Alamia Life Insurance Case Study

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Board of Directors Members On The Board Of The Corporation Shri D.K. Mehrotra, (CHAIRMAN, LIC ) Shri Thomas Mathew T. (Managing Director, LIC ) Shri Sushobhan Sarker (Managing Director, LIC ) Shri Arvind Mayaram (Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India.) Shri Rajiv Takru (Secretary, Department of Financial Services, Ministry of Finance, Govt. of India.) Shri A.K. Roy (Chairman cum Managing Director, GIC.) Shri M.V. Tanksale (Chairman & Managing Director, Central Bank of India ) Shri Anup Prakash Garg Shri Sanjay Jain Shri Ashok Singh Shri K.S. Sampath Shri Amardeep Singh Cheema Smt Manjari Kackar 3.3 HISTORY The Oriental Life Insurance Company, the first corporate entity in India offering…show more content…
In the ensuing investigations, one of India's wealthiest businessmen, Ram Kishan Dalmia, owner of the Times of India newspaper, was sent to prison for two years. Eventually, the Parliament of India passed the Life Insurance of India Act on 1956-06-19, and the Life Insurance Corporation of India was created on 1956-09-01, by consolidating the life insurance business of 245 private life insurers and other entities offering life insurance services. Nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least seventeen sectors of the economy, including the life insurance. 3.5 CURRENT STATUS Over its existence of around 57 years (upto 2013), Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7% of India's GDP in 2006. The Corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 459 million (US$ 92 million as per the 1959 exchange rate of roughly Rs. 5 for a US $, has grown to 25000 servicing around 350 million policies and a corpus of over 8 trillion (US$150 billion). 3.6 AWARDS AND…show more content…
The established objectives were kept in mind during the study, however no hypothesis was formed as the study was more in the form of descriptive design attempting to analyze the attitude of respondents towards the project. Literature Survey: In order to be familiar with the topic and to know the views of various experts of marketing, a literature survey done. The intention behind this will to get full knowledge about the topic. Data Collection: The Core finding of the study was based upon the information collected through primary data i.e. information was collected from respondent with the help of structured questionnaire. Measurement Technique: A structured questionnaire was administrated for the purpose of obtaining information from the respondents. Much care been taken to put the related to the subject, the questionnaire will contain closed ended logical questions. MODE OF DATA COLLECTION The study is based on both Primary and Secondary data which includes a) Primary Data The Primary Data was gathered through the direct personal interviews with technical and as well as marketing persons of the concerns. b) Secondary

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