LIC Full Form
If you plan to buy a life insurance policy, you should check out the LIC Full Form. This company is India’s largest life insurance company, with over 2048 branches and eight regional offices. LIC agents are reliable and knowledgeable. They provide comprehensive information and help you prepare for the LIC Full Form.
LIC is India’s largest life insurance company
LIC is the largest life insurance company in India and has over 2048 branch offices, 156 satellite offices, and eight regional offices. The company has over a million policies and collaborates with financial and insurance giants to provide its customers with the best possible services. LIC has fully computerized branches and divisional offices across India and has a vast area network that reaches all of its offices. It also has an EDMS (Efficient Document Management System), enabling customers to go paperless with their premiums.
The IPO price for LIC shares is about 1.1 times its “Indian Embedded Value,” or the estimated future profits of the company based on expected premiums. The shares of LIC currently trade at 1.1 times this value. This means the company is undervalued compared to other insurance companies in the country.
LIC has a competitive pricing policy that helps policyholders make the best decisions for their financial futures. The company also offers a 20-year New Money Back plan, which includes death, maturity, and survival benefits. The plan also provides participation benefits, wherein policyholders share the company’s profits.
LIC has 2048 branches
The Life Insurance Corporation of India (LIC) is the largest insurance company in India. It offers participating and non-participating insurance products and has 2048 branches nationwide. The corporation is headquartered in New Delhi but also maintains eight regional and 113 divisional offices. It also has 1178 mini offices and 342 corporate agents. LIC also has a presence in the United Arab Emirates and Bahrain.
The organization is structured with both a vertical and horizontal management structure. The vertical management structure includes Divisional Managers, Regional Managers, and Executive Directors. There are also two senior-level positions, the Chairman and the Senior Divisional Manager. In addition, the company has several directors who sit on the Executive Board. The current chairman of the LIC is MR Kumar. Other board members include Vipin Anand, Mukesh Kumar Gupta, and Raj Kumar.
There are 2048 branches in India and several satellite offices. The bank also has offices overseas, including in the United States and South Africa. In addition to the headquarters and satellite offices, the LIC has 1,381 branches and a network of satellite offices throughout the country. However, the bank has a low loan book and has many branches.
LIC has eight regional offices
The LIC has eight regional offices in India and operates through 2,048 branches, 113 divisional offices, 1408 satellite offices, one corporate office, and 25 municipal service hubs. In addition, the company has a nationwide network of over 1.2 million agents, including referral and corporate agents. It also has a total of 114 client locations across India.
The eight regional offices are located throughout India and abroad. The company operates under two types of command structure: vertical management with a Chief Executive Officer (COO) and a Zonal Manager (ZUMO) and horizontal management with Regional Managers and Division Managers. The company has a regional manager, an executive director, and a chairman in each region. These officials make decisions about the company’s strategy and operations and report to the LIC executive committee.
The individual agents who work for LIC bring in approximately 96% of the company’s new business premiums. The company’s growth in recent years has coincided with a change in demand for insurance. The recent pandemic has led to an increase in the number of people seeking coverage.
LIC agents are reliable and knowledgeable
LIC agents are responsible for providing clients with information and services regarding insurance policies. They must be reliable, knowledgeable, and committed to delivering quality service to customers. The LIC website notes that agents must be excellent communicators, able to market LIC policies, engage clients, and service customers effectively. Training can help improve communication skills. Time management skills are also necessary, as agents have many responsibilities and must devote enough time to their role.
LIC agents may specialize in a particular type of policy or offer services for multiple types of insurance. In either case, LIC agents work as a liaison between the insurance company and the policyholders, ensuring that all terms and conditions are met. Agents who work for LIC have undergone basic insurance industry training, which prepares them to handle various insurance situations.
LIC agents can earn commissions from new policies and on renewals of old policies. The commission percentage will vary depending on the policy and agent club. LIC agents qualify for financial incentives such as festival advances, furniture allowances, and mobile and telephone bill reimbursement. Aside from commissions, LIC agents also earn recurring income from their renewal commissions.