Hanamkonda: LIC continues to be market leader
Life Insurance Corporation of India (LIC) celebrated its 63rd anniversary at the Divisional Office here on Sunday.
Hanamkonda: Life Insurance Corporation of India (LIC) celebrated its 63rd anniversary at the Divisional Office here on Sunday. Speaking on the occasion, Senior Divisional Manager EA Viswaroop said: "The LIC continues to be the market leader in the country with 74.71 per cent market share. The LIC has registered a growth of 5.68 per cent in the new business in terms of the first year premium during 2018-19. Accounting a first premium of Rs 1,42,191 crore at the end of March 31, 2019."
During this period, the LIC has settled 2.60 crore claims amounting to Rs 1,63,104 crore. The LIC stands number one in terms of percentage of claims settled. Launched in 1956 with an initial capital of Rs 5 crore, the LIC now has assets worth around Rs 31 lakh crores. Beginning with 168 offices across the country in 1956, the LIC now has 2,048 offices, 1481 satellite office and 1,200 mini offices. Currently the number of employees is around 1.12 lakhs with 12 lakhs of agents.
Viswaroop said that Warangal Division has 144 development officers and 7,050 agents in its command area – Warangal and Khammam. The Division has accounted a first premium of Rs 208 crore in the new business in terms of the first year premium during 2018-19 through 1,36,804 policies. During this period, the LIC has settled 64,119 matured policies amounting to Rs 481.69 crore; death claims 6,814 amounting to 91.84 crore.
He also explained about the Jeevan Amar and Tech-Term, new policies introduced by the LIC. "These policies are immensely helpful to the customers," he said. He also explained about the LIC's service towards the society through policies such as Bima School and Bima Village. As part of the LIC week, we are organising several programmes including competitions for the children, he said.
Marketing Manager GKRV Ravi Kumar, Manager (E&OS) J Suresh Sarod, Manager (Sales) G Ramji and Manager IT (DM) Ch Gurumurthy were present.