As promised to most of you, here is my review on LIC. It has taken time for me to narrow this review and speak in a few words. It was around 8 pages that I wrote. I have cut it down as much as possible

to facilitate easier reading. Please read, rate and comment. :-)

L for Loyalty
I for Innovation
C for Commitment

We are LIC- Life Insurance Corporation of India
The nation’s largest financial institution
Assets worth Rs. 5000000000000, yes, assets worth Rs. 5 lac crores
We are into the business of Insuring Lives and Ensuring Smiles from over five decades

Recently, we launched Money Plus and took the everyone by shock. We broke all the shuckles and achieved record breaking targets

LIC is an organization which India and Indians love(except for those who are allied with other insurers). LIC plays a major role in national development. There is no project by the central government in which LIC is not involved. LIC underwrites the shares of almost all the public issues. Whenever the stock exchange collapsed, people yelled and cried. But it took just one word from LIC which entered into the scene and put a smile on everyone’s face and we saw this big boom in our markets

LIC is a top organization not because of these reasons as these are secondary. Its because we account for every single paisa. Not even a rupee can go missing in our records. And we perform the main duty of an insurer, ie, to pay the maturity and death claims, in time. Many people find it hard to believe that, in case we are supposed to pay, say, Rs. 10000 to you on 25th May 2007, then, you will receive a post dated cheque on 23rd May itself so that you get the money at right time. Because, we understand the value of your money.

The variety of plans in LIC is yet another beauty. Not many people are aware of certain beautiful plans and their features. Most of the agents know only two plans- Endowment and the Money back. And now, Money Plus. However, I would liketo bring to the notice of everyone here that there are over 40 plans desinged by LIC. You can make a choice of whichever suits you. Go through internet for all the details (www.licindia.com) You can M2M me for the details too. Please note that I have given 4 stars to LIC although I am an LIC agent. This is due to certain reasons which are common to all government organizations like, waking late, a bit lazy attitude, etc

LIC is the nation’s pride. I am glad to be a part of it
Even I worked for 2 private insurers before joining LIC. I got everything AC, Internet, Phone, Cell, but never could I satisfy myself as .......... Hope you people understand. I joined LIC and entered the unclean, untidy office. I still work in the same office but there is so much satisfaction in life. There is so much of co-ordination and commitment from the people here that I just loved it.

I asked my branch manager-"Sir, we have so much money, why not renovate our office and put a few ACs, computers for all, etc."
He just told a line which has shown me how great LIC is
He said-"Beta! We are not having any money. Whatever is there, it belongs to the policyholders. It can be utilized only by the government for the purpose of policyholders."
I did not understand what he meant by telling that it can be utilized for policyholders. Then, I came to know that every penny of LIC is utlized by government to build roads, bridges, infrastructure, providing electricity, water supply and everything that is done for the public. We dont invest for profits. (However, the scene is changing a little due to heavy demand for ULIPs from the policyholders themselves)
I asked, where do the taxes go? He said, they dont suffice our requirements

By this, I think we all have understood how great this organization is. This organization has involved in public welfare from over 50 years. In case, LIC had thought about profits from day 1, I bet, we would be more profitable than all the bluechips companies put together.

A simple illustration to prove this fact. The world’s largest software company, Microsoft, had a whopping profit of $ 4.93 billion this year with the huge sales of Windows Vista. In rupees, the profit is Rs. 2,21,85,00,00,000. Now, LIC has assets worth Rs. 50,00,00,00,00,000. If LIC had put everything into securities and shares and other profitable ventures, assuming a 20% return on capital, we would get Rs. 50,00,00,00,00,000. Thats around 22.5 times the profits of Microsoft. Digest this friends. But LIC has always strived with an objective of national development and not just its personal growth.

I hope I made my points clear

Eagerly waiting for your ratings and comments

Regards...
Puneet