LIC IPO : historic Pathway

byAspiring Explorer 2 min read
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June 1956 Life Insurance Corporation Act passed
Sept 1956 Establishment of LIC
1956 Fiji, Mauritius branches established
1960 UK branch established
1962 Pilot scheme of premium collection through post offices inaugurated
1963
  • Change over from calendar year to financial year adopted
  • First computers introduced in Mumbai and Kolkata office
1964
  • Own Your Home scheme launched
  • General insurance business begins
1965 Policy Holder’s Council set up in each division
1967 IBM 1401/1410 computer installed at Mumbai
1969-70 Rs 1,000 crore crossed in biz
1971-78 LIC Reorganisation Policy implemented by Professor Ishwar Dayal
1971 Concept of Agents’ Club introduced
1972
  • First Career Agents’ Branches set up
  • LIC of India (Agents) Regulations formulated
1980
  • Direct Recruitment of officers begins
  • National Insurance Academy (NIA) founded
1981 Jana Raksha Policy launched
1985-86 Rs 7,000 crore crossed in sum assured on new policies
1989 LIC (International) BSC (C) comes into existence
1989
  • LIC Mutual Fund launched
  • Bahrain subsidiary established
July 1995 Online services for policyholders, agents via computer
Nov 1997 MAN and WAN networks established
2000 Nepal subsidiary established
2003 Sri Lanka branch established
2004 Premium payment via ECS and kiosks started
2007 LIC Pension Fund Limited launched
2008
  • Enters an agreement to implement Enterprise Document Management System (EDMS)
  • LIC Cards Services launched
  • LIC HFL Financial Services incorporated

2009
  • LIC Risk Management Department set up
  • LIC Card’ credit card launched
2010 Online paperless underwriting, SMS enquiry service for proposal status
2011 Integrated Complaint Management Service launched
2012
  • LIC Jeevan Akshay VI becomes first policy to be available for sale online
  • Singapore subsidiary established
2013 Syndicate Bank inks MoU as corporate agent of LIC to sell LIC products
2014 Collection of micro-insurance premium via app launched
2015
  • Social security schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) launched
  • Bangladesh subsidiary established
2016 LIC Black Diamond plan launched
2017

Enterprise Risk Management concept launched

Digitisation of policy records for 29 cr customers completed
2019 Acquired 51 per cent stake in IDBI Bank
Feb 2022 LIC files DRHP for IPO

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