Life Insurance Corporation of India (LIC) completed 61 years of its incorporation on September 1, 2017. In this time frame, LIC has grown from strength to strength, excelling in all the departments, be it its customer base, agency network, branch office network, or new business premium, spreading life insurance widely across the country.
In the current financial year, four new plans have been added viz LIC’s Aadhaar Stambh, LIC’s Aadhaar Shila, LIC’s Jeevan Umang and Pradhan Mantri’s Vyay Vandana Yojana. These products satisfy different needs of various segments of society. Starting with an initial capital of ` five crore in 1956, today LIC has assets of over ` 25 lakh crore with life fund of ` 23,23,802.59 crore. LIC started with 168 offices in 1956 and has over 4897 offices today, with 1.15 lakh employees, 11.31 lakh agents, and 29 crore plus policies in force.
During 2016–17, Life Insurance Corporation of India registered a growth of 27.22 per cent. The total first-year premium amounted to `1,24,396.27 crore at the end of March 31, 2017, capturing 71.07 percent of the market share. It is a matter of pride for us at Life Insurance Corporation of India that we settled 98.34 per cent maturity claims and 99.63 per cent of death claims in the year.
Making full use of information technology, LIC has facilitated SMS-based helpline services, online payment of premiums through wallets, and SMS alert on transactions for its customers. Customers are able to make use of e-services for many transactions. All payments are now made through NEFT.
LIC Golden Jubilee Foundation was established in the year 2006 as a social initiative and has, since its inception, supported NGOs dedicated to poverty alleviation. It has been providing medical relief and infrastructure, at both rural and urban levels through its 398 projects. LIC also provides scholarships to children from economically weaker sections of the society till they complete their graduation/professional courses.
LIC is present in 14 countries abroad through its branch offices, wholly owned subsidiaries, and joint venture companies. LIC won 33 awards this year, notable among which are the Golden Peacock Award for National Training 2017, Indian Insurance Award, Dainik Bhaskar Award, Hindustan Award 2017, Reader’s Digest Most Trusted Brand Award, and Business Today-MT Financial Award.
The Life Insurance Corporation of India has been a nation builder since its formation in 1956 and has always worked for the benefit of the customer and the community at large.
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