About Us
A Co-operative Society is a voluntary association of individuals who come together to meet their common social, economic and cultural needs through a jointly owned enterprise. These societies are democratically controlled by their members having one vote in electing the board of directors. They operate on the principles of self-help and mutual help, pooling resources to achieve social goals.
The efforts and contribution of Mr. K.D. Tungar, B.D. Dubey, C.P. Keson, N.S. Iyer, and other stalwarts, who were instrumental in sowing the seeds for establishing the organization in 1957 with just 56 members, can never be forgotten.
In 1963–1965, the association received registration from the Deputy Registrar of Cooperatives. The first president was Late Shri Amarnathji Sharma and the Hon. Secretary was Late Shri M.R. Srivastava, who accelerated the development of the association with the name "Nagpur Divisional LIC Employees Co-operative Society Limited."
After the bifurcation of LIC of India Nagpur Division into two divisions—Nagpur and Amravati—the members of the Society were spread across both. Yet, the Society continued its work at the Vidarbha level despite administrative difficulties.
In 1996, the Society was renamed as "The Vidarbha Region Life Insurance Corporation Employees Co-operative Society Limited", Oriental Building, Kamptee Road, Nagpur 440001.
The organization celebrated its Silver Jubilee in 1982, having grown into a strong and stable employees’ co-operative society. With schemes like Thrift Fund and Insurance to cover outstanding loans, the Society supported its members during service, superannuation, or even in unfortunate demise.
As a socially responsible organization, it extended financial help during calamities like the Kargil War (Rs. 21,760) and COVID-19 (Rs. 20,000 donation to the Nagpur District Collector).
The Golden Jubilee was celebrated in 2007, where silver coins were distributed to all members in appreciation.
Starting with just ₹2,000 share capital and ₹100 loan, the Society has grown to a turnover of ₹113.98 crores (as of 31st March 2025) and disbursed loans up to ₹30 lakhs (ordinary and special).
Only confirmed employees of LIC of India are eligible for membership. While membership peaked at 2,738 (2001–2002), it now stands at 1,666 (as of 31st March 2025) due to limited recruitment.
The Society’s strength is built on member trust and leadership foresight. Recognized for excellence, it received an award from the Govt. of Maharashtra in 2008–09.
Registration No. & Date: 1220 / 23-11-1957 under Maharashtra State Co-operative Act 1960.