Aahistory of Lic Pptk

8/8/2019 Aahistory of Lic Pptk

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S. R. Luthra Institute of Management

Assignment on Organization Structure and Process of LICPresentation by:

Name Roll no

Kanani Rajni 18Patel Lakhan 33

Patel Nikhil 35

Patel Sujit 36Patel Yatin 38

Sutariya Hardik 47

Nasit Bhavik 60


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HISTORY OF LIC Corporation Act on the 19th of June 1956

objective of spreading life insurance much more widelyand in particular to the rural areas with a view to reach all

insurable persons in the country, providing them adequatefinancial cover at a reasonable cost.

LIC Started it functioning with a 5 crore capital from thegovernment and still paying the dividend to thegovernment.

LIC had 5 zonal offices, 33 divisional offices and 212branch offices, apart from its corporate office in the year1956.


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MISSION AND VISION

yMission:

"Explore and enhance the quality of life of

people through financial security by

providing products and services of

aspired attributes with competitive

returns, and by rendering resources for

economic development."


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Vision:

y"A trans-nationally competitive financial

conglomerate of significance to societies

and Pride of India."


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THE ORGANIZATIONAL PROCESS

1. Review plans and objectives.

2. Determine the work activities necessary

to accomplish objectives.

3. Classify and group the necessary work

activities into manageable units.

4. Assign activities and delegate authority.5. Design a hierarchy of relationships.


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(contd,..)

1. Review plans and objectives.

In the LIC the plans are formulated at the centraloffice and then the main goal is further segregated

into different goals and are been transferred to the

divisional and zonal office by foreseeing there past

performance.


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(contd,..)

2.Determine the work activities necessary toaccomplish objectives.

In LIC the Branch manager is assigned the

target of making a for an instance 8 crorepremium in a month period in a certain plan,which in turn helps the BM to design a performance appraisal plan of awarding the

agent with incentives for selling a plan recentlythe agent who sold the endowment plus plan,he is being awarded 300 rs. per policy hebrings in a month time.


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(contd,..)3.Classify and group the necessary work

activities into manageable units.

Here in the LIC

at the branch level thedepartments are made on the basis of functional

structure where in every department functions

individually respected to their work. For an

instance the policy serving department willaccept all the application of loan procedure,

address change, nomination of the policy.


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Here above the hierarchy of assigning authority andresponsibilities to the development officer from the

branch manager who assigns him to make new

agents and handle the agents under his hands andsolve their problems and targets are assigned to

them to accomplish the organizational goals.

(contd,..)

4.Assign activities and delegate authority.

Branchmanager

Developmentofficer

Agent


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(contd,..)

5. DESIGN A HIERARCHY OF RELATIONSHIPS.

Chief Branch

Manager

New Business

ManagerClaims Manager Marketing Manager I T Manager

Employees Employees Employees Employees


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ORGANISTIONAL STRUCTURE OF LIC AT

TOP LEVEL MANAGEMENT


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Aahistory of Lic Pptk