The Life Insurance Corporation of India is the only Public Sector Life Insurance Company in India. There are more than 12 Life Insurance Companies in Private Sector in India. Still the majority of the market share (nearly 90%) is with the LIC of India. LIC was established in the year 1956 and it has become a synonym for Life Insurance in India. LIC ranks among top 10 Insurance Companies in the world. It has 2048 branches all over India, with its Head Quarters at Mumbai and divided into 100 Divisions under seven Zones.

Insurance Regulatory and Development Authority (IRDA), the controlling body of Insurance Business Activities in India was set by the IRDA Act, in 1999. IRDA introduced the concept of Corporate Agency in the year 2000 by which corporate bodies like banks, firms, Cooperative Societies can act as agent of Insurance companies to market their insurance products. This alternate channel of marketing is also known as 'BANCASSURANCE' , especially in the Western world, since majority of the corporate agents are Banks.

In 2003, KSFE also entered into tie-up with LIC of India to act as their Corporate Agent. KSFE branches,spread through out Kerala, are marketing all the insurance products of LIC of India.

 

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