PANAJI
Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14 countries, enters into 66th year of its existence on September 1.
Starting with an initial capital of Rs5 crore in 1956 today LIC has Asset base of Rs 38,04,610 crore, with Life Fund to the tune of Rs 34,36,686 crores. As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the 3rd strongest and 10th most valuable brand, in the world.
Despite two decades of opening up of insurance sector, the Corporation continues to be a market leader by holding majority of market share viz 66.18% in First Year Premium income and 74.58% in number of policies. During the year 2020-21 LIC 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 at 31st March, 2021. Our Pension & Group Superannuation Business vertical crossed one trillion mark successively for two years in a row by collecting Rs.1,27,769 crores as New Business Premium Income .
Through its 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, 13.53 lakh agents, Customers are assured to be provided with our best of services.
Besides this, LIC has 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 with the best products as per their changing needs.
In 2020-21 LIC has settled 229.15 lakh claims amounting to Rs 1,47,754 crore. LIC has now facilitated revival of policies in the satellite offices and submission of claim form in any branch across the country. A special revival campaign has been launched by LIC from Aug 23 to Oct 22 to facilitate revival of lapsed policies.
