Tuesday, December 5, 2017

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Life Insurance Corporation (LIC) Of India


The Life Insurance Corporation of India (LIC) was set up in the year 1956 by nationalizing 245 insurance companies. The Primary objective of nationalization was to protect the interest of policy-holders against misuses and embezzlement of funds by private insurance companies.

[Post Image Courtesy of Vichaya Kaitying-Angsulee at FreeDigitalPhotos.net]

Secondly, the object of nationalization was to direct investment of funds in government securities, leaving a meager part for the private sector.

What marks and distinguishes the LIC from other long-term financial institutions is this that it discharges the two fold function of mobilization of long-term savings and their effective channelisation as well. The other agencies are suppliers of fund obtained from government and the Reserve Bank of India.


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