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Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.The contract is valid for payment of the insured amount during: The date of maturity, or Specified dates at periodic intervals, or Unfortunate death, if it occurs earlier. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with hazards that stand across the life-path of every person: OBJECTIVES : OBJECTIVES Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. Slide 6: Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Slide 7: Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective. Slide 8: Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. MISSION : MISSION “Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development." VISSION : VISSION "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India." BOARD OF DIRECTORS : BOARD OF DIRECTORS Shri. T.S. Vijayan (Chairman) Shri. D.K. Mehrotra (Managing Director - LIC) Shri. Thomas Mathew T. (Managing Director - LIC) Shri. A.K. Dasgupta (Managing Director - LIC) Shri. Ashok Chawla (Finance Secretary, Ministry of Finance, Govt. of India) Shri. G.C. Chaturvedi (Additional Secretary, Department of Financial Services, Ministry of Finance, Govt. of India.) Shri. Yogesh Lohiya (Chairman cum Managing Director, GIC of India) Shri. T.C. Venkat Subramanian (Chairman & Managing Director. Export Import Bank of India) Dr. Sooranad Rajashekhran The other subsidiary companies under LIC are: : The other subsidiary companies under LIC are: Life Insurance Corporation (LIC) of India International - A joint venture offshore company promoted by LIC which commenced its operations in July, 1989 with the objective of offering policies denominated in US $ to NRIs residing in the Gulf. LIC Nepal - Formed in 2001 in joint venture with Vishal Group of Industries, Nepal. LIC Lanka - Formed in 2003 in joint venture with Bartleet Group of Companies, Sri Lanka LIC Housing Finance - Established in 19 th June,1989 in Dubai with the objective of providing long term finance for construction of houses or apartments. LIC Housing Finance Limited Care Homes - A wholly owned subsidiary of LIC Housing Finance which builds "Assisted Community Living Centers" for senior citizens. PRODUCTS : PRODUCTS Special plans : Special plans COMPARISION OF TOTAL PREMIUM COLLECTED : COMPARISION OF TOTAL PREMIUM COLLECTED MARKET SHARE(2008) : MARKET SHARE(2008) TAX BENEFIT : TAX BENEFIT 1)Tax Benefits available for various Life Insurance plans. -The aggregate amount of deduction under all the relevant sections viz. section 80C, section 80CCC and section 80CCD shall not, exceed Rs.1 Lakh. Slide 23: 2) Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D). --All the benefits payable under a Life Insurance policy are tax free. However in cases the premium paid in excess of 20% of the capital sum assured within a year, benefits paid excess of premiums will be taxable. The benefits from a key man Insurance policy and any sum received under Sec 80DD, Sub-section (3) are also taxable. 3) Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan (U/s. 80CCC). --Amounts paid from the taxable income to premiums of the above annuity are deductible. Slide 24: 4) Deduction under section 80D Medical Premium paid for a Health Insurance policy --Medical Premium paid for a Health Insurance policy is deductible to the extent of Rs. 15000 for an assessee and/or his family members’ policy/s. A separate exemption to the extent of Rs. 15,000 for premiums paid for an assessee’s parents is also available. If any one or both of the parents are Senior citizens, then an enhanced exemption limit of Rs. 20,000 is available. Section 80D also covers payment of premium exclusively for Critical Illness Rider. Slide 25: 5) Jeevan Aadhar Plan (Sec.80DD) Premium paid for LIC’s Jeevan Aadhar Plan (for the maintenance of an handicapped dependent) is eligible for deduction from the total income to the extent of Rs.50,000 and to the extent of Rs.75,000/- where handicapped dependent is suffering from specified severe disability. 6) Exemption in respect of commutation of pension under Jeevan Suraksha & Jeevan Nidhi Plans under Section 10(10A): DIVERSIFIED FIELDS : DIVERSIFIED FIELDS LIC Housing Finance Ltd LIC HFL Care Homes Ltd LIC Mutual Fund AMC Ltd LIC Pension Fund Ltd FUTURE PLAN(2008-09) : FUTURE PLAN(2008-09) During the year 2008-09 the corporation has planed for sustained growth in new business. The new business annual budget is as under: (Figures in lakhs) AWARDS : AWARDS Slide 31: THANKYOU !! 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