Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14 countries is set to celebrate its 66th anniversary on 1st September 2021.
The company started with an initial capital of Rs.5 Crore in 1956 and it has an asset base of Rs. 38,04,610 Crores today, with Life Fund to the tune of Rs. 34,36,686 Crores. As of 31st March 2021, the total funds invested for the benefit of the community at large are Rs 36,76,170 Crores, a press release issued by the company said.
"Despite two decades of opening up the insurance sector, the Corporation continues to be a Market leader by holding the majority of the market share viz 66.18% in First Year Premium income and 74.58% in the number of Policies," the release said.
"During the year 2020-21 Life Insurance Corporation of India has sold 2.10 Crore new policies and registered a growth of 3.48% in the New Business in terms of the First Year Premium by collecting an amount of Rs 1.84 Lakh Crore as of 31st March 2021. Our Pension & Group Superannuation Business vertical crossed the one trillion mark successively for two years in a row by collecting Rs.1,27,769 Crores as New Business Premium Income" the release added.
LIC assures the best of services to its Customers through 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices,1546 Satellite Offices, more than 42000 Premium Points and Life Plus Offices, over one lakh employees and around 13.53 Lakh agents. Besides this, LIC has also tied up with 8 PSU Banks, 6 Private Banks, 13 Regional Rural Banks, 41 Cooperative Banks and 1 Foreign Bank to enhance productivity.
"Today LIC offers a bouquet of 32 plans for sale under Individual Business, each catering to the needs of various segments of the society viz Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Unit Linked products etc. Customers are offered the best products as per their changing needs. In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 Crores" the press release added.
LIC also leverages various digital platforms for electronic premium payments to provide a seamless experience to customers which facilitate payment of premium Anytime, Anywhere. Renewal premium collection transactions through the Digital infrastructure have reached an all-time high of 74.8% in terms of the total amount collected.
LIC has now facilitated a revival of policies in the satellite offices and submission of claim forms in any branch across the country. "A special Revival Campaign has been launched by LIC from 23.08.2021 to 22.10.2021 to facilitate the revival of lapsed policies," the release said.
Further, LIC has launched a Mobile App "ANANDA (Atma Nirbhar Agents New Business Digital Mobile Application) as a tool for the onboarding process for a new policy through a paperless module.
Apart from being a leading Life Insurance Company, LIC is an internationally recognized financial conglomerate with its presence in fourteen countries. It has also ventured into other financial services through its Subsidiaries and Associates viz LIC HFL, LIC Pension Fund Ltd, LIC Mutual Fund and AMC Ltd, LIC Cards Services Ltd, IDBI Bank Ltd, LICHFL Care Homes Limited, LICHFL Financial Services Limited, and LICHFL Asset Management Company Limited.
LIC has won 19 Awards in Insurance Category in the year 2020-21. Notable ones being the Golden Peacock Award for Corporate Governance and Readers Digest Awards-Most Trusted Brand.
"On this anniversary, we thank our Policyholders and Stakeholders for reposing their unflinching trust in us. We rededicate ourselves to the welfare of our customers in the true spirit of our motto "Yogakshemam Vahamyaham", (Thy Welfare is Our Responsibility)" stated the press release.