Thursday, 28 January 2016

LIC AAO Notes : Important Roles and Functions of LIC

LIC AAO Notes : Important Roles and Functions of LIC
Dear expert mm readers. In LIC AAO Exam 2016 notes series here we are providing roles & functions of LIC which may be asked in the upcoming LIC AAO exam 2016.

The Life Insurance Corporation of India came into being on 1st September, 1956 and nationalized on 19th January, 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.

Check: - LIC AAO Exam Reasoning New Pattern, Syllabus Study Plan & Preparation Tips

The Corporation shall have power –
  • To carry on capital redemption business, annuity certain business or reinsurance business in so far as such reinsurance business relating to life insurance business;
  • 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;
  • To acquire, hold and dispose of any property for the purpose of its business;
  • 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;
  • To advance or lend money upon the security of any movable or immovable property or otherwise;
  • To borrow or raise any money in such manner and upon such security as the Corporation may think fit;
  • 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;
  • 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
  • To do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation.
  • In the discharge of any of its functions the Corporation shall act so far as may be on business principles.

Important Tips for LIC AAO Exam 2016 : How to Crack Plan

LIC AAO exam will be going to conduct tentatively in the month of March, 2016.
So, for the help of aspirants we are providing important objectives of LIC which may be asked in the upcoming LIC AAO exam.

Click here to see official cutoffs for the LIC AAO 2013

  • To Spread life insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
  • Bear in mind, in the investment of funds, the primary obligation to its policy holders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the community as a whole, keeping in view national priorities and obligations attractive return.
  • Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
  • Meet the various life insurance need of the community that would arise in the changing social and economic environment.
  • Promote amongst all agents and employees of the Corporation a sense of participation, pride job satisfaction through discharge of their duties with dedication towards achievement of corporate objective.
  • Maximize mobilization of people’s savings by making insurance linked savings adequately attractive.
  • Act as trustees of the insured public in their individual and collective capacities.
  • Involve all people working in the Corporation to the best of their capabilities furthering the interests of the insured public by providing efficient service with courtesy.
Check Complete Study Notes, Syllabus, Books Guide, Model Questions Papers, Quiz for LIC AAO Exam

No comments:

Post a Comment