LIC enters into 66th year of its existence

By
Daily Excelsior
-

Excelsior Correspondent
JAMMU, Aug 31: Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14 countries, entered into 66th year of its existence today.
True to the objective of nationalization, LIC is committed to propagate the message of life insurance to reach all insurable people at a reasonable cost.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has asset base of Rs 38,04,610 crores, with Life Fund to the tune of Rs 34,36,686 crores.
As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the 3rd strongest and 10th most valuable brand, in the world.
Despite two decades of opening up of insurance sector, the Corporation continues to be a Market leader by holding majority of market share viz 66.18 per cent in First Year Premium income and 74.58 per cent in number of policies.
During the year 2020-21, Life Insurance Corporation of India has sold 2.10 crore new policies and registered a growth of 3.48 per cent in the New Business in terms of the First Year Premium by collecting an amount of Rs 1.84 Lakh crore as on 31st March, 2021.
Pension and Group Superannuation Business vertical crossed one trillion mark successively for two years in a row by collecting Rs.1,27,769 crores as New Business Premium Income .
Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices,
1546 Satellite Offices, more than 42000 Premium Points and Life Plus Offices, over one lakh employees, 13.53 Lakh agents, the customers are assured to be provided with our best of services.
Besides this, LIC has tied up with 8 PSU Banks, 6 Private Banks, 13 Regional Rural Banks, 41 Cooperative Banks and 1 Foreign Bank to enhance productivity.
LIC has formidable distribution channel to bring about qualitative and quantitative improvement in business.
Today, LIC offers a bouquet of 32 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. Customers are offered with the best products as per their changing needs. In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 crores.

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