NEW DELHI, Oct 3: Chairman of Life Insurance Corporation (LIC) of India, V K Sharma, presented the Valuation Surplus Cheque of Rs 2206.70 crore to the Union Finance Minister, Arun Jaitley, as the Government of India’s share of the surplus arising out of the actuarial valuation as on March 31, 2017.
After distributing 95% of the surplus to policy holders as bonuses, the balance of 5% amounting to ‘2206.70 crore was the share of the Government.
Shiv Pratap Shukla, Minister of State for Finance; Rajiv Kumar, Secretary, DFS; Subhash Chandra Garg, Secretary, DEA; Girish Chandra Murmu, Additional Secretary, DFS were present along with officials from Life Insurance Corporation of India, Usha Sangwan MD, Hemant Bhargava, MD, Sunita Sharma MD, SC Singh, ED (Board); MR Kumar ZM, North Zone and other dignitaries.
The Corporation has completed 61 years of its incorporation. LIC manages Assets worth more than Rs 25.72 lakh crore and had Annual income of Rs 4.92 lakh crore in the year 2016-2017. It has increased its market share from 70.44% to 71.07 % in the last FY
The Corporation also takes pride in servicing and settling claims to the tune of 98.34% in maturity in 2016-2017 and 99.63% in death claims.