Life Insurance Corporation of India (LIC) SWOT Analysis
Here is a detailed SWOT analysis of Life Insurance Corporation of India (LIC) covering strengths, weaknesses, opportunities and threats.
Life Insurance Corporation of India (LIC) Strengths
- Largest state-owned life insurance company in India, and also the country's largest investor
- Has over 2000 branches across all parts of India and more than 10,00,000 agents.
- With Largest fund base it is the biggest investor in India
- Has over 115,000 employees across India
- According to The Brand Trust Report, LIC is the 8th most trusted brand of India
- LIC has subsidiaries like LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC(Nepal)Ltd, LIC(Lanka)Ltd, LIC(International)BSC(C)
Above are the strengths in the SWOT Analysis of Life Insurance Corporation of India (LIC). The strengths of Life Insurance Corporation of India (LIC) looks at the key internal factors of its business which gives it competitive advantage in the market and strengthens its position.
Life Insurance Corporation of India (LIC) Weaknesses
- It has an image of a Government agency and hence lacks innovation
- Being a Government agency, red tape and bureaucracy causes problems
- Managing a huge workforce during economic crisis meant overburdened due to salaries
These were the weaknesses in the Life Insurance Corporation of India (LIC) SWOT Analysis. The weaknesses of a brand are certain aspects of its business which it can improve.
Life Insurance Corporation of India (LIC) Opportunities
- Use of Technology to provide effective services to cater to urban population.
- Government Schemes implementation
Above we covered the opportunities in Life Insurance Corporation of India (LIC) SWOT Analysis. The opportunities for any brand can include prospects of future growth.
Life Insurance Corporation of India (LIC) Threats
- Economic crisis
- Entry of new NBFCs in the sector
- Varying Govt policies
The threats in the SWOT Analysis of Life Insurance Corporation of India (LIC) are as mentioned above. The threats for any business can be external factors which can negatively impact its business.
Hence this concludes the Life Insurance Corporation of India (LIC) SWOT analysis.
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About Life Insurance Corporation of India (LIC)
The table below gives the brand overview along with its target market, segmentation, positioning & USP
| Life Insurance Corporation of India (LIC) Overview | |
|---|---|
| Parent Company |
Government of India |
| Category |
NBFC |
| Sector | |
| Tagline/ Slogan |
Yogakshemam Vahamyaham (Your welfare is our responsibility) |
| USP |
India’s Largest Life Insurance Company |
| Life Insurance Corporation of India (LIC) STP | |
| Segmentation |
Personal and Group Insurance |
| Target Market |
Urban and Rural Investors |
| Positioning |
Complete Insurance and financial solutions |
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