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Life Insurance Corporation to open offices in locations which has a population of 10000 or more

Insurance giant Life Insurance Corporation of India has announced the opening of 300 more branches across India by the end of June 2013. The company also has plans to

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Last Updated - May 16, 2023
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Insurance giant Life Insurance Corporation of India has announced the opening of 300 more branches across India by the end of June 2013. The company also has plans to open additional 1,700 branches by the end of this calendar year. This is in line with the announcement made by the Finance Minister Mr. P. Chidambaram in the budget where he spelled out that LIC and public insurance companies should have presence in all the towns which has a population exceeding 10,000 by the end of this financial year.

These 300 new branches, which will be inaugurated by the Finance Minister Mr. P. Chidambaram during next week, will have an employee of the company as well as the agents. They will be carrying the task of collection of premiums, issuance of policies and also assisting to the customer for policy renewal issues.

Mr. Thomas Mathew, Chairman of LIC said that as against the 3,867 places with a population of 10,000 or more, LIC has offices in 2,167 locations. The company will also open 1,700 additional new branches to comply with the directions issued by the government.

Board of Directors of the company, which includes persons from banking sector, C.B.D.T, Economic Affairs Secretary Mr. Arvind Mayaram, Financial Services Secretary Mr. Rajiv Takru as well as other members, in their meeting discussed in length the plans for the year for its products and budgets and also discuss the issues of prime importance and sought permission for other growth plans.

Life Insurance Corporation of India (LIC) is the largest insurance and investment company in India where the Government of India has 100% stake. It has a market share of more than 80% of the total Life Insurance Business in India. It has 5 zonal offices, 33 divisional offices and 212 branches offices in addition to its corporate office.

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