Life Insurance Corporation had five zonal offices, thirty three divisional offices and two hundred and twelve branch offices, apart from its corporate office in the year The catch: instead of getting 12 lives in one year, they had to get 36 lives in three years.
Table 5.I would also like to mention that so far no company is able to match the reach of LIC in every town and village of India. These employees were otherwise being weaned away by the private insurance companies. Today Life Insurance Corporation functions with Two thousand and forty eight fully computerized branch offices, One hundred and nine divisional offices, eight zonal offices, Nine hundred and ninety two satellite offices and the corporate office. Table 9. Iyengar is part of that large Indian family having more than a million members, that the world knows as the friendly neighbourhood LIC agent. References Agarwal, R. For the life insurance industry in general, what are the three most important things that need to change soon? To know the extent to which the Life Insurance Corporation of India uses the nontraditional marketing channel 3. These clubs put together had a combined force of around 70, club members. In the new era of technological advancement the customers are in the position of dealing directly with Life Insurance Corporation through online services. So this lending business continues as a matter of routine, but whenever a crisis-ridden institution seeks funds for its requirements it is seen by the public as a misuse of the financial strength of LIC. Soon, 22, agents opted to becoming CLIAs. As cited by Parida , Finance ministry on 23, December, has asked all public sector banks to switch to the Broker model from the existing corporate agency structure. If they are found medically fit and their documents are found in order, they will appointed as Assistant Administrative Officers AAOs. Shows the number of policies and First Premium income from the traditional channel is included.
Earlier a lot of agents used to sell the policy which had higher maturity tenure, but limited premium paying tenure like 30 yrs policy with 10 yrs premium payment.
The policyholders are justified in raising objection to such investments by LIC, but LIC is after all, an organisation fully owned by the government and it is difficult for LIC to avoid playing the role of a saviour when the government desires it to do so.
The investigator wanted to study the changes in the marketing and distribution channels of Life Insurance Corporation with a hope that the present study would help to know the effect of the marketing and distribution channels other than traditional channel. The existing models of distribution may not be able to open new avenues for income.
Soon, 22, agents opted to becoming CLIAs.
First, the distribution effectiveness has to be increased so that insurance penetration improves substantially.