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"And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand." - Majora

Role of Lic in Bulidinv of a Nation

  • Date Submitted: 09/01/2016 10:04 AM
  • Flesch-Kincaid Score: 57.2 
  • Words: 952
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On 1st September 2012, LIC completes 56 years of its glorious and purposeful existence. It was on this day in the year 1956, that LIC of India came into being with the government of India nationalizing the life insurance business through an ordinance on 19th January 1956.  Ever since 1956, LIC has progressed from strength to strength. In the process, it has fulfilled its objectives and has been immensely contributing to the nation building activities. Today, LIC is an Institution of national importance and operates at a very large scale and efficiency. It has created a significant value for its customers and dominates the life insurance industry in our country. LIC has institutionalized a culture of Trust within its organization which is the basis for its extraordinary success. LIC has grown today to be the premiere public sector financial institution and the pride of India.
 
LIC has invested Rs. 8,19,835 crores as on 31.3.2012 in central/state government securities, power generation, road transport, water supply, housing and other social activities. LIC has played a very important role in nation building. LIC’s contribution to the Five Year Plans has been commendable. It contributed  Rs. 184 crore to the second Five Year Plan (1956-61), Rs. 3, 94,779  to tenth Five Year Plan (2002-2007) and Rs.7,04,151  Crores to the eleventh Five Year Plan (2007-2012. The most amazing aspect is that around 25% of internal borrowings of the central government are met by LIC every year.  On an initial investment of Rs.5 crores in the year 1956 by the Union Government, it’s share  of the valuation surplus of 5% for the year 2011-12 worked out to be Rs. 1281.23 Crore. With an investment of just Rs.5 crore, till this fiscal year end, the government received a cumulative dividend of Rs. 11,376.10 Crore which is unimaginable in any other institution.The Government of India has entrusted several social security schemes to LIC. Over 1.63 crore landless households under Aam Aadmi Bima...

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