Discuss the aims of LIC act of 1956 Pondicherry University 2015

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Discuss the aims of LIC act of 1956? - Pondicherry University – 2015

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Objectives of Life Insurance Corporation -

Life Insurance Corporation of India was established on 1st September 1956 with the following objectives -

1) Spread life insurance widely and in particular to the rural areas, to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.

2) The maximization of mobilization of people’s savings for nation building activities.

3) Provide complete security and promote efficient service to the policy-holders at economic

premium rates.

4) Conduct business with utmost economy and with the full realization that the money belongs

to the policyholders.

5) Act as trustees of the insured public in their individual and collective capacities.

7) Meet the various life insurance needs of the community that would arise in the changing

social and economic environment.

8) Promote amongst all agent and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards the achievement of Corporate objectives.

7. Involve all people working in the corporation to the best of their capability in furthering the

interest of the insured public by providing efficient service with courtesy.


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