Chandigarh 01st September:- Life Insurance Corporation of India completes 62 years of its incorporation on 1st September, 2018. LIC has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare.
While interacting with media here in chandigarh office, officials Rajat Mukherjee, K S Johar and Abhinav Kaul said that in this journey, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 62 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.
At the end of the FY 2017-2018, we had 30 plans for sale under Individual Business. The products satisfy different needs of various segments of the society. Various categories being Endowment , Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Market linked products etc. Our customers are assured to be provided with the best products as per their changing needs and changing times.
Rajat Mukherjee said further that starting with an initial capital of Rs.5 crore and an asset base of Rs. 352.20 crore in 1956, today LIC has Assets of over Rs. 28.45 lakh crore with Life Fund to the tune of Rs. 25,84,484.92 crore. LIC started with 168 offices in 1956 and today with over 4826 offices , has 1.11 lakh employees, 11.48 lakhs agents, 29 crore plus policies in force.
During 2017-18 Life Insurance Corporation of India has registered a growth of 8.12 % in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to ` 134551.68 Cr at the end of 31st March, 2018 capturing 69.40% of market share. LIC’s market share in terms of number of policies was 75.67%, garnering over 21 million new policies as on 31st March, 2018.
He added that in 2017-18 LIC of India settled 266.08 lakhs claims amounting to Rs. 1,11,860.41 crore. Excellent claims settlement standards, the best in the industry is a matter of pride for us and we achieved settlement of 95.36% Maturity claims and 98.04% of Death Claims in the year.
LIC has now revamped its portal system with latest technological platforms to enhance digital experience and providing more and more online services. LIC Mobile App for customer is available on Android as well as iOS platforms and has over 800,000 Active Users. LIC new Customer Portal has over 100 lakhs registered user.
Now all information about LIC products & portal services are at fingertips. Options are available for viewing Product information, downloading Plan brochures of LIC, Premium Calculator, Apply for Policy, LIC Office Locator, etc. Policy Self Servicing options are available from Policy Information, Online Premium Payments, Revivals , Online Loan Request, Loan Repayments to Grievance Redressal.
LIC offers life insurance protection under group policies to people below poverty line at subsidized rates under social security group schemes like Converged Pradhan Mantri Jeevan Jyoti Bima Yojana (Converged PMJJBY) and Converged Aam Admi Bima Yojana (Converged AABY). These schemes provide life insurance protection to the persons living below poverty line and marginally above poverty line. We have covered 40.35 lakhs lives under Converged AABY and 265.96 lakhs lives under Converged PMJJBY as on 31st March 2018.
LIC Golden Jubilee Foundation, was established in the year 2006, as a social initiative by LIC. The objectives of the Foundation are Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of any other object of general public utility. Since inception, the Foundation has supported NGOs dedicated to the above causes through 444 projects.
Life Insurance Corporation of India is present in 14 countries abroad through its Branch Offices, Wholly Owned Subsidiary and Joint Venture Companies. Our Overseas Offices are LICI Fiji Branch, LICI Mauritius Branch, LICI UK Branch, LIC (International) B.S.C., Bahrain operating in GCC countries of Bahrain, Qatar, Kuwait, U.A.E and Oman, LIC (Nepal) Ltd, LIC (Lanka) Ltd, Kenindia Assurance Co. Ltd, Life Insurance Corporation (Singapore) Pte Ltd and LIC (Bangladesh) Ltd.
LIC (International) B.S.C © Bahrain, and LICI Fiji are market leaders in their respective geographies. LIC Nepal Ltd. is market leader in Number of policies in Nepal.
LIC won 27 Awards in the year including Golden peacock award for Corporate Governance and also for National Training, Money Today Financial award etc.
The Corporation has deployed the funds to the best advantage of the policy holders as well as the Community as a whole, true to the spirit of nationalization. National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments.
The total funds, so invested for the benefit of the community at large are Rs 27,36,762 crore as on 31st March 2018.
The Life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalization, the Corporation has always worked towards the benefit of the Customer and the community at large.