06/04/2011

Functions of Life Insurance Corporatio

Home Privacy Policy Disclaimer

1Crore Life Cover Get Best Term Plan, Invest 818/Month www.policybazaar.com Life Insurance? Get smart insurance suggestion for secured future. Contact us now. Jumpstart.co.in Term Life Insurance Get yourself covered for 1Crore By paying less than Rs.1000 a Month paisabazaar.com/Term-In

Ads by Google

Lic Policy

Lic of India

Lic Life Insurance

Lic Online Payment

Functions of Life Insurance Corporation of India(LIC)

MBA from UK in Mumbai www.CentreForManagement University of Wales MBA, 2 years Weekend/Evening Classes wt Online Life Insurance? Jumpstart.co.in Get smart insurance suggestion for secured future. Contact us now. 1Crore Life Cover - L I C PolicyBazaar.com/term-plan Only a Right Step to Protect Your Family From Any Mishap

You are Here: Home > Legal Framework > Functions of Life Insurance Corporation of India(LIC) 0 0

4
Share

0
Like

The life insurance business was nationalised on 19th January, 1956 and the Life Insurance Corporation of India came into being on 1st September, 1956 to carry on life business in India with capital of Rs.5 crores contributed by the Central Government. The Corporation is a body corporate having perpetual succession with a common seal with powers to acquire, hold and dispose of property and may by its name sue and be sued. The functions of the Corporation shall be to carry on and develop life insurance business to the best advantage of the community. The Corporation shall have power (a) to carry on capital redemption business, annuity certain business or reinsurance business in so far as such reinsurance
mbaknol.com//functions-of-life-insur 1/7

06/04/2011

Functions of Life Insurance Corporatio

business relating to life insurance business; (b) to invest the funds of the Corporation in such manner as the Corporation may think fit and to take all such steps as may be necessary or expedient for the protection or realisation of any investment; including the taking over of and administering any property offered as security for the investment until a suitable opportunity arises for its disposal; (c) to acquire, hold and dispose of any property for the purpose of its business; (d) to transfer the whole or any part of the life insurance business carried on outside India to any other person or persons, if in the interest of the Corporation it is expedient so to do; (e) to advance or lend money upon the security of any movable or immovable property or otherwise; (f) to borrow or raise any money in such manner and upon such security as the Corporation may think fit; (g) to carry on either by itself or through any subsidiary any other business in any case where such other business was being carried on by a subsidiary of an insurer whose controlled business has been transferred to and vested in the Corporation by this act; (h) to carry on any other business which may seem to the Corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the Corporation; and (i) to do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation. (j) In the discharge of any of its functions the Corporation shall act so far as may be on business principles. 0

Share

1
tweet

retw eet

tweet

retw eet retw eet

shares Share

mbaknol.com//functions-of-life-insur

2/7

06/04/2011

Functions of Life Insurance Corporatio

StumbleUpon Submit
vote now

Related posts: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Life Insurance Corporation of India (LIC) Meaning of life insurance and its types of policies Definition of Life Insurance Types of Life Insurance Claims Application of general rules of Law of Contracts to Life Insurance Industrial Finance Corporation of India (IFCI) Indias apex bank: The Reserve Bank of India(RBI), its objectives and functions Export Credit Guarantee Corporation of India (ECGC) Introduction to Insurance Sector in India National Securities Clearing Corporation Ltd.(NSCCL)

Recommended Articles Investment Banking in India Principal Functions of Investment Banks Concept of Investment Banking Industrial Development Bank of India (IDBI) Industrial Finance Corporation of India (IFCI) Definition of Development Banks Life Insurance Corporation of India (LIC) Forex Market or Foreign Exchange Market Role of Reserve Bank of India (RBI) in Indian Economy Indias apex bank: The Reserve Bank of India(RBI), its objectives and functions

Home > Legal Framework > Functions of Life Insurance Corporation of India(LIC)

Most Popular Posts

Role of Reserve Bank of India (RBI) in Indian Economy 4 comment(s) Theories of Motivation: Herzbergs Motivation-Hygiene Model 4 comment(s) Definition of management by eminent authors 3 comment(s) Corporate restructuring exercises by Procter & Gamble (P&G) 2 comment(s) Difference between money market and capital market 1 comment(s) Definition and nature of a company 1 comment(s) Frederick Taylor's scientific management priciples 1 comment(s) Depository System in India 1 comment(s) Role of development banks in the Indian economy 1 comment(s) Export financing programmes provided by EXIM Bank India 1 comment(s)
mbaknol.com//functions-of-life-insur 3/7

06/04/2011

Functions of Life Insurance Corporatio

Search Mbaknol
Search

Get Blog Updates Via Email

Enter your email address:

Subscribe

Tags: Financial Institutions Legal Framework

Leave a Reply
* Required ** Your Email is never shared Name * Email ** Website

CAPTCHA Code *

mbaknol.com//functions-of-life-insur

4/7

06/04/2011

Functions of Life Insurance Corporatio

Get Daily Updates via Email

Enter your email address:

Subscribe

Categories
Business Communication Business Ethics Business Finance Business Taxation Financial management Global Business Environment Human Resource Management Information Systems Management International Business International Finance Investment Management Legal Framework Logistics Management Management Articles Management Case Studies Management Concepts Management Information Systems Management Principles Management Science Managerial Economics Marketing Management Mercantile Law Modern Management Concepts Operations Management Research Methodology Retail Management Strategic Management

Archives
mbaknol.com//functions-of-life-insur 5/7

06/04/2011

Functions of Life Insurance Corporatio

March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010

Recent Posts
File Organization Techniques Introduction to File Organization Concept of 'Fear of Floating' Reasons for Divergences Between De facto and De jure Policies De jure and De facto Exchange Rate Regimes National Competitive Advantage Theory of International Trade Neo-Factor Proportions Theory Factor Proportions Theory of International Trade Experience Curve Regional Economic Integration

Find Us On Facebook
MBAknol on Facebook
Like 800 people like MBAknol.

Shiv

A v inash

M uantea

A rpita

F ortune

P riy a

Jy otsana

Law rence

Zing

A shfaque

Teha

A saduzzaman

F acebook social plugin

Follow Me on Twitter
MBAKnol

Mbaknol

mbaknol.com//functions-of-life-insur

6/7

06/04/2011

Functions of Life Insurance Corporatio

Mbaknol Introduction to File Organization http://goo.gl/fb/fcRLA
16 day s ago reply retw eet fav orite

Mbaknol File Organization Techniques http://goo.gl/fb/Wy7yR

16 day s ago reply retw eet fav orite

Join the conversation

Privacy Policy Disclaimer

Copyright 2011 MBA Knowledge Base

mbaknol.com//functions-of-life-insur

7/7