{"id":31359,"date":"2025-03-20T04:20:19","date_gmt":"2025-03-19T22:50:19","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=31359"},"modified":"2025-04-16T11:20:06","modified_gmt":"2025-04-16T05:50:06","slug":"lic","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/lic\/","title":{"rendered":"LIC"},"content":{"rendered":"<h2>LIC Latest News<\/h2>\n<p>LIC Agents Protest Against New Insurance Rules<\/p>\n<h2>About LIC<\/h2>\n<ul>\n<li><strong>Life Insurance Corporation of India (LIC)<\/strong> is the <strong>largest public sector life insurance company<\/strong> and <strong>institutional investor<\/strong> in India.<\/li>\n<li><strong>Headquartered in Mumbai<\/strong>, it plays a <strong>crucial role in India\u2019s financial market<\/strong>.<\/li>\n<li><strong>Motto<\/strong>: <strong>&#8220;Yogakshemam Vahamyaham&#8221;<\/strong> (From the Bhagavad Gita) \u2013 <strong>&#8220;Your welfare is our responsibility.&#8221;<\/strong><\/li>\n<li>Established in <strong>1956<\/strong> through the <strong>Life Insurance of India Act<\/strong>, which <strong>nationalized the insurance sector<\/strong> by merging <strong>245 private insurers and provident societies<\/strong> into a single entity.<\/li>\n<li>LIC operates through <strong>8 zonal offices<\/strong> in <strong>Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna<\/strong>.<\/li>\n<\/ul>\n<h2>Historical Background of the Indian Insurance Industry<\/h2>\n<ul>\n<li><strong>1818: Oriental Life Insurance Company<\/strong>, the first life insurance company in India, was established.<\/li>\n<li><strong>1870: Bombay Mutual Life Assurance Society<\/strong>, the first Indian-owned life insurance company, was founded.<\/li>\n<li><strong>1912: Indian Life Assurance Companies Act<\/strong> was enacted to regulate life insurance businesses.<\/li>\n<li><strong>1928: Indian Insurance Companies Act<\/strong> was passed to enable the government to collect statistical data on life and non-life insurance companies.<\/li>\n<li><strong>1938: Insurance Act, 1938<\/strong>, was enacted to <strong>protect policyholders&#8217; interests<\/strong> and regulate the sector.<\/li>\n<li><strong>1956: LIC was formed<\/strong> by merging <strong>245 Indian and foreign insurance companies<\/strong> with an initial <strong>capital of \u20b95 crore<\/strong> from the <strong>Government of India<\/strong>.<\/li>\n<li>Meanwhile, <strong>General Insurance<\/strong> in India began with the <strong>Triton Insurance Company Ltd. in 1850<\/strong>, established by the British in <strong>Calcutta<\/strong>.<\/li>\n<\/ul>\n<h2>Financial Services Institutions Bureau (FSIB)<\/h2>\n<ul>\n<li><strong>Established in 2022<\/strong> by the <strong>Union Government<\/strong> to recommend appointments of <strong>whole-time directors and non-executive chairpersons<\/strong> in <strong>public sector financial institutions<\/strong>.<\/li>\n<li>Also advises on <strong>personnel management policies<\/strong> in these institutions.<\/li>\n<li><strong>Vision<\/strong>: To <strong>promote corporate governance excellence<\/strong> in <strong>public sector financial institutions<\/strong>.<\/li>\n<li><strong>Secretariat<\/strong>: Consists of a <strong>Secretary and four officers<\/strong>.<\/li>\n<\/ul>\n<h2>Insurance Regulatory and Development Authority of India (IRDAI)<\/h2>\n<ul>\n<li><strong>Statutory body<\/strong> formed under the <strong>IRDAI Act, 1999<\/strong> for the <strong>supervision and regulation of the insurance sector<\/strong>.<\/li>\n<li><strong>Powers &amp; Functions<\/strong>:\n<ul>\n<li><strong>Promotes competition<\/strong> to enhance <strong>consumer choice and fair pricing<\/strong>.<\/li>\n<li><strong>Ensures financial security<\/strong> of the <strong>insurance market<\/strong>.<\/li>\n<li><strong>Regulates entities<\/strong> under the <strong>Insurance Act, 1938<\/strong>, which is the <strong>primary law governing the insurance sector<\/strong>.<\/li>\n<li>Other relevant laws include:\n<ul>\n<li><strong>Marine Insurance Act, 1963<\/strong> (governing marine insurance).<\/li>\n<li><strong>Public Liability Insurance Act, 1991<\/strong> (covering liability insurance).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>LIC FAQs<\/h2>\n<p><strong>Q1. <\/strong>What is the Life Insurance Corporation of India (LIC)?<\/p>\n<p><strong>Ans.<\/strong> LIC is a state-owned insurance company established in 1956 after the nationalization of private insurance companies. It is the largest insurer in India, offering life insurance and investment services.<\/p>\n<p><strong>Q2. <\/strong>Why was LIC established?<\/p>\n<p><strong>Ans.<\/strong> LIC was created under the Life Insurance Corporation Act, 1956 to provide life insurance services and promote financial security for citizens.<\/p>\n<p><strong>Q3. <\/strong>Who regulates LIC?<\/p>\n<p><strong>Ans.<\/strong> LIC is regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and operates under the Ministry of Finance, Government of India.<\/p>\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindu.com\/news\/national\/lics-focus-on-protecting-the-poor-is-changing-rahul-gandhi\/article69349581.ece\" target=\"_blank\" rel=\"nofollow noopener\">TH<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LIC, India&#8217;s largest public sector life insurer and investor, is headquartered in Mumbai, playing a key role in the country&#8217;s financial market.<\/p>\n","protected":false},"author":5,"featured_media":31360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-31359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/31359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=31359"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/31359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/31360"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=31359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=31359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=31359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}