Excelsior Correspondent
JAMMU, Aug 31: Life Insurance Corporation of India entered 65th year of its existence on 1st September, 2020.
A premier Financial Institution of the country, it has immensely contributed to propagating the message of life insurance. In its 64 years of existence, LIC has spread its wings from being the leading Life Insurance Company into an internationally recognized financial conglomerate with the presence in 14 countries. It has also ventured into other financial services through its Subsidiaries and Associates like LIC, HFL Ltd, LIC Pension Fund Ltd, LIC Mutual Fund, LIC Cards Services Ltd, IDBI Bank Ltd, LICHFL Care Homes Limited, LICHFL Financial Services Limited and LICHFL Asset Management Company Limited.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has asset base of Rs 31,96,214.81 crore, with Life Fund to the tune of Rs. 31,14,496.05 crore. LIC has always been at the forefront in Nation building activities by deploying the funds to the best advantage of the policy holders as well as the community as a whole. The total funds, so invested for the benefit of the community at large are Rs 30, 69,942 crore as on March 31, 2020.
LIC is today serving its customers through eight Zonal offices, 113 Divisional offices, 74 Customer Zones, 2048 Branch offices, 1526 Satellite Offices, 3354 Life Plus offices and 31556 Premium points. It has over one lakh employees, 12.08 Lakh agents and 28.92 crore plus policies in-force. Today LIC offers a bouquet of 28 plans for sale under Individual business, each catering to the needs of various segments of the society.
During 2019-20 Life Insurance Corporation of India has registered a growth of 25.17 % in the new business in terms of the First Year Premium. The Total First Year Premium amounted to
Rs 1.78 lakh crore at the end of March 31, 2020 capturing 68.74% of market share. As on March 31, 2020, LIC’s market share in terms of number of policies was 75. 90% , garnering 2.19 crore new policies, highest in six years inspite of major Corona impact at year end.
Pension & Group Superannuation Business created history, crossing one Lakh Crore and collected Rs1,26,696 Cr as New Business Premium Income registering a growth of 39.46%. In 2019-20 LIC has settled 215.98 lakhs claims amounting to Rs. 1,59,770.32 Crore.
On this anniversary the LIC rededicated to the welfare of customers in true spirit of its moto “Yogakshemam Vahamyaham”, “The Welfare is Our Responsibility”.
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