The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life, and were willing to make some sort of sacrifice in order to achieve security.
Though the concept of insurance is largely a development of the recent past, particularly after the industrial era — past few centuries — yet its beginnings date back almost 6,000 years.
Life Insurance Corporation of India was created on September 1, 1956, with the objective of spreading life insurance much more widely, and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
LIC functions with 2,048 fully computerised branch offices, 100 divisional offices, 7 zonal offices and corporate office.
LIC’s Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. It has tied up with some banks and service providers to offer on-line premium collection facility in selected cities.
LIC’s ECS and ATM premium payment facility are additional customer conveniences. Apart from on-line kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities.
With a vision to provide easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalised records of the satellite offices will facilitate ‘anywhere servicing’ and many other conveniences in the future.
The Tirunelveli division of Life Insurance Corporation of India, having 16 branches in Tirunelveli, Kanyakumari and Tuticorin districts, has got 1.39 lakh new policies till September 26, 2007 and got record first premium of Rs. 166.95 crore
“We’ve planned to mobilise Rs. 380 crore during the current financial year and so far achieved Rs. 149. 96 crore. The Sankarankovi branch, which was given a business target of Rs. 5.25 crore for financial year 2007-08, has alachieved it. When we were given a target of Rs. 161 crore for the previous fiscal, we did business for Rs. 278 crore. Hence we are confident of realising the target comfortably,” says Senior Divisional Manager T.S. Subramanian.