Excelsior Correspondent
JAMMU, Sept 1: Life Insurance Corporation of India which completed its 58 years of public service today launched new product ‘Jeevan Shagun’ today.
The new product was launched by the Senior Divisional Manager, Srinagar Division, Incharge J&K, D C Thakur in presence of some senior officials of the LIC at the Rail Head complex office of the Corporation here today. The occasion also marked the foundation day of the Company which came into existence in 1956. The LIC has spearheaded the financial and infrastructural development of the nation since its inception about 58 years ago.
While speaking on the occasion the Senior Divisional Manager said that the LIC which has the market share of 84.44 % in terms of number of policies and 75.33 % in first year premium income of Rs 90,000 crore for the year 2013-14, inspite of operation of 23 private players in the sector, the company has earned the trust of Indian people through its better services. Even the LIC has international presence having operation in 13 foreign countries and total 5000 offices across the country. The Corporation has claim settlement ratio of 99.68 % for the year 2013-14.
Mr Thakur disclosed that ‘Jeevan Shagun’ is closed ended Single Premium Multiple benefit Money Back Plan with provision of loyalty additions which is available for 90 days only. He said the Srinagar division comprising of whole State has completed more than 36000 policies while procuring Rs 67 crore of fresh premium in the current financial year as on August 31, 2014 in addition to Rs 55 crore premium in pension and group schemes. During 2013-14, the company won 31 awards and also ranked among Top-10 Most trusted service brands in India and voted number one as Most trusted Insurance brand in the ET Brand Equity Nielson Survey-2013.
The Senior DM claimed that LIC Golden Jubilee Foundation was established in the year 2006 as part of LIC’s Corporate Social Responsibility. The objective of the Foundation are Relief of poverty distress, advancement of education, medical relief and advancement of any other object of general public utility. Since inception, the Foundation has supported 296 projects through NGOs across the country.
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