to study and get experienced about the organization, its working, its structure, its growth, its strategies and other such things. The primary data was collected through direct interaction, through the guidance of its employees, with the assessment of the external guide and the manager himself. The research is restricted to the limited area only because of the limited duration of for the project, which results in the less co-operation with the organization.
ACKNOWLEGEMENTS
I am very greatly obligated to Mr. PANKAJ UPADHAY to help me out whenever needed and i thank him for giving me opportunity to do this project.
Ankit Kumar Rai
TABLE OF CONTENTS
PART PERTICULERS PAGE NO 01 03 06 19 31 36 39 46 PART A INTRODUCTION INDUSTRY PROFILE COMPANY PROFILE PART B PART C MCKINSEYS 7S MODEL SWOT ANALYSIS
PART D ANNUAL REPORT PART E LEARNING EXPERIENCE BIBLIOGRAPHY
Chapter -1
INTRODUCTION
INTRODUCTION
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. The insurance sector in India has come full circle from being an open competitive market to nationalisation and back to a liberalised market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. 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. Prior to 1912 India had no legislation to regulate
insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization.
INDUSTRY PROFILE
9
INSURANCE
Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premium, to pay the other party called insured a fixed amount of money on the happening of a certain event. Insurance is protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. The primary purpose of Life insurance is the protection of the family a loss is paid out of premium collected from the insuring public and the Insurance Companies Act as trustees to the amount collected. Insurance companies collect premiums to provide for this protection. Insurer (i.e. insurance companies) agrees/ undertakes, in consideration of money (premium), to makes good the loss suffered by the insured against risk. Thus there are two parties to an insurance contract.
10
The documents lying down the contract is called (insurance) policy. The property, which is insured, is the subject matter of insurance . In short under Life insurance a specified amount is payable on the death of the insured or upon the expiry of a specified period of time, whichever is earlier.
KEY PLAYERS IN THE INSURANCE INDUSTRY

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. HDFC STANDARD LIFE INSURANCE ICICI PRUDENTIAL TATA AIG BIRLA SUN LIFE INSURANCE MAX NEW YORK SAHARA LIFE SBI LIFE INSURANCE AXA (AIRTEL, I.E. BHARTI GROUPS) OM KOTAK ALLIANZ BAJAJ AVIVA ING VYSYA RELIANCE LIFE INSURANCE METLIFE INSURANCE SRIRAM SANLAM
11
COMPANY
CONTENTS
BACKGROUND AND INCEPTION NATURE OF BUSINESS AREA OF OPERATION PRODUCT PROFILE AREA OF OPERATION OWNERSHIP PATERN COMPETITORS INFORMATION INFRASTRUCTURE FACILITIES WORK FLOW MODEL FUTURE GROWTH AND PROSPECTS
PAGE NO
12 14 15 16 18 19 20 21 22 23
12
PROFILE
13
a) BACKGROUND AND INCEPTION.
Life Insurance Corporation of India
Type Public limited company or Government-owned corporation Founded September 1, 1956 Headquarters Headquarters in Mumbai, India (Various other locations in India and abroad) Key people T. S. Vijayan (Chairman), D. K. Mehrotra and Thomas Mathew (Managing Directors) Industry Life insurance Products Insurance and Pension Plans Employees Over 1000000 Parent NIL Subsidiaries LIC Housing Finance Limited, LIC Nepal, LIC Lanka Website http://www.licindia.com
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. The insurance sector in India has come full circle from being an open competitive market to nationalisation and back to a liberalised market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
14
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. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization.
15
b) NATURE OF BUSINESS
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. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. LIC is a service industry that serves the people by providing the securities against the accidents, death and other such happenings of life. It provides a security against life, marine, fire and other such things. It provides the financial assistance under some uncertain conditions, which makes the possibility for a person to come out of the situation. Thus it becomes the financial asset for a person which is regulated and maintained by the premiums paid by the policy holders.
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c) MISSION, VISSION AND QUALITY POLICY.

MISSION:
"Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development."
VISION:
"A trans-nationally competitive financial conglomerate of significance to societies and Pride of India." Expansion in the business along with the welfare of the society and surrounding.
QUALITY POLICY:
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 insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.
Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment.
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Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy.
d) PRODUCT/SERVICE PROFILE
INSURANCE PLANS As 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 your requirement. Jeevan Anurag CDA Endowment Vesting At 21 CDA Endowment Vesting At 18 Jeevan Kishore Child Career Plan Komal Jeevan Marriage Endowment Educational Annuity Plan Jeevan Chhaya Child Future Plan
Or
Jeevan Aadhar Jeevan Vishwas
The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan Amrit
Jeevan Shree-I Jeevan Pramukh
The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years
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Jeevan Rekha (closed for sale) Bima Bachat
Jeevan Bharati
The Whole Life Policy The Whole Life Policy- Limited Payment The Whole Life Policy- Single Premium Jeevan Rekha (closed for sale) Jeevan Anand Jeevan Tarang
Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan
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e) AREA OF OPERATION.
LIC has 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts 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 new branch offices were opened. As a result of re-organisation 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 about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. The six foreign units of the corporation comprises of three foreign branches at Fiji, Mauritius and UK and three overseas subsidiaries at Bahrain, Nepal and Sri Lanka collectively secured 55502 policies in the year 2006-2007 with first premium income of Rs64.13 crores(us $14.8 million) Saudi Arabia, LIC, LIC (international) Bahrain, new India assurance company and Al Hokair group of Saudi Arabia have joined together to form a joint venture company which will sell both life and non life products.
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f) OWNERSHIP PATERN:
It is a public limited company or government owned company. But the stake of government is reduced up to 50%. There are also other owners of the company that took up 50% stake because for any public limited company there should be at least seven private members who can take the responsibility to operate the company. The key players in the LIC are chairman, Managing Directors and Zonal Managers and Branch Managers. The present chairman is T.S.VIJAYAN The present M.Ds are: THOMAS METHEW, D.K.MAHROTRA,
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g) COMPETITORS INFORMATION.
The main competitors are:
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
HDFC STANDARD LIFE INSURANCE ICICI PRUDENTIAL TATA AIG BIRLA SUN LIFE INSURANCE MAX NEW YORK SAHARA LIFE SBILIFE INSURANCE AXA (AIRTEL, I.E. BHARTI GROUPS) OM KOTAK ALLIANZ BAJAJ AVIVA ING VYSYA RELIANCE LIFE INSURANCE METLIFE INSURANCE SRIRAM SANLAM
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h) INFRASTRUCTURE FACILITIES
LIC is one of the strongest and largest organizations in India. It has got a very high financial strength. It operates in almost all the states of India. LIC has 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. The Headquarters of LIC are at Mumbai and there are three zonal branches of LIC. These are North zone, Central zone and south zone. LIC consists of overall 2048 branches in India and all its branches are fully computerised, which shows its financial strength. Internet service is available to all its branches. The other facilities are: Modern and latest technology
High quality of buildings with very good accommodation for employees as well as for customer. Very beautiful Guest Houses with high quality of hospitality. Canteen facility to each and every branch. Transport facility. Internet facility. And other secondary facilities such as furniture, air condition etc.
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I) WORK FLOW MODEL
24
CHAIRMAN
MD
Branch manager Marketing department Hr department Finance department
Branch manager
Assistant manager
Accountant
HR Account
Finance account
Casher
Customer
Agent
Customer
25
J) Future growth and prospectus
Selling around 90000 policies as compared to the previous years 55502
policies previous year at its subsidiaries. Marketing quality improvement. Service quality improvement. Developing Hazards Analysis and Critical Control Points. More interest towards the urban and rural areas. More services for agents. New training methods for employees as well as for agents.
The Actuarial department is looking to develop ten new policies.
26
MCKINSEYS FRAME WORK
7S
27
MCKINSEYS 7-S FRAMEWORK

The seven S Framework first appeared in the art of Japanese management by Richard Pascale and Anthony Athos in 1981.they had been looking at how Japanese industry has been so successful, at around the same time that peters and Robert Waterman were exploring what made the excellent. The seven S model was born at a meeting of four authors in 1978. It went on to appear in in search of excellence by peters and Waterman, and was taken up as a basic tool by the global management consultancy Mckinsey: it is known as the Mckinsey 7S model. Mckinsey & COS 7S framework provides a useful framework for analyzing the strategic attributes of an organization. Together seven factors determines the in which a cooperation operates. The model indicates the major aspects in the company and the way in which they are coordinated. These seven elements are distinguished is now called hard Ss and soft Ss. The hard elements are feasible are easy to identify. They can be found in strategy statements, corporate plans, organizational charts and other documents. The four soft Ss however are feasible. They are difficult to describe since capabilities, values and elements of corporate culture are continuously developing and changing. They are highly determined by the people at work in the organization .therefore it is much more difficult to plan or to influence the characteristic of the soft elements
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STRUCTURE:
The organization chart and the associated information that shows who Reports to which whom and how tasks are both divided up an integrated
29
CHAIRMAN
MD CENTRAL ZONE MD SOUTH ZONE MD NORTH ZONE
ZONEL MANAGER ZONEL MANAGER
HR MANAGER
FINANCE MARKETING MANAGER
BRANCH MANAGER
BRANCH MANAGER
BRANCH MANAGER
AGENCY MANAGER
FINANCE MANAGER
ASSISSTENT MANAGER
ACCOUNTANT SALES MANAGER
TRAINERS
AGENT
CASHIER
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SUBSTRUCTURE MARKETING DEPARTMENT

The main functions of the marketing department are:
Advertisement and publicity Branding and image Channel marketing Corporate communication Sales and distribution Customer service goals Leadership commitment People management
Charts owing hierarchy of Marketing Department
HOD MARKETING
MANAGERS
BRANCH MANAGER
AGENCY MANAGER
SALES MANAGER
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FINANCE DEPARTMENT
Duties and Functions of Finance Department
Correspondence with financial institution Submission of periodical reports to financial institutions Preparation of budget Deployment of funds Medical reimbursement of employees Insurance fire, medical, duty free & other insurance Liaison with internal, statutory, CAG and tax authorities Preparation of accounts & schedules Cash and bank transaction
Chart showing hierarchy of Finance Department
HOD FINANCE
MANAGERS
BRANCH MANAGER
FINANCE MANAGER
ACCOUNTANT
32
HR DEPARTMENT The functions of hr department are:

Human Resource Development Performance Appraisal Personal development Potential Appraisal Development Feed back management Rewards Employment welfare Training Salaries Remuneration Organization and system development Human Resource information Incentives Recruitment
33
Chart showing hierarchy of HR Department
HOD HR
SENIOR MANAGER
BRANCH MANAGER
MANAGERS
ASSISTANT MANAGER
ASSISTANT MANAGERS
TRAINEES
TRAINEES
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SKILLS
An organizations dominate capabilities and competencies. Individual capabilities of each and every employee. The skills here refers too the various employees, the employees are further divided into three categories. This first category contains the people who are in the top-management level the second category consists of the branch managers. The third category consists of the supervisors office assistants and the employees at operational level. The first category consists of the people who are in the decision making process in LIC. These people are highly qualified. The second level is related with office and operation management. These people are also trained in computer Applications, secretarial skills, accounting skills etc. TRAINING SYSTEM: The Union emphasizes on training the employees. Most of the training given to the employees here are On-the-Job training and few Off-the-Job Training. Technical Input Training Basic Computer Applications. Data Base Administrator Finance Training for non-Finance Officer Co-Operative management Training Programs Maintenance of Record and Auditing Seminars are conducted.
35
STYLE
How managers collectively spend their time and attention and how they Use symbolic behaviour. How management act is more important than what Management says. LIC follows Top to Bottom or Top down style system. The Styles of the organization is said to follow the non participative type that is the management cadre follow the non participative type of administration. The fact is that for a service industry MBO is not suitable. The Indicators of the Style are: Follows Orders, rules and procedure Is always Reliable, Dependable
The management follows the top down system style for its working, strategies. It means that the decisions are only taken by top level authorities and lower level authorities are not participating in the decision making. The top level management is formulating the plans, strategies, goals and boundaries but the middle and lower level management is just following these decisions only to achieve the organization goals.
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STRATEGY
A set of decisions and actions aimed at gaining a sustainable competitive Advantage to gain the customer satisfaction and expand the welfare of the company. The main strategies for current year are as follows. Aims to conduct 5 Consumer Awareness Program and various Seminars. Aims at conducting agents meetings. Aiming to set up new sales promotional and advertisement activities. Some new policies for women. Joining with other programs. Advertising through banners and coupons Provide Calendars and greetings Sponsoring of events.
37
SYSTEMS:
The flow of activities involved in the daily operations of the business, including its core process. The company enjoy one of the finest ranges of systems in MIS (order execution system) and Performance appraisal system (Rating system). The term system refers to all rules, regulations & procedures both formal & informal that complement the organization structure. System shows the way in which the organization adopted various activities in the organization. It includes Cost Accounting procedures, Capital budgeting system, recruitment, training & development system LIC has its own standing orders for maintaining discipline among its employees. The standing orders are applicable to all its employees, including the office staff. The standing orders contain the rule & procedure to be adopted in case of minor and major misconduct done by employees.
38
STAFF
How companies develop employees and shape basis values. The staff deals with the various personnel Policies followed by the Organization. Below are given the personnel policies followed by the Organization. There are around 1000000 employees working in LIC. The Human Resource Department is the in LIC Works as a sub Department of Administration Department. An Organization consists of three types of staffs. TECHNICAL STAFF Technical staffs are the staffs which do all the overall mechanical, electronics and electrical failures of the company. These staffs are under the engineering services department. SUPERVISORY STAFF Supervisors are the persons who supervise the activities of a department. He directs the employees to perform the work in proper manner. They are under the control of that department engineer. Supervisors are given a monthly schedule. CLERICAL STAFF A clerical staff is a person who undertakes all the clerical activities in an Organization .He is mainly concerned with the General Services department. Also wants to up to date all the accounts of the company like bills dues, transactions, payments etc
39
SHARE VALUES
Commonly held believes, mindsets and assumptions that shapes how an behaves its corporate culture. These shared values include the mission and vision of the organization. It also includes objective values. Environment Policies etc. LIC has the mission to provide a lucrative market for farmers to sell their policies and to provide best policies to urban customers. Its Vision is to produce more policies in the forth-Coming years. LIC also follows environment Policies. It also takes into account the welfare of the society. The organization has its own policy making manpower that are mainly employed for the welfare of the society. organization
40
SWOT ANALYSIS
41
SWOT ANALYSIS
Strength:
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. L.I.C is a Govt. undertaking. Both local and urban coverage. Good corporate image. Strong financial position. Efficient management of all types of resources. Computerised operations. Encourages both employee and customer involvement. Well qualified staff. Committed workforce. Efficient management.
Weakness:
1. 2. 3. 4. 5. 6. Only life insurance sector involved. Lapsation of some policies. Poor implementation of some policies Less coordination between different subsidiaries Laps of premiums. Time lag between applications received and sanction.
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Opportunities:
1. 2. 3. 4. 5. 6. Share market openings. New Policies offering. Mobilisation of more and more public savings. Expand the business of real estates Enter into the new business such as construction etc. Enter into new areas.
Threats:
1. Entrance of rivals like Bajaj Alliance, ICICI Prudential etc.
2. To lose the customers to other competitors. 3. Increase in the competitors. 4. Lack of very good advertisement. 5. Rapid changes in consumer market.
43
ANNUAL REPORT
44
ACTUARIAL DEPARTMENT
During 2006-2007 five new products were introduced in which two were unitlinked plans-market plus and money plus, two were traditional children planschild career and child future plans and one was micro insurance plan-Jeevan Madhur. Two plans viz. New Bima Gold and Jeevan Akshey v. were redesigned and repriced. All these plans have been quite successful and the corporation collected 65% of the new business premium and more than 54% new policies of the year under these plans.
F AND A DEPARTMENT
The financial as at 31- march, 2007 at DO/ZO have been generated through accounts module. LIC continues to be one of the highest tax payers in the public sector industry and has paid advance income tax of Rs 2033.62crores for the ay-2007-2008 and service tax of Rs898.81crores in the F-Y-2006-2007. The total premium income is expected to around Rs 125000
MARKETING DEPARTMENT
Fiscal 2006-07 was a memorable year on business front; for recording outstanding growth which lead to budget achievement on all counts. in the year, we completed more than 3.82 crore policies showing a growth rate of 21.02% and adjusted Rs 39541.57 crores composite FP registering a growth rate of 118.64%,out of which Rs 18900.46 crores under non single premium with a growth rate of 102.53% and Rs 20641.11 crores under single premium with a growth rate of 135.82%.
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HR DEPARTMENT
The OD/HRD exercise on organizational transformation and customer orientation was extended to all our employees up to the cadre of AO proved to be a success both in terms of extent of employees covered (90.48%) The major challenges for HRD department for the current year will be to design an employee satisfaction index and a skill development programme especially for new positions.
VIGILANCE
Concerted efforts were made during the year to reduce the tendency of vigilance cases. The efforts proved quite fruitful and the number of regular vigilance cases had come down to 207 from 266 as on 31-03-2007.
46
LEARNING EXPERIENCE
47
LEARNING EXPERIENCE IN AN ORGANISATION.
In plant training created a sensory impression in my brain putting across what actually is an organization these sensory impression guide in relating theoretical concepts which have been converted in past and which are being converted in future also. Management concepts were difficult to analyze. But after in plant training, I felt empowered with confidence to understand different management concepts in pragmatic manner. I came to know
that, Importance of different management functions such as planning, organizing,
staffing, directing and controlling was known which guide the organization in
facing stiff competition from competitors.
I also came to
know how work and things are getting done through others and with others by
centralized structure.
48
In plant training
also helped me in knowing the importance of group effort when compared to
individual effort in organization. Also importance of human relations was known
which help in getting things done through and with others.
I also came to
know how different employees/ workers have different skills, talents, abilities,
attitudes etc and how they are being utilized in optimum manner in achieving
organization goals.
I also came to
know about importance of common global language called English in the
organization.
49
I also came to
know about importance of leadership traits which guide in achieving personal as
well as organization goals.
I also came to
know how information technology and various systems have reduced the time of
an activity and documentation also.
Also I came across the importance of time management, which helps the entire
organization in meeting delivery dates of customers.
At last, I feel that in plant training has canalized my personal skill, talent, ability,
attitude etc which guide me in contributing to organization as well as nation by working
efficiently and effectively.
50
FINDINGS.
1. L.I.C is growing and is gaining market share due to its collaboration with The Govt. and better customer service. 2. Being the first Life insurance Company, LIC in J&K had Monopoly, which is the reason LIC is having maximum market share but due to the entrance of new entrants in the market the LIC is slowly loosing its market share. 3. Mainly LIC is loosing its customers to MetLife and Bajaj Alliance. As maximum of the customers who have purchased life insurance policy from L.I.C had their policies from MetLife earlier. 4. It was found that LIC is still market leader, the MetLife as competitor and ICICI Pru, BAJAJ Alianz as the followers. 5. Financial problem of the customers was found to be the major reason behind the lapse of policies. And the second major reason behind the lapse of life insurance policies was delaying in the delivery of Credit Advices by The Govt. 6. L.I.C was rated good by 54% of the respondents, very good by 20% and average by
51
24%, this shows the that L.I.C is making mark in the markets of Kashmir and is the famous sort out after MetLife. 7. It was found that 91% of the respondents were educated about various products and their procedures by the advisors, this shows that how much concerned the advisors are about the customers. 8. L.I.C was ranked 1.49 on average as compared to other Life Insurance Companies which shows that L.I.C is gaining the confidence of customers in Kashmir.
SUGGESTIONS
1. Financial advisors of L.I.C should concentrate on customers rather than on
targets, like other life insurance companies L.I.C should also employ Unit managers in order to increase the customer-employee interaction and better management of financial advisors. 2. The company should direct the financial advisors to interact and cooperate with
the customers to remind them due dates of their premium which will reduce the lapse of life insurance policies. 3. Direct delivery of credit advices through financial advisors to L.I.C regional
office or and credit advices reception centres should be setup to avoid late delivery of credit advices and their by ensuring timely payment of premiums 4. District offices in each district should be setup to facilitate better services to the
customers and also there by taping more customers. 5. Company should also concentrate on the promotion of the company and also
its products to attract more and more customers like setting up canopies at different places and placing hoardings, banners at prime locations in order to make presence
52
among the competitors.
LIMITATIONS OF THE STUDY

Sample chosen may not be the true representative of population. In certain cases the respondents were lazy and they filled the questionnaire without any seriousness and pain. There might be mistakes in interpreting the information obtained correctly Due to time constraints the study was limited in extent. The time allowed was only 28 days.
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BIBLIOGRAPHY
BOOKS Kothari, C.R.; Research Methodology, Vishwa Prakashan. Kotler, Philip; Marketing management, Pearson Education.
Websites http://www.MetLife.com http://www.lic.com http://www.icicipru.com http://www.bajajalianz.com
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LIFE INSURANCE CORPORATION OF INDIA

Project submitted for internal assessment of Welfare Economics

Under the guidance of Prof. Pankaj Upadhyay

Ankit Kumar Rai SE-2 Roll No.-7

LIFE INSURANCE CORPORATION OF INDIA

IIPM TOWER, SATBARI, CHANDAN HAULA, CHATTARPUR-BHATIMINES ROAD NEW DELHI

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

Ankit Kumar Rai

LIFE INSURANCE CORPORATION OF INDIA

PART D ANNUAL REPORT PART E LEARNING EXPERIENCE BIBLIOGRAPHY

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

KEY PLAYERS IN THE INSURANCE INDUSTRY

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

a) BACKGROUND AND INCEPTION.

Life Insurance Corporation of India

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

c) MISSION, VISSION AND QUALITY POLICY.

Maximize mobilization of people's savings by making insurance-linked savings adequately attractive.

LIFE INSURANCE CORPORATION OF INDIA

Jeevan Aadhar Jeevan Vishwas

Jeevan Shree-I Jeevan Pramukh

LIFE INSURANCE CORPORATION OF INDIA

Jeevan Rekha (closed for sale) Bima Bachat

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

I) WORK FLOW MODEL

LIFE INSURANCE CORPORATION OF INDIA

Branch manager Marketing department Hr department Finance department

LIFE INSURANCE CORPORATION OF INDIA

J) Future growth and prospectus

Selling around 90000 policies as compared to the previous years 55502

LIFE INSURANCE CORPORATION OF INDIA

MCKINSEYS FRAME WORK

LIFE INSURANCE CORPORATION OF INDIA

MCKINSEYS 7-S FRAMEWORK

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

MD CENTRAL ZONE MD SOUTH ZONE MD NORTH ZONE

ZONEL MANAGER ZONEL MANAGER

FINANCE MARKETING MANAGER

ACCOUNTANT SALES MANAGER

LIFE INSURANCE CORPORATION OF INDIA

SUBSTRUCTURE MARKETING DEPARTMENT

LIFE INSURANCE CORPORATION OF INDIA

LIFE INSURANCE CORPORATION OF INDIA

HR DEPARTMENT The functions of hr department are:

LIFE INSURANCE CORPORATION OF INDIA

Chart showing hierarchy of HR Department

LIFE INSURANCE CORPORATION OF INDIA