Short note on lic stands for.Discuss its organizational structure and objectives
Answers
LIC stands for Life Insurance Corporation
ORGANIZATION STRUCTURE To perform the functions of tile Life Insurance Corporation of India,
a conunittee consisting of 15 members is appointed by the Central
Government. One of these members is also appointed as the chairman. The
organization structure of Life Insurance Corporation of India has four-tier
structure. They are (A) Central Office (B) Zonal Offices (Seven) (C)
Divisional Offices (100) (D) Branch Offices (2048). The Central Office is
to perform the activities relating to investments, framing and administering
the rules and laws of the corporation. Branch Offices carryout almost 90%
of the functions related to policyholders. There are seven Zonal Offices
and 100 Divisional Offices, which are established on the basis of
geographical areas. They are discharging their co-ordinating functions
relating to the Central Offices and Zonal Offices. The Central Office of
Life Insurance Corporation of India is located in Mumbai. There are
several executive committees appointed by the Govemment of India from
time to time to review the activities of the Life Insurance Corporation