Life Insurance Corporation of India released Notification Regrading LIC Direct Recruitment 2016 . Life Insurance Corporation of India has transmitted a career notice about LIC Recruitment. Corporation is looking for hard working aspirants to fill up 430 vacancies of CCA, RCA, Insurance Agent, LIC Agent and Advisor cum Agent posts. You may apply for LIC Recruitment 2016 by submitting application form through online mode. The details of Life Insurance Corporation of India latest jobs alert Employment News, Careers, Vacancy, Syllabus, Interview Date, Interview Time, Admit Card, call Letter, Result, Merit List, etc.., Get more updates from www.freshersjobsway.in
Life Insurance Corporation of India Direct Recruitment
No Of Posts : 430
Name of Post :
Insurance Agent-121
Life Insurance Agent:50
LIC Agent:99
CCA:20
RCA:40
Insurance Agent:50
Insurance Advisor cum Agent:50
Qualification :
For Life Insurance Corporation of India Recruitment Candidates are required to possess 10th / 12th/ Graduation in relevant field from recognized University or Institution with good academic records.
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Age Limit :
For Post Wise Age Details Go To Detailed Official Notification.
Pay Scale :
Selected applicants for Life Insurance Corporation Vacancy will be given salary according to the number of polices they sold along with other incentives.
Selection Process :
* Selection of candidates for LIC Vacancy will be on the basis of their performance in written examination carried on by organization itself.
* After examination candidates have to appear in personal interview for final selection.
Also Read : Tips & Tricks to prepare for Written Exam
Application Fee :
Application Fee Details Go To Detailed Official Notification.
How to Apply :
You can go through simple process to fill online application form against Life Insurance Corporation Recruitment 2016:
1. First of all, go to official website that is maharojgar.gov.in.
2. Select “Current Jobs” link on home page.
3. Choose “Hit Here” link in “Jobs posted on Maharojgar Portal” section.
4. Select appropriate posts for which you are applying.
5. Read all information carefully and come back to previous page.
6. Hit “Login to View & Apply Eligible Vacancies” link.
7. Log in with correct ID and Password to Fill Online Application Form.
8. Fill application form with correct details.
9. Upload a scanned image on the space available on application form.
10. Recheck application form and hit “Submit” button.
11. Take a hard copy of application form for further use.
See More : Aurangabad Jobs
Important Dates to Remember :
Last date to submit Application:
Insurance Agent: 15th July 2016
Life Insurance Agent: 15th July 2016
LIC AGENT: 31st July 2016
CCA: 07th July 2016
RCA: 07th July 2016
Insurance Agent:15th July 2016
You may get other details about Life Insurance Corporation of India Direct Recruitment 2016 through this Official Notification.Interested aspirants can stay connected with web portal to achieve latest updates for Life Insurance Corporation of India.
Also Read : Upcoming LIC Notifications
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About LIC :
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹1,560,482 crore (US$230 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Anita Bhavsar and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums.[3] Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan Insurance Society, which later became Life Insurance Corporation.
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
Postal Life Insurance (PLI) was introduced on 1 February 1884
Bharat Insurance Company (1896)
United India (1906)
National Indian (1906)
National Insurance (1906)
Co-operative Assurance (1906)
Hindustan Co-operatives (1907)
Indian Mercantile
General Assurance
Swadeshi Life (later Bombay Life)
Sahyadri Insurance (Merged into LIC, 1986)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of worldwide economic crises triggered by the Great depression. The first half of the 20th century saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Ramkrishna Dalmia, owner of the Times of India newspaper, was sent to prison for two years.
The Parliament of India passed the Life Insurance of India Act on June 19, 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses and by 2006 was contributing around 7% of India's GDP.[citation needed]
The corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$92 million as per the 1959 exchange rate of roughly ₹5 for US$1), had grown to 25,000 servicing around 350 million policies and a corpus of over ₹800,000 crore (US$120 billion) by the end of the 20th century.
From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses and by 2006 was contributing around 7% of India's GDP.[citation needed]
The corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$92 million as per the 1959 exchange rate of roughly ₹5 for US$1), had grown to 25,000 servicing around 350 million policies and a corpus of over ₹800,000 crore (US$120 billion) by the end of the 20th century.
LIC offers a variety of insurance products to its customers such as insurance plans, pension plans, unit-linked plans, special plans and group schemes.Today,the LIC has 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 satellite offices and corporate offices; it also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.Today,the LIC has 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 satellite offices and corporate offices; it also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.
LIC Golden Jubilee Foundation was established in 2006 as a charity organization. This entity has the aim of promoting education, alleviation of poverty, and providing better living conditions for the under privileged. Out of all the activities conducted by the organisation, Golden Jubilee Scholarship awards is the best known. Each year, this award is given to the meritorious students in standard XII of school education or equivalent, who wish to continue their studies and have a parental income less than ₹100,000 (US$1,500).LIC holds shares worth about Rs 2.33 lakh crore in all the Nifty companies put together, but it lowered its holding in a total of 27 Nifty companies during the quarter.
The cumulative value of LIC holding in these 27 companies fell by little over Rs 8,000 crore during the quarter shows the analysis of changes in their shareholding patterns.
Individually, LIC is estimated to have sold shares worth Rs 500-1,000 crore in each of Mahindra & Mahindra, HDFC Bank, ICICI Bank, Tata Motors, L&T, HDFC, Wipro, SBI, Maruti Suzuki, Dr Reddys and Bajaj Auto.
The insurance behemoth also trimmed holdings in Ambuja Cements, Cipla, TCS, Lupin and Asian Paints. A marginal decline was also witnessed in its stakes in companies such as IDFC, Hindustan Unilever, Grasim, ACC, BPCL, Bank of Baroda, Punjab National Bank, Sun Pharma and Tata Power.
On the other hand, LIC further ramped up its stake in a total of 14 Nifty constituents with purchase of shares worth an estimated Rs 4,000 crore.
The major companies where LIC has raised its stake include Infosys, RIL,Coal India Ltd and Cairn India. Other such companies are ITC, Power Grid Corp, NTPC, Siemens, Bharti Airtel and Hero MotoCorp.
The state-run insurer also marginally hiked its exposure in Ultratech, Gail India, Ranbaxy, Kotak Mahindra Bank and HCL Technologies, while its shareholding remained almost unchanged in companies like ONGC, Tata Steel, BHEL and Reliance Infra.
Among the Nifty companies, LIC’s holding in terms of value is estimated to be highest in ITC (Rs 27,326 crore), followed by RIL (Rs 21,659 crore), ONGC (Rs 17,764 crore), SBI (Rs 17,058 crore), L&T (Rs 16,800 crore), and ICICI Bank (Rs 10,006 crore).