Page 121 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Financial Institutions and Services

Notes Life Insurance Corporation of India

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.
LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices
and the Corporate office. LIC's Wide Area Network covers 100 divisional offices and connects
all the branches through a Metro Area Network. LIC has tied up with some Banks and Service
providers to offer on-line premium collection facility in selected cities. LIC's ECS and ATM
premium payment facility is an addition to customer convenience. Apart from on-line Kiosks
and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy
access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite
offices are smaller, leaner and closer to the customer. The digitalized records of the satellite
offices will facilitate anywhere servicing and many other conveniences in the future.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance
and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued
over one crores policies during the current year. It has crossed the milestone of issuing 1,01,32,955
new policies by 15th October 2005, posting a healthy growth rate of 16.67% over the corresponding
period of the previous year.
From then to now, LIC has crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC to take this message
of protection to light the lamps of security in as many homes as possible and to help the people
in providing security to their families.

Max New York Life Insurance Company Ltd.

Max New York Life Insurance Company Ltd. is a joint venture between New York Life; a
Fortune 100 company and Max India Limited; one of India's leading multi-business corporations.
The company has positioned itself on the quality platform. In line with its vision to be the Most
Admired Life Insurance Company in India, it has developed a strong corporate governance
model based on the core values of excellence, honesty, knowledge, caring, integrity and
teamwork. The strategy is to establish itself as a Trusted Life Insurance Specialist through a
quality approach to business.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds.
The company has multi-channel distribution that includes the agency distribution, partnership
distribution, bancassurance, distribution focused on emerging markets and alliance marketing
through employed sales force. The company currently has 33 bancassurance relationships,
14 corporate agency tie-ups and direct sales force at 14 locations.

Max New York Life offers a suite of flexible products. It now has 36 products covering both life
and health insurance and 8 riders that can be customized to over 800 combinations enabling
customers to choose the policy that best fits their need. Besides this, the company offers
6 products and 7 riders in group insurance business.

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