Thiruvananthapuram: Playing a significant role in spreading life insurance among the masses and mobilising people’s money for people’s welfare, Life Insurance Corporation (LIC) of India celebrated its 59thanniversary on September 1.
The frontrunner in the industry in terms of market share, LIC currently has over 30 crore-plus policies in force, with Life Fund to the tune of Rs. 18,24,194.95 crore and Assets of over Rs. 20 lakh crore. During 2014-15 fiscal, 201.71 lakh policies were sold commanding 77.85 per cent of the market share of new policies issued. The total first year premium income was pegged at more than Rs. 78,302.64 crore; 69.21 per cent of the market share. In Pension and Group schemes, new lives insured were 316.74 lakhs under conventional P&GS business and 205.97 lakh lives under social security schemes.
According to an official statement issued here, in the year 2014-15, 232.32 lakh claims amounting to Rs. 90,458.16 crore were settled; 99.51 per cent of death claims and 99.78 per cent of maturity claims, which is the best claim ratio in the industry.
LIC’s portal, www.licindia.in, is the single largest collection centre with 35,634 outlets actively using the systems for premium collection and other servicing. Portal collections have gone up to more than 17 crore policies in the year 2014-15. Apart from the premium collections, the portal system has also enabled the marketing officials to render customer services through the portal and submission of more than 2 lakh e-proposals thereby reducing the load at the Branches.
LIC Golden Jubilee Foundation was established in the year 2006 as part of LIC’s Corporate Social Responsibility. Since its inception, the Foundation has supported NGOs dedicated to the above causes through 325 projects.
The International Operations of LIC of India consist of overseas business activities in life insurance market in 13 countries with branch offices in Fiji, Mauritius and the United Kingdom, wholly owned subsidiary in Singapore, Joint Venture Companies in Bahrain (for GCC Countries of Kuwait, Oman, Qatar and UAE (Dubai & Abu Dhabi)), Nepal, Sri Lanka, Kenya and the Kingdom of Saudi Arabia.