By Samachar Digital News
Chandigarh 03rd September:- Life Insurance Corporation of India enters 64th year of its incorporation on 1st
September, 2019. 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 briefing about the journey of LIC till date, Rajat
Mukherjee, Senior Divisional Manager said that 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 63 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.
He
further shared that at the end of the FY 2018-2019, LIC had 32 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 Unit Linked products
etc. Customers are assured to be provided with the best products as per their
changing needs and changing times.
Starting
with an initial capital of Rs.5 crore in 1956, today LIC has Assets of over Rs.
31,11,847.28 crore with Life Fund to the tune of Rs. 28.28,320.12 crore. LIC
started with 168 offices in 1956 and today with over 4851 offices , has over
one lakh employees, 11.79 lakh agents, 29.09 crore plus policies in force.
Rajat Mukherjee added that during 2018-19 Life Insurance
Corporation of India has registered a growth of 5.68 % in the New Business in
terms of the First Year Premium. The Total First Year Premium amounted to Rs. 142191.69
crore at the end of 31st March, 2019 capturing 66.24% of market share. LIC’s
market share in terms of number of policies was 74.71%, garnering over 21
million new policies as on 31st March, 2019.
Excellent
claims settlement standards; the best in the industry is a matter of pride for LIC,
having achieved 92.95% Maturity claims and 98.27% of Death Claims settlement for
259.54 lakhs claims amounting to Rs. 1,63,104.50 crore of in 2018-2019.
He
said that LIC has been a trailblazer who has embraced technology from the
nascent stage. It is continuing its journey by reaping the benefits of
technology to become customer-centric, to improve pricing and to create
operational efficiencies. LIC has a strong online presence and has provided
digital platform for new business and servicing operations to both internal and
external customers.
The
focus of the Corporation is to enhance the e-presence and e-delivery
capabilities and to transform existing enterprise IT systems in sync with the
expectation of the users. LIC is also issuing ePolicy along with physical
policy document.
LIC
has already revamped its portal system with latest technological platforms to
enhance digital experience and provide online services. It has more than 1.13
crore registered users with an average daily login count in excess of 1 lakh
users.
Various
options are available in the portal like Product information, downloading Plan
brochures of LIC, Premium Calculator, Apply for Policy, LIC Office Locator,
Policy Self Servicing options like Policy Information, Online Premium Payments,
Advance Premium payments, Revivals, Online Loan Request, Loan Repayments, ULIP
statement, Grievance Redressal etc. Various alerts and notifications keep the
Customer updated on his policy details.
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.
LIC
Golden Jubilee Foundation, was established in the year 2006, 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 499 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.
LICI
Fiji Branch is the market leader both in NOP & FPI in Fiji, with 75% and
71% market share respectively. LIC (Nepal) Ltd. is ranked first in terms of NOP
(28.32%) and second in terms of FPI (25.46%) in Nepal.
LIC
won 25 Awards in the year 2018-19 including Golden peacock award for National
Training and Readers Digest awards- Most Trusted Brand - Platinum category.
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 29,84,331 crore as
on 31st March 2019. 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.
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