Excelsior Correspondent
JAMMU, Aug 31: Life Insurance Corporation (LIC), India’s leading life insurance company, celebrated its remarkable 67th anniversary, symbolizing decades of trust and excellence in the industry.
A statement said that despite over two decades of liberalization in the insurance sector, LIC has maintained its leadership with a remarkable 62.58% market share in First Year Premium Income during FY23.
“With an extensive distribution network across India, LIC is well-positioned for further growth,” it said.
LIC has played a crucial role in promoting a culture of insurance and savings across India. With a customer-centric approach, LIC services a total of 27.74 crore policies as of March 31, 2023. To further assist the valued policyholders, LIC has launched a Special Revival Campaign for lapsed policies starting from September 1, 2023.
Having a legacy of over six decades, LIC has witnessed remarkable growth, becoming a key player in the Indian insurance market. Catering to diverse policyholder needs, LIC sets new standards and offers innovative insurance solutions to enhance financial security.
Starting with an initial capital of Rs 5 crores in 1956, LIC now manages assets worth Rs 43,97,205 crores as of March 31, 2023.
In the financial year 2022-23, LIC’s exemplary performance continued, with Rs 2,31,899.17 crore in First-Year Premium income and the sale of 204.65 lakh new policies.
“We maintain a market share of 71.76% in policies and 62.58% in First-Year Premium Income,” a spokesperson of the LIC said.
With a robust network including 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1580 Satellite Offices, and 13.47 lakh agents, LIC’s customers are assured of top-notch service.
In the last fiscal year, LIC settled 225.51 lakh claims totalling Rs 2,09,938.63 crore, with a high maturity claims paid ratio of 92.65% and a death claim paid ratio of 98.60%.
“Our commitment extends to community development through the LIC Golden Jubilee Foundation (GJF), which has sponsored 723 projects with disbursements amounting to Rs. 198.11 crore as of March 31, 2023,” said the LIC spokesperson.
Beyond being a leading life insurance company, LIC has expanded internationally and ventured into various financial services through its subsidiaries and associates.
As LIC celebrates its 67th anniversary, the company remains dedicated to serving the financial needs of policyholders and contributing to the nation’s economic growth.
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