LIC completes 62 years
JAMMU, Sept 1: Life Insurance Corporation of India has today completed 62 years of its incorporation.
Senior Divisional Manager of Srinagar Division, Kapoor Singh while addressing a press conference here today said during the last financial year Srinagar Division completed over 1.16 lakh policies and settled 1.14 lakh maturity and 2483 death claims in this period.
“LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is surpassing its own past records,” he said.
“At the end of the FY 2017-2018, we had 30 plans for sale under Individual Business. Various types of plans are-Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Market linked products etc,” Kapoor Singh maintained.
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He informed that starting with an initial capital of Rs.5 crore and an asset base of Rs. 352.20 crore in 1956, today LIC has assets of over Rs. 28.45 lakh crore with Life Fund to the tune of Rs. 25,84,484.92 crore. LIC started with 168 offices in 1956 and today with over 4826 offices, has 1.11 lakh employees, 11.48 lakhs agents, 29 crore plus policies in force.
He further said that during 2017-18 LIC has registered a growth of 8.12 % in the new business in terms of the First Year Premium. The total First Year Premium amounted to ` 134551.68 Cr at the end of 31st March, 2018 capturing 69.40% of market share. LIC’s market share in terms of number of policies was 75.67%, garnering over 21 million new policies as on 31st March, 2018.
Singh informed that in 2017-18 LIC settled 266.08 lakh claims amounting to Rs. 1,11,860.41 crore.
“Excellent claim settlement standard is a matter of pride for us and we achieved settlement of 95.36% maturity claims and 98.04% of death claims in the year 2017-18. Now all information about LIC products & portal services are at fingertips,” he said.
A handout stated that LIC offers life insurance protection under group policies to people below poverty line at subsidized rates under social security group schemes like Converged Pradhan Mantri Jeevan Jyoti Bima Yojana and Converged Aam Admi Bima Yojana.
These schemes provide life insurance protection to the persons living below poverty line and marginally above poverty line.
LIC is also present in 14 countries abroad through its Branch Offices, Wholly Owned Subsidiary and Joint Venture Companies.
LIC won 27 Awards this financial year including Golden Peacock Award for Corporate Governance and also for National Training, Money Today Financial award etc.
The total funds, so invested for the benefit of the community at large are Rs 27,36,762 crore as on 31st March 2018.