Excelsior Correspondent
JAMMU, Sept 3: Life Insurance Corporation (LIC) of India entered 65th year of its existence on 1st September.
As a premiere financial institution of the country, LIC has immensely contributed to propagating the message of life insurance. In its 64 years of existence, LIC has spread its wing from being the leading Life Insurance Company to an internationally recognized financial conglomerate with the presence in 14 countries.
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 31st March 2020.
LIC Srinagar Division covers entire UTs of J&K and Ladakh and is headed by Sat Paul, Senior Divisional Manager. Srinagar Division is serving its customers through 17 Branches, 14 Satellite Offices, 1 Customer Zone, 16 Life Plus Offices and 192 Premium Points. It has over 700 employee, over 6500 agents and 10 lakh plus policies In-force.
Today LIC offers a bouquet of 231 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.
During 2019-20, Srinagar Division registered a growth of 18.74% in the New Business (Individual) in terms of mumber of policies and 8.25% in First Year Renewal Premium. Pension & Group Superannuation Business registered a growth of 16% in New Business Premium Income.
As on 31-08-2020, Srinagar Division has achieved 86.78% of Single Premium Budget with a growth of 123.11 % and is ranked Number 1 in the country on both parameters. In Bancassurance channel, Srinagar Division has achieved annual budget of Single Premium and Total Premium registering a growth of more than 400% and is ranked number 1 in the country.
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