LIC celebrates 63rd anniversary
Life Insurance Corporation of India on Saturday celebrated its 63rd anniversary.
Hyderabad: Life Insurance Corporation of India on Saturday celebrated its 63rd anniversary. The corporation has been playing a crucial role in insuring the people, spreading the message of life insurance and mobilisation of people's money for people's welfare.
The LIC has extended financial protection to 29.09 crore policyholders under individual insurance and 11.61 crore persons under Group Insurance segment.
The LIC has set new performance records in various aspects of life insurance business – be it new business performance, customer service aspects, use of technology or claims settlement.
The LIC continues to be the market leader with 74.71 per cent market share in terms of new policies issued as at March 31, 2019.
While completing 63 years of existence, the LIC has grown from strength to strength by increasing the number of distribution channels capitalising on the experience and emerging as "THE MOST TRUSTED BRAND" of the country.
LIC of India today has over Rs 31 lakh crore of assets to manage and is able to serve the policyholders through a vast network of 2048 Branch Offices, 1,481 satellite offices and 1,200 mini offices with a dedicated work force of 1.12 lakh employees and a loyal army of 12 lakh agents.
During 2018-19, Life Insurance Corporation of India registered a growth of 5.68 per cent in the new business in terms of the first year premium. The total first year premium amounted to Rs. 1,42,191.69 crore at the end of March 31, 2019 (under composite new business).
The total income of the Corporation stood at Rs. 5.60 lakh crore out of which Rs. 3.37 lakh crore was the Premium Income. During 2018-19, LIC settled 2.60 crore claims amounting to Rs 1,63,104.50 crore.
The Corporation stands as number one in terms of percentage of claims settled.