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14 14  = Company Overview =
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17 -The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.{{footnote}}https://licindia.in/Top-Links/about-us/History{{/footnote}}
17 +The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India (NSE:LICI) was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.{{footnote}}https://licindia.in/Top-Links/about-us/History{{/footnote}}
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20 20  LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.
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118 118  (% class="wikigeneratedid" %)
119 119  [[image:LIC4.webp]]
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121 121  = Financial Highlights =
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123 123  During the year 2019-20, the Corporation under Individual New Business, has procured 2,18,96,220 Policies with a First Year Premium Income of ₹ 51,227.83 Crore. The achievement to budget in NOP was 87.58 % and in FYPI 90.67 %. ₹ 13,202.35 crore premium earned under 1,68,779 policies of Pradhan Mantri Vaya Vandana Yojana. In Agency recruitment, the Corporation registered a net addition of 29,597 agents.{{footnote}}https://licindia.in/getattachment/Bottom-Links/annual-report/LIC-Annual-Report-2019-20.pdf.aspx{{/footnote}}
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