LIC - 65 YEARS OF COMMITMENT AND TRUST
Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14 countries, enters into 66th year of its existence on 1st September, 2021.
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% in First Year Premium income and 74.58% 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% in the New Business in terms of the First Year Premium by collecting an amount of Rs 1.84 Lakh Crore as at 31st March, 2021. Our Pension & 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, 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.
LIC has always been a front runner in the financial and infrastructure development of the nation since its inception in 1956 by deploying the funds to the best advantage of the policy holders as well as the Community at large. National priorities and reasonable returns to the policyholders are the main criteria of our investments. The total funds, so invested for the benefit of the community at large are Rs 36,76,170 Crores as on 31st March 2021.
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. LIC has always been embracing technology for providing hassle free services to our Customers and for making sales and services easy. Many customer-centric initiatives have been taken by LIC besides improving pricing and creating operational efficiencies.
LIC has leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers which facilitate payment of premium Anytime, Anywhere. Premiums can be paid by giving standing instructions to banks, through debit/credit cards, through Netbanking, IMPS, Wallets, Prepaid Cards, Apps, through authorized premium collection centres apart from payment in branches and Satellite Offices. Premium can also be paid online using MYLIC App downloadable on Android and Windows phones. PAYTM, Phonepe, Googlepay, Amazon Pay, Mobikwik are some of the more recent app based modes that are available to customers for premium payment digitally (except ULIP, Health and e term policies).
Renewal premium collection transactions through the Digital infrastructure have reached an all-time high of 74.8% in terms of total amount collected. Online facility of Loan Repayment and Loan Interest repayment is available with or without logging through Customer Portal. Online loan request through Customer Portal is available for Premier service registered Customers only.
LIC has now facilitated revival of policies in the satellite offices and submission of claim form in any branch across the country. A special Revival Campaign has been launched by LIC from 23.08.2021 to 22.10.2021 to facilitate revival of lapsed policies. Switching of fund type under ULIP Policy can now be done online by our Customers. LIC’S Chatbot, ‘LIC Mitra’, is capable of answering a variety of questions on the plans available for sale, servicing related queries and also premium payment enquiries.