Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India.
Sarkari Job Contents
AE & AAO Vacancies 2020
Brief Information of this Sarkari Job in 2020
Life Insurance Corporation of India (LIC) has published notification for the recruitment of Assistant Engineer (AE) – Civil/ Electrical /Structural /MEP & Assistant Architect (AA) and Assistant Administrative Officer (AAO) Specialist vacancies. Those Candidates who are interested in the vacancy details & completed all eligibility criteria can read the Notification & Apply Online.
Vacancy Details of this Sarkari Job in 2020
|Sr.||Post Name||No.of Posts||Qualification||Age Limit|
|1||AE (Civil)||29||B.E/ B.Tech (Civil)||21 to 30 Years|
|2||AE (Electrical)||10||B.E/ B.Tech (Electrical Engg)||21 to 30 Years|
|3||Assistant Architect||04||BArch||21 to 30 Years|
|4||AE (Structural)||04||M.Tech/ M.E (Structural)||21 to 30 Years|
|5||AE (MEP Engineer)||03||B.E/ B.Tech (Mechanical Engg)||21 to 30 Years|
|6||AAO (Chartered Accountant)||40||Bachelor Degree & CA||21 to 30 Years|
|7||AAO (Actuarial)||30||Bachelors Degree||21 to 30 Years|
|8||AAO (Legal)||40||Bachelor Degree (Law)/ LLM||21 to 30 Years|
|9||AAO (Rajbhasha)||08||Master Degree (Hindi/ English)||21 to 30 Years|
|10||AAO (IT)||50||Degree (Engg)/ MCA or M.Sc(Computer Science)||21 to 30 Years|
The Life insurance Corporation of India was founded on September 1, 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion.The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018-19. It has 290 million policy holders.
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
- Postal Life Insurance (PLI) was introduced on 1 February 1884
- Bharat Insurance Company (1896)
- United India (1906)
- National Indian (1906)
- National Insurance (1906)
- Co-operative Assurance (1906)
- Hindustan Co-operatives (1907)
- Indian Mercantile
- General Assurance
- Swadeshi Life (later Bombay Life)
- Sahyadri Insurance (Merged into LIC, 1986)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed India’s First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of worldwide economic crises triggered by the Great depression. The first half of the 20th century saw a heightened struggle for India’s independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general in the utility of obtaining life cover.