LIC AAO 2020 LIC Assistant Administrative Officer

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1st May 2020

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LIC AAO 2019: Facts about LIC Asked in the Exam and Interview

By: Archana on April 18, 2019

Are you also among the thousands of candidates who have applied for the upcoming LIC AAO 2019 examination? If yes than you must be surely going through a lot of dilemma that what if you miss a vital piece of information before the examination and can result in loss of an important opportunity.

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Candidates should check the history and facts about insurance sector in India, there is a high probability that an interviewer may ask you about it to check your knowledge and understanding about the field you are applying for.

LIC AAO is conducted every year for filling the post of Assistant Administrative Officer (AAO), this year the exam is scheduled to be conducted on May 4, 2019. The conducting authority is going to release the LIC AAO Admit Card soon on its official website. If you are also the one going to take the examination, below mentioned facts can prove really helpful at some point of time.

Interesting Facts about Life Insurance Corporation of India:

  • It was in the year 1818 when Life Insurance Company and Idea came to India from England.
  • In the year 1912, Oriental Life Insurance Company started by Europeans in Calcutta city was the first fully functional life insurance company which was established on Indian Soil, once after then formed British government passed it under the Life Insurance Companies Act, and the Provident Fund Act.
  • The concept was introduced to help government collect statistical data of both life as well as non-life insurance business flourishing in the country in the year 1928 by using The Indian Insurance Companies Act.
  • After 9 years of Independence on 19th of January, 1956, the life insurance in India was finally nationalized.
  • With effect from January 1, 1973 the General Insurance Business (Nationalization) Act, 1972 enacted to nationalize the general insurance business in India.
  • The Insurance business can be divided into general and life insurance. At present in our country there are 24 nationalized general insurance companies which also includes the Export Credit Guarantee Corporation of India (ECGC) and Agriculture Insurance Corporation of India.  There are 23 fully functional life insurance companies.
  • To provide full and assistance to the insured customers the institution of Insurance Ombudsman was created by a Government of India on November 11, 1998. The purpose of the organization is to quick devolution of the customer grievances and to diminish the entire process involved in redressal of those grievances.
  •  Foreign Direct Investment (FDI) which is allowed in Insurance sector is 49 percent.
  • Insurance regulatory and development authority (IRDA) is the regulatory body of Insurance sector In India.
  • On April 2000, The Insurance Regulatory and Development Authority of India (IRDAI) was incorporated as a statutory body.
  • The head office of IRDA is in Hyderabad which is shifted from Delhi in the year 2001.
  • The post of LIC Chairman is served for 5 years and current chairman of LIC is MR Kumar.
  • Vipin Anand and TC Suseel Kumar are the current Managing Directors of LIC.
  • LIC headquarter is located in Mumbai.
  • Currently LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satellite offices and the corporate office across the country which makes it one of the biggest insurance network of the world.

Also Read: LIC AAO Recruitment 2019: Apply for 590 Vacancies Released at licindia.in

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