LIC NEWS

State-owned Life Insurance Corporation of India (LIC) has emerged much stronger in the months following the uncertainty over unit-linked insurance plans (Ulips). The corporation has seen its market share spike to 73.4% by end-June ’10, from 60.79% during end-March ’09.

In the first quarter of the current fiscal, LIC has managed to grow its market share in new businesses by recording the first-year premium of Rs 18,740 crore — an increase of 107% over the corresponding quarter last year. As against this, the new business premium for the rest of the industry was Rs 12,884 crore. However, all private life insurance companies put together could generate a new business premium of only Rs 7,126 crore — an increase of 28% over the year-ago period.

Most of the premium came from single premium Ulips. Some of the corporation’s key Ulips are slated to close in August, as all insurance companies are expected to file new products that are compliant with the new guidelines.

These numbers were divulged by TS Vijayan, chairman, LIC on Friday while announcing business results for 2009-2010, following a board meeting on Thursday. For 2009-2010, the corporation recorded a total income of Rs 2,98,721 crore — an increase of 49.2% over the previous year. This included premium income of Rs 1,85,985 crore, which was 18.3% higher than last year.

“Since we are the lowest cost operator in the market, we have some advantage,” said Mr Vijayan. He said that the corporation was in better position today, because the focus has been on increasing returns for policyholders by curtailing expenses and not on profits.

According to Mr Vijayan, the corporation would have to only tweak some of its Ulips to bring the charge structure in line with the new regulations prescribed by the regulator. He said that most of the charges were within the limits. However, LIC would need to do some restructuring to reduce the impact of charges on those who exit their policy after five years.

At the end of the first quarter, LIC had made investments amounting to Rs 39,000 crore. Of which, an investment of Rs 10,000 crore was pumped into equities. Mr Vijayan said that the corporation was targeting investments to the tune of Rs 2 lakh crore during the current year. “The investment pattern would depend on how much money will be raised through unit-linked insurance plans. Our experience is that sales of Ulips rise whenever the equity market is doing well and traditional policies do well whenever interest rates rise,” said Mr Vijayan.

LIC INDIA PRIVACY POLICIES

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LIC Pension Fund completes two years

LIC Pension Fund completes two years

LIC Pension Fund Ltd. approved by PFRDA to manage pension funds under NPS,was the first company to be incorporated in India as a public limited company on 21st November 2007. The Fund has now completed two years since its incorporation. The company began its investment management operation in the first year with 5% allocation of funds of government employees in NPS, which has increased to 29% in the financial year 2009-10.Dr.H.Sadhak, CEO of the company is quite optimistic about the future growth of pension fund industry in the country,which in the next 10 years will emerge as the leader in the financial market. LIC PEnsion Fund would maintain its track record of good performance and would be playing a very important role with its focus on the fund management efficiency,prudent person rule and complete compliance of regulatory requirements.

source:http://www.licpensionfund.in/index.php?option=com_content&view=article&id=46

LIC(Life insurance Corporation) to recruit 10,000 employees

LIC(Life insurance Corporation) to recruit 10,000 employees

The country's largest insurance company, LIC, plans to recruit around 10,000 employees in the current fiscal to give a push to its growth plans. "We are planning to hire a good number of people this year as well. We intend to hire 10,000 people this year across the various cadre," LIC Managing Director A K Dasgupta told PTI. Last year, LIC hired same number of people across various cadre including some lateral recruitment for the first time. Of the total, about 5,000 development officers would be recruited in line with the growth plan, he said. Besides, the corporation is planning to recruit people in class I cadre, specialised cadre like legal etc, he added. At present, LIC has about 1,15,000 employees including about 21,000 class-I officers. Meanwhile, LIC is also planning to expand its overseas presence by setting up a subsidiary in Singapore. State-owned life insurance company is seeking regulatory approval for launching its operation in the island country. LIC already has presence in countries like the UK, Mauritius, Kenya, Nepal and Sri Lanka. In the Middle East, LIC is present in Saudi Arabia, Kuwait, Dubai, Abu Dhabi, Oman and Qatar. During 2009-10, LIC collected a premium of Rs 70,891 crore compared to Rs 52,954 crore in 2008-09, thereby growing by around 34 per cent during the year. The first-year premium collections of LIC during April-May grew by 88 per cent to Rs 10,081 crore against Rs 5,353 crore in the same period last fiscal. source: http://economictimes.indiatimes.com/news/news-by-industry/jobs/LIC-to-recruit-10000-employees-this-year/articleshow/6126786.cms

What is Life Insurance?

What Is Life Insurance?

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 payment of the insured amount during:

• The date of maturity, or
• Specified dates at periodic intervals, or
• Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.
2. That of living till old age without visible means of support.

source:http://www.licindia.in/know_lic.htm#3

Insurance Institute Of India Examination| Recruitment|Result

Insurance Institute Of India Examination| Recruitment|Result Online examination:

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On behalf of “Insurance Regulatory and Development Authority of India” we conduct “pre recruitment test” for insurance advisors. To facilitate insurance companies to deploy more agents and also to offer choice to the candidates who are tech savvy we conduct this examination in electronic mode.

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Eligibility for examinations

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Regulation 4 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000) requires that a person desiring to obtain or renew a license to act as an insurance agent or a composite insurance agent shall possess the minimum qualification of a pass in 12th standard or equivalent examination conducted by any recognized Board/Institution, where the applicant resides in a place with a population of five thousand or more as per the last census, and a pass in 10th standard or equivalent examination from a recognized Board/Institution if the applicant resides in any other place.

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According to the Regulation 5 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000), the person desiring to obtain or renew a license to act as an agent is required to :

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i) complete from an approved institution 50 hrs. of training (ie. In case of candidate seeking agency license for the first time) and 25 hrs. of training (ie. In case of candidate seeking renewal of license), candidate who is seeking license for the first time to act as composite (ie. Life/General) insurance agent has to complete 75 hrs. of training.

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Procedure for enrollment:

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A) Please Click on below mentioned link for Registration of Candidates in Mumbaicenter of “Insurance Institute of India” Registration Instructions for Mumbai III Click here to View Guidelines (Candidates) for online exams Click here to take Practice test

B) Please Click on below mentioned link for Registration of Candidates in Bangalorecenter of “Insurance Institute of India” Registration Instructions for Bangalore III Click here to View Guidelines (Candidates) for online exams Click here to take Practice test

C) Please Click on Below mentioned link for Registration of Candidates in Mumbai and out side Mumbai centers for NSE.IT Limited

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Click here to View Registration Instructions Click here to View Guidelines (Candidates) for online exams Click here to take Practice test

LIC (Life Insurance Corporation) Advantages

" You want to save yourself from Income tax " READ THIS BLOG........

LIC (Life Insurance Corporation) has lot of advantages which can affect you in lot of ways as it can save you from income tax as well as give insurance or sense of security to protect us from future problems. LIC is advisable to those people who have :

1. Jobs as it can save you from lot of Income Tax.

2.Families medical problems as they can give medical advantage.

3. Children's

4. Children's education burden

5.Good future plans

6.It can give you loan also during your dire need.