JAMMU, Aug 31: Life Insurance Corporation of India which enters 64th year of its incorporation today (September Ist), has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 63 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network and new business premium.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has assets of over Rs 31,11,847.28 crore with Life Fund to the tune of Rs 28.28,320.12 crore. LIC started with 168 offices in 1956 and today with over 4851 offices, has over one lakh employees, 11.79 lakh agents, 29.09 crore plus policies in force.
During 2018-19 LIC has registered a growth of 5.68 % in the new business in terms of the First Year premium. The Total First Year premium amounted to Rs 142191.69 crore at the end of March 31, 2019 capturing 66.24% of market share. LIC’s market share in terms of number of policies was 74.71%, garnering over 21 million new policies as on March 31, 2019.
LIC have achieved 92.95% maturity claims and 98.27% of death claims settlement for 259.54 lakhs claims amounting to Rs 1,63,104.50 crore in 2018-2019. Company has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers. The company is also issuing ePolicy along with physical policy document.
LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services. It has more than 1.13 crore registered users with an average daily login count in excess of one lakh users.
The Company is operating in 14 countries abroad through its Branch offices, wholly owned subsidiary and joint venture companies. Its overseas offices are LICI Fiji Branch, LICI Mauritius Branch, LICI UK Branch, LIC (International) B.S.C., Bahrain operating in GCC countries of Bahrain, Qatar, Kuwait, UAE and Oman, LIC (Nepal) Ltd, LIC (Lanka) Ltd, Kenindia Assurance Co. Ltd, Life Insurance Corporation (Singapore) Pte Ltd and LIC (Bangladesh) Ltd.
The Company has total funds invested for the benefit of the public at large are worth Rs 29, 84,331 crore as on March 31, 2019.