Description
SWOT ANALYSIS OF LIC
Life Insurance Corporation of India (LIC)
Parent Company
Government of India
Category
NBFC
Sector
Insurance and finance
Tagline/ Slogan
Yogakshemam Vahamyaham (Your welfare is our responsibility)
USP
India’s Largest Life Insurance Company
STP
Segment
Personal and Group Insurance
Target Group
Urban and Rural Investors
Positioning
Complete Insurance and financial solutions
SWOT Analysis
1. Largest state-owned life insurance company in India, and also the country's largest investor 2. Has over 2000 branches across all parts of India and more than 10,00,000 agents. 3. With Largest fund base it is the biggest investor in India 4. Has over 115,000 employees across India 5. According to The Brand Trust Report, LIC is the 8th most trusted brand of India 6. LIC has subsidiaries like LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC(Nepal)Ltd, Strength LIC(Lanka)Ltd, LIC(International)BSC(C)
1. It has an image of a Government agency and hence lacks innovation 2. Being a Government agency, red tape and bureaucracy causes problems 3. Managing a huge workforce during economic crisis meant Weakness overburdened due to salaries
1. Use of Technology to provide effective services to cater to urban population. Opportunity 2. Government Schemes implementation
Threats
1. Economic crisis 2. Entry of new NBFCs in the sector
3. Varying Govt policies
Competition
1. SBI Life Insurance 2. Sahara Life Insurance Competitors 3. HDFC Standard Life
doc_230151840.docx
SWOT ANALYSIS OF LIC
Life Insurance Corporation of India (LIC)
Parent Company
Government of India
Category
NBFC
Sector
Insurance and finance
Tagline/ Slogan
Yogakshemam Vahamyaham (Your welfare is our responsibility)
USP
India’s Largest Life Insurance Company
STP
Segment
Personal and Group Insurance
Target Group
Urban and Rural Investors
Positioning
Complete Insurance and financial solutions
SWOT Analysis
1. Largest state-owned life insurance company in India, and also the country's largest investor 2. Has over 2000 branches across all parts of India and more than 10,00,000 agents. 3. With Largest fund base it is the biggest investor in India 4. Has over 115,000 employees across India 5. According to The Brand Trust Report, LIC is the 8th most trusted brand of India 6. LIC has subsidiaries like LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC(Nepal)Ltd, Strength LIC(Lanka)Ltd, LIC(International)BSC(C)
1. It has an image of a Government agency and hence lacks innovation 2. Being a Government agency, red tape and bureaucracy causes problems 3. Managing a huge workforce during economic crisis meant Weakness overburdened due to salaries
1. Use of Technology to provide effective services to cater to urban population. Opportunity 2. Government Schemes implementation
Threats
1. Economic crisis 2. Entry of new NBFCs in the sector
3. Varying Govt policies
Competition
1. SBI Life Insurance 2. Sahara Life Insurance Competitors 3. HDFC Standard Life
doc_230151840.docx