LIFE INSURANCE CORPORATION

(LIC)

HISTORY

The story of insurance is probably as old as the story of mankind. The

same instinct that prompts modern businessmen today to secure
themselves against loss and disaster existed in primitive men also. They
too sought to avert the evil consequences of fire and flood and loss of life
and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the
recent past, particularly after the industrial era – past few centuries – yet
its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year
1818. Oriental Life Insurance Company started by Europeans in Calcutta
was the first life insurance company on Indian Soil. All the insurance
companies established during that period were brought up with the
purpose of looking after the needs of European community and Indian
natives were not being insured by these companies. However, later with
the efforts of eminent people like Babu Muttylal Seal, the foreign life
insurance companies started insuring Indian lives. But Indian lives were
being treated as sub-standard lives and heavy extra premiums were being
charged on them. Bombay Mutual Life Assurance Society heralded the
birth of first Indian life insurance company in the year 1870, and covered
Indian lives at normal rates. Starting as Indian enterprise with highly
patriotic motives, insurance companies came into existence to carry the
message of insurance and social security through insurance to various
sectors of society. Bharat Insurance Company (1896) was also one of
such companies inspired by nationalism. The Swadeshi movement of
1905-1907 gave rise to more insurance companies. The United India in
Madras, National Indian and National Insurance in Calcutta and the Co-
operative Assurance at Lahore were established in 1906. In 1907,
Hindustan Co-operative Insurance Company took its birth in one of the
rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in
Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life
(later Bombay Life) were some of the companies established during the
same period. Prior to 1912 India had no legislation to regulate insurance
business. In the year 1912, the Life Insurance Companies Act, and the
Provident Fund Act were passed. The Life Insurance Companies Act,
1912 made it necessary that the premium rate tables and periodical
valuations of companies should be certified by an actuary. But the Act
discriminated between foreign and Indian companies on many accounts,
putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in
insurance business. From 44 companies with total business-in-force as
Rs.22.44 crore, it rose to 176 companies with total business-in-force as
Rs.298 crore in 1938. During the mushrooming of insurance companies
many financially unsound concerns were also floated which failed
miserably. The Insurance Act 1938 was the first legislation governing not
only life insurance but also non-life insurance to provide strict state
control over insurance business. The demand for nationalization of life
insurance industry was made repeatedly in the past but it gathered
momentum in 1944 when a bill to amend the Life Insurance Act 1938
was introduced in the Legislative Assembly. However, it was much later
on the 19th of January, 1956, that life insurance in India was nationalized.
About 154 Indian insurance companies, 16 non-Indian companies and 75
provident were operating in India at the time of nationalization.
Nationalization was accomplished in two stages; initially the
management of the companies was taken over by means of an Ordinance,
and later, the ownership too by means of a comprehensive bill. The
Parliament of India passed the Life Insurance Corporation Act on the
19th of June 1956, and the Life Insurance Corporation of India was
created on 1st September, 1956, with the objective of spreading life
insurance much more widely and in particular to the rural areas with a
view to reach all insurable persons in the country, providing them
adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices,
apart from its corporate office in the year 1956. Since life insurance
contracts are long term contracts and during the currency of the policy it
requires a variety of services need was felt in the later years to expand the
operations and place a branch office at each district headquarter. Re-
organization of LIC took place and large numbers of new branch offices
were opened. As a result of re-organisation servicing functions were
transferred to the branches, and branches were made accounting units. It
worked wonders with the performance of the corporation. It may be seen
that from about 200.00 crores of New Business in 1957 the corporation
crossed 1000.00 crores only in the year 1969-70, and it took another 10
years for LIC to cross 2000.00 crore mark of new business. But with re-
organisation happening in the early eighties, by 1985-86 LIC had already
crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 109
divisional offices, 8 zonal offices, 992 satallite offices and the Corporate
office. LIC’s Wide Area Network covers 109 divisional offices and
connects all the branches through a Metro Area Network. LIC has tied up
with some Banks and Service providers to offer on-line premium
collection facility in selected cities. LIC’s ECS and ATM premium
payment facility is an addition to customer convenience. Apart from on-
line Kiosks and IVRS, Info Centres have been commissioned at Mumbai,
Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune
and many other cities. With a vision of providing easy access to its
policyholders, LIC has launched its SATELLITE SAMPARK offices.
The satellite offices are smaller, leaner and closer to the customer. The
digitalized records of the satellite offices will facilitate anywhere
servicing and many other conveniences in the future.

LIC continues to be the dominant life insurer even in the liberalized

scenario of Indian insurance and is moving fast on a new growth
trajectory surpassing its own past records. LIC has issued over one crore
policies during the current year. It has crossed the milestone of issuing
1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth
rate of 16.67% over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set
unprecedented performance records in various aspects of life insurance
business. The same motives which inspired our forefathers to bring
insurance into existence in this country inspire us at LIC to take this
message of protection to light the lamps of security in as many homes as
possible and to help the people in providing security to their families.
Some of the important milestones in the life insurance business in
India are:

1818: Oriental Life Insurance Company, the first life insurance company
on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life
insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-life
insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance

Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken
over by the central government and nationalised. LIC formed by an Act
of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5
crore from the Government of India.

The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business

in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of

India, frames a code of conduct for ensuring fair conduct and sound
business practices.

1968: The Insurance Act amended to regulate investments and set

minimum solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972
nationalised the
general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the
National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance
Company
Ltd. GIC incorporated as a company.

LOGO OF LIC

DISCRIPTION :-
This is a logo for Life Insurance Corporation of India

PORTION USED :-
The entire logo is used to convey the meaning intended and avoid
tarnishing or misrepresenting the intended image

LOW RESOLUTION :-

The logo is of a size and resolution sufficient to maintain the quality

intended by the company or organization, without being unnecessarily
high resolution.
PURPOSE OF USE :-

The image is used to identify the organization Life Insurance Corporation

of India, a subject of public interest. The significance of the logo is to
help the reader identify the organization, assure the readers that they have
reached the right article containing critical commentary about the
organization, and illustrate the organization's intended branding message
in a way that words alone could not convey.

REPLACEABLE :-

Because it is a logo there is almost certainly no free equivalent. Any

substitute that is not a derivative work would fail to convey the meaning
intended, would tarnish or misrepresent its image, or would fail its
purpose of identification or commentary.

MESSAGE:-

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
 LOVELY PROFESSIONAL
.

UNIVERSITY
(LPU)

HISTORY AND BACKGROUND

Lovely Professional University is one of the largest Universities in India
in terms of on-campus number of students. LPU has been approved by
the University Grants Commission (UGC) and is also included in the list
of universities maintained by UGC. The University has also been
recognized by Distance Education Council (DEC) for open and distance
learning.

Educational Streams
Lovely Professional University offers multi-level academic and
professional courses in a wide array of disciplines. The University has
established partnership across globe with other world class institutions in
the area of academics and administration so that it could emphasize on
developing curriculum of international relevance. The University has
been conducting various undergraduate and postgraduate programmes
that provide students with sufficient international exposure. After doing
post graduation, students can also go for Doctorate in variety of
disciplines.

Facilities
LPU has provided comprehensive hostel facilities within the University
campus. It offers separate hostel facilities for boys and girls, a hygienic
mess, gymnasium and laundry facility. LPU has established precedence
in creating high-class infrastructure for recreation activities that includes
a world class auditorium, beautiful gardens, sizzling eating-joints, green
lawns, and multiple play grounds. The University has a Central Library
that has a collection of text and reference books, journals, magazines,
audio/videos, CD-ROMs, research reports, online databases and data
analysis software. It has a collection of books and Journals in all
academic areas.

History
Lovely Professional University was founded by Late Shri Baldev Raj
Mittal who was also the chairman of the Lovely Group. He began his
entrepreneurial journey with contractorship and it was his hard work and
earnestness that brought him accolades.

Faculties/Departments:

• Department of Management
• Department of Engineering
• Department of Commerce
• Department of Computer Applications
• Department of Economics
• Department of Biotechnology
• Department of Hotel Management
• Department of Biochemistry
• Department of Architecture
• Department of Microbiology
• Department of Interior Design
• Department of Chemistry
• Department of Fashion Technology
• Department of Physics
• Department of Animation, Film and TV Production
• Department of Mathematics
• Department of English
• Department of Botany
• Department of Punjabi
• Department of Zoology
• Department of Arts
• Department of Education
• Department of Physical Education
• Department of Pharmaceutical Sciences
• Department of Ayurvedic Pharmaceutical Sciences
• Department of Physiotherapy
• Department of Paramedial Sciences
 LOGO OF LPU

DISCRIPTION:-
This is a logo for Lovely Professional University.

PORTION USED:-
The entire logo is used to convey the meaning intended and avoid
tarnishing or misrepresenting the intended image.

LOW RESOLUTION:-
The logo is of a size and resolution sufficient to maintain the quality
intended by the company or organization, without being unnecessarily
high resolution.

PURPOSE OF USE:-
The image is placed in the infobox at the top of the article discussing
Lovely Professional University, a subject of public interest. The
significance of the logo is to help the reader identify the organization,
assure the readers that they have reached the right article containing
critical commentary about the organization, and illustrate the
organization's intended branding message in a way that words alone
could not convey.
REPLACEABLE:-
Because it is a logo there is almost certainly no free equivalent. Any
substitute that is not a derivative work would fail to convey the meaning
intended, would tarnish or misrepresent its image, or would fail its
purpose of identification or commentary.

MESSAGE:-
TRANSFORMING EDUCATION TRANSFORMING INDIA.

STATE BANK OF INDIA

(SBI)

HISTORY

The roots of the State Bank of India rest in the first decade of 19th century, when the
Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806.
The Bank of Bengal and two other Presidency banks, namely, the Bank of Bombay
(incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July
1843). All three Presidency banks were incorporated as joint stock companies, and
were the result of the royal charters. These three banks received the exclusive right to
issue paper currency in 1861 with the Paper Currency Act, a right they retained until
the formation of the Reserve Bank of India. The Presidency banks amalgamated on 27
January 1921, and the reorganized banking entity took as its name Imperial Bank of
India. The Imperial Bank of India continued to remain a joint stock company.

Pursuant to the provisions of the State Bank of India Act (1955), the Reserve Bank of
India, which is India's central bank, acquired a controlling interest in the Imperial
Bank of India. On 30 April 1955 the Imperial Bank of India became the State Bank of
India. The Govt. of India recently acquired the Reserve Bank of India's stake in SBI
so as to remove any conflict of interest because the RBI is the country's banking
regulatory authority.

In 1959 the Government passed the State Bank of India (Subsidiary Banks) Act,
enabling the State Bank of India to take over eight former State-associated banks as
its subsidiaries. On 13 September 2008, State Bank of Saurashtra, one of its Associate
Banks, merged with State Bank of India.

SBI has acquired local banks in rescues. For instance, in 1985, it acquired Bank of
Cochin in Kerala, which had 120 branches. SBI was the acquirer as its affiliate, State
Bank of Travancore, already had an extensive network in Kerala.

International presence

The Israeli branch of the "State Bank of India" located in Ramat Gan.

The bank has 131 overseas offices spread over 32 countries as on 31st Dec 2009. It
has branches of the parent in Colombo, Dhaka, Frankfurt, Hong Kong, Johannesburg,
London and environs, Los Angeles, Male in the Maldives, Muscat, New York, Osaka,
Sydney, and Tokyo. It has offshore banking units in the Bahamas, Bahrain, and
Singapore, and representative offices in Bhutan and Cape Town

SBI operates several foreign subsidiaries or affiliates. In 1990 it established an

offshore bank, State Bank of India (Mauritius).

In 1982, the bank established a subsidiary, State Bank of India (California), which
now has eight branches - seven branches in the state of California and one in
Washington DC that it opened on 23 November 2009. The seven branches in
California are located in Los Angeles, Artesia, San Jose, Canoga Park, Fresno, San
Diego and Bakersfield.

The Canadian subsidiary, State Bank of India (Canada) too dates to 1982. It has seven
branches, four in the greater Toronto area and three in British Columbia.

In Nigeria SBI operates as INMB Bank. This bank began in 1981 as the Indo-
Nigerian Merchant Bank and received permission in 2002 to commence retail
banking. It now has five branches in Nigeria.
In Nepal, SBI owns 50% of Nepal SBI Bank, which has branches throughout the
country. In Moscow SBI owns 60% of Commercial Bank of India, with Canara Bank
owning the rest. In Indonesia it owns 76% of PT Bank Indo Monex.

State Bank of India already has a branch in Shanghai and plans to open one up in
Tianjin.[6]

In Kenya, State Bank of India owns 76% shareholding in Giro Commercial Bank,
which it acquired for US$8 million in October 2005.[7]

Associate banks
SBI had seven associate banks.,State Bank of Hyderabad ,State Bank of Indore ,State
Bank of Mysore,State Bank of Patiala, State Bank of Sourashtra & State Bank of
Travancore. But now SBI has only five associate banks that with SBI constitute the
State Bank Group. All use the same logo of a blue keyhole and all the associates use
the "State Bank of" name followed by the regional headquarters' name. Originally, the
then seven banks that became the associate banks belonged to princely states until the
government nationalised them between October, 1959 and May, 1960. In tune with
the first Five Year Plan, emphasizing the development of rural India, the government
integrated these banks into State Bank of India to expand its rural outreach. There has
been a proposal to merge all the associate banks into SBI to create a "mega bank" and
streamline operations. [8]

The first step towards unification occurred on 13 August 2008 when State Bank of
Saurashtra merged with SBI, reducing the number of state banks from seven to six.
Then on 19 June 2009 the SBI board approved the merger of its subsidiary, State
Bank of Indore, with itself. SBI holds 98.3% in State Bank of Indore. (Individuals
who held the shares prior to its takeover by the government hold the balance of
1.77%.)[9]

The acquisition of State Bank of Indore added 470 branches to SBI's existing network
of 12,448 and over 21,000 ATMs. Also, following the acquisition, SBI's total assets
will inch very close to the Rs 10-lakh crore mark. Total assets of SBI and the State
Bank of Indore stood at Rs 998,119 crore as on March 2009. The process of merging
of State Bank of Indore was completed by April 2010, and the SBI Indore Branches
started functioning as SBI branches on 26 August 2010. [10]

Branches of SBI
• State Bank of India has 131 foreign offices in 32 countries across the globe.
• SBI has about 21000 ATMs and SBI group(including associate banks) has
about 45000 no of ATMs.
• SBI has 26500 branches, inclusive of branches that belong to its Associate
banks.
• SBI alone has 13076 Branches (including the branches of State Bank of
Indore), as on 26 August 2010.
Symbol and slogan
-> Symbol is the Key Hole, whose meaning is "Welcome to SBI".
-> Slogans are:

• With you all the way

• Pure banking nothing else
• The Banker to every Indian
• The Nation banks on

The Symbol of State Bank of India is a Circle and not Key hole and a small man at
the centre of the Circle. Cirlce depicts perfection and the common man being the
centre of the banks business.