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MISSION/ VISION Mission “Explore and enhance the quality of life

of people thr ough financia l security by providing pr oducts and services of aspired attri

butes withco mpetitive ret urns, and by rendering res ources for ec onomic devel opment.”Visi

on“A transnationally c ompetitive f inancial con glomerate o f significance to societiesa

nd Pride of In dia.”LIC of In dia is the one and only pub lic sector life insurance Co mpany in Ind

ia.Some of th e important milestones in the life insur ance busines s inIndia are:

1818: Orient al Life Insur ance Compa ny, the first life insuranc ecompany on Indiansoil st

arted functio ning.1870: B ombay Mutu al Life Assur ance Society , the first In dian lifeinsur

ance compan y started its business.191 2: The Indian Life Assuran ce Companie s Act enacted

as the first s tatute toregul ate the life in surance busi ness.1928: T he Indian In surance Com

panies Act e nacted to en able thegove rnment tocoll ect statistical information about both lif

e and nonlife insurance businesses.1 938: Earlier legislation c onsolidated and amende

d to by theI nsurance Act with theobjec tive of protec ting the inter ests of the in suring public.

1956: 245 In dian and fore ign insurers and providen t societies ar etaken over by thecentra

l governmen t and nation alised. LIC f ormed by an Act of Parlia ment, viz. LI C Act, 1956,

with a capit al contributi on of Rs. 5 c rore from th eGovernment of India.The General insu

rance busine ss in India, o n the other h and, cantrac e its roots to theTriton Ins urance Comp

any Ltd., the first general i nsurance co mpany establ ished inthe y ear 1850 in C

alcutta by th e British.