LIC Full Form – What is LIC Full Form?

By BYJU'S Exam Prep

Updated on: September 25th, 2023

LIC Full Form: LIC is an insurance and investment corporation owned by the Government of India. The LIC full form is Life Insurance Corporation of India. The Indian Ministry of Finance has ownership over LIC. Currently, the executive board of LIC consists of Tablesh Pandey and four managing directors.

Delhi, Chennai, Mumbai, and Hyderabad house four zonal offices of LIC out of eight. At the moment, LIC has around 2048 computerized branches and 1408 satellite offices. Currently, the headquarters of LIC is located in Mumbai.

LIC Full Form

The full form of LIC is Life Insurance Corporation of India. LIC is an insurance and investment company owned by the government. Under the Act; Life Insurance Act of India states that life insurance organizations are under the control of the Indian government. LIC was established in 1956. The main motive of LIC is to provide citizens with a higher return on their hard-earned money through products and services. Insurance policies help people enhance their quality of life and boost economic development.

What is LIC AAO?

The Life Insurance Corporation of India conducts the LIC AAO exam for numerous officer-level posts. LIC AAO recruitment is organized every year to fill the vacancy of LIC AAO. This year, LIC released the notification for AAO recruitment on 15th January 2023 for 300 posts. Candidates preparing for the LIC AAO exam must be well-versed with the exam dates, syllabus, exam pattern, selection process, salary, job profile, eligibility, etc.

LIC AAO Full Form

The LIC AAO full form is Life Insurance Corporation of India Assistant Administrative Officer. LIC conducts the LIC AAO exam for various sub-posts every year as per the requirement of manpower in the organization. LIC is one of the well know insurance organization in India. Interested and eligible candidates must apply online for the LIC AAO exam before the last date to avoid any last-minute predicament.

LIC AAO Full Form in Hindi

एलआईसी का फुल फॉर्म भारतीय जीवन बीमा निगम है। एलआईसी भारत के जीवन बीमा अधिनियम से उत्पन्न एक सरकारी स्वामित्व वाली बीमा और निवेश कंपनी है, जिसने जीवन बीमा उद्योग को राष्ट्रीयकरण द्वारा सरकार के नियंत्रण में रखा, जिससे 1956 में एलआईसी की स्थापना हुई। एलआईसी की वेबसाइट के अनुसार, उद्देश्य नागरिकों को बाजार में निवेश करने वाले अधिकांश अन्य खिलाड़ियों की तुलना में सेवाओं और उत्पादों के माध्यम से आर्थिक सुरक्षा पर उच्च प्रतिफल प्रदान करना है, जिससे उन्हें जीवन की एक विशेष गुणवत्ता बनाने और आर्थिक विकास प्रदान करने में मदद मिलती है।

LIC Full Form – History

Passing the Life Insurance of India Act, LIC was established on the 1st of September, 1956. This act nationalized the insurance industry in India by merging several insurance companies to form one state-owned Life Insurance Corporation of India. Before the establishment of LIC, there were over 245 insurance companies and provident societies. Based in Kolkata, the first Insurance company in India, the Oriental Life Insurance company charged a weighty premium as it targeted the Europeans based in India.

To tackle this, the infamous Surendranath Tagore founded the Hindustan Insurance Society. This later went on to become Life Insurance Corporation. Owing to extreme insurance fraud committed by insurance agencies, the Parliament of India passed the Life Insurance of India Act creating LIC, and nationalizing the Insurance business of India. Although the government liberalized the insurance sector in the year 2000, LIC still stood higher than any other private insurance company because of its sturdy performance.

LIC Full Form -Products and Services

LIC, although mainly focuses on life insurance policies, it also has other investment and savings services, right from Pension plans to microinsurance plans. To help you understand the diverse nature of LIC’s plans, we’ve listed some below.

LIC Endowment Plans

  • LIC’s New Jeevan Rakshak
  • LIC’s New Jeevan Anand
  • LIC’s Jeevan Labh
  • LIC’s Jeevan Pragati
  • LIC’s Jeevan Lakshya
  • LIC New Endowment Plan

LIC Money Back Plans

  • LIC New Bima Bachat Plan
  • LIC New Children’s Money Back Plan
  • LIC’s Bima Diamond
  • LIC New Money Back Plan – 25 Years

LIC Term Assurance Plans

  • LIC’s Anmol Jeevan II
  • LIC’s Amulya Jeevan II
  • LIC’s e-Term

LIC Full Form – Functions

As seen above, LIC has 2048 branches and about 8 zonal offices. Apart from this, LIC also has 113 divisional offices, 1408 satellite offices, and one Central office. In different parts of the city, LIC has 25 metro-area service hubs. To know a little more about how LIC operates, it has a huge network with over 1,500,000 agents. Apart from this, they also have 342 corporate agents, 109 referral agents, and 114 brokers. The 8 zones of LIC are North Zone (New Delhi), Central Zone(Bhopal), East Zone(Kolkata), West Zone(Mumbai), South Zone(Chennai), East Central Zone(Patna), North Central Zone(Kanpur), and South Central Zone(Hyderabad).

With each department headed by an Executive Director and each zone headed by zonal managers, LIC follows both, a horizontal line of command as well as a vertical line of command. Horizontal management includes the Senior Divisional Manager, Zonal Manager, and the Chairman while vertical management includes Divisional Managers, Regional Managers, and the Executive Directors.

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