Life Insurance Corporation of India (LIC) is India’s largest insurance company owned by the Government of India. It was formed after merging 245 private insurance businesses in 1956 as per the parliament act. It is considered as the market leader in the life insurance segment in India. The largest insurance company in India has total asset value worth Rs. 1,560,482 crores. The LIC was founded after the merger of the well-established insurance companies. The List of the few renowned companies such as
- Bharat Insurance Company (1896)
- National Indian (1906)
- National Insurance (1906)
- Postal Life Insurance (PLI) (1884)
- United India (1906)
- Co-operative Assurance (1906)
- Hindustan Co-operatives (1907)
- Indian Mercantile
- Sahyadri Insurance
- General Assurance and Swadeshi Life.
Taking its control over various sectors of the economy, Indian Parliament had passed a Life Insurance Act in 1956. Life Insurance Corporation of India has ruled the insurance industry in India for many years, to such an extent that insurance industry that it contributed 7 percent to the Gross Domestic Product in the year 2006. Now, the largest bank i.e., SBI also started SBI life which gain popularity on par with the LIC.
The Government of India has liberalized insurance sector, which opened the area to private organizations in the year 2000, the move further strengthened the corporation’s base across the country. LIC operates with 2048 branches which are wholly computerized. It has a comprehensive network with 1,337,064 individuals in addition to its own workforce.
According to the official report, by March 31, 2014, Life Insurance Corporation of India had a total workforce of 1,20,388 employees which comprise 20.65% women. The composition of employees includes:
- Class-I Officers – 31,420 out of which 6,297 are women,
- Class-II Officers – 26,621 out of which 1,033 are women,
- Class III and IV – 62,347 employees out of which 17,542 are women. Currently, 11,32,677 LIC agents are active across the country.
Emulating the model of online examination, Life Insurance Corporation releases recruitment notification online, candidates can download the same from the official website. It also publishes notification for vacant posts in all the leading newspapers including employment newspapers. Similar type of recruiting notifications are also released by NIACL and UIIC. The Candidates preparing for LIC Assistants and Administrative officers can visit the Drona website for regular updates regarding these central government jobs.