Important notes - Insurance


1) LIC established on September 1st, 1956 with five crores.

2) LIC Head Quarters - Mumbai

3) LIC celebrated 50th Anniversary on September 1st, 2006.

4) Chegla Committee gave suggestions to LIC.

5) LIC has:
 - 8 Zonal offices
 - 113 Divisional Offices
 - 2048 branch offices
 - LIC Building is "Yogakshemam"
 - LIC Anthem is " Nigam Geetham"

6) LIC is NBFC ( Non Banking Financial Corporation )

7) LIC doesn't give insurance to Agriculture and Air Force

8) General Insurance Corporation - GIC
 - Established in 1972
 - Business started on January 1st 1973.

9) General Insurance Corporation has four subsidiary organs. They are :
 - National Insurance Company Limited (Kolkata, 103 years)
 - New India Assurance Company Limited (HQ - Mumbai)
 - Oriental Insurance Company Limited (New Delhi)
 - United India Insurance Company Limited (Chennai)

10) IRDA is "Insurance Regulatory Development Authority"
 - Established on April 19th, 2000.
 - Recommended by R.N. Malhotra committee in 1993.
 - Chairman is " J. Hari Narayan"

11) Functions of IRDA
 - concentrates on LIC development.
 - protects the interest of policy holders.

Last updated on: 02/10/2019

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