Customer Services at Life Insurance Corporation of India (LIC)
In the year 1956, LIC was carved from the amalgamation of more than 250 companies, to provide better services to customers. Since then, the organisation has reached a customer base of 41 crore with a well-spread infrastructure of more than 2,000 branch offices, 1,400 satellite offices, 1,200 mini offices, 115,000 employees and 1,050,000 agents. LIC is an excellent case study of an organisation continuously reinventing itself to match customer aspirations.
LIC is providing services to its customers right at their doorsteps. LIC’s customer portal is user-friendly and facilitates a range of customer-related services like premium payments and policy-related information at a click. The claims payments are directly being credited to policyholders’ accounts. LIC is reaching out to its policyholders in remote areas through their mini offices and premium points catering to all their insurancerelated services. LIC has moved to providing e-services to its customers. It is continuously educating its customers about getting nomination done in their policies, intimating change in address, providing contact details and bank details so that the policy proceeds are directly credited to their bank account, and so on.
LIC has added the following modes of premium payment in addition to the conventional cash counter in its branch offices:
Online through LIC customer portal, through credit/debit card, NET banking, etc.
National Automated Clearing House (NACH) Bank Electronic bill presentment and payment (EBPP) Counters of Corporation/Axis Bank and City Union Bank Premium Points and Life Plus Centers Franchisees: AP Online; MP Online; Suvidha; CSC LIC’s mobile application Direct debit through Corporation/ICICI ATM Of Corporation/Axis/ICICI Bank UPI/BHIM
Policyholders are well informed about their due premiums so that they are able to pay the same on time. LIC encourages revival of lapsed policies so that all its customers who could not pay premiums on time and whose policies are in lapsed condition have a chance to revive their policies and restore risk coverage.
LIC is settling claims most efficiently and maintains accuracy in all its payment to policyholders. Last year, more than two crore claims were settled and more than one lakh crore rupees was given out to policyholders toward claim disbursement. Where the policyholder is not satisfied with claim settlement, the dispute redressal machinery is operational in all divisional offices, zonal offices and the central office of LIC. Sometimes decisions are taken beyond the permissible jurisdiction, keeping in view the welfare of the policyholder.