Life Insurance Corporation of India enters 64th year of its incorporation on 1st September, 2019. LIC has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare. In this journey, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business.
LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 63 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.
At the end of the FY 2018-2019, LIC had 32 plans for sale under Individual Business. The products satisfy different needs of various segments of the society. Various categories being Endowment , Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Unit Linked products etc. Customers are assured to be provided with the best products as per their changing needs and changing times.
Starting with an initial capital of Rs.5 crore in 1956, today LIC has Assets of over Rs. 31,11,847.28 crore with Life Fund to the tune of Rs. 28,28,320.12 crore. LIC started with 168 offices in 1956 and today with over 4851 offices , has over one lakh employees, 11.79 lakh agents, 29.09 crore plus policies in force.
During 2018-19 Life Insurance Corporation of India has registered a growth of 5.68 % in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to Rs. 142191.69 crore at the end of 31st March, 2019 capturing 66.24% of market share. LIC’s market share in terms of number of policies was 74.71%, garnering over 21 million new policies as on 31st March, 2019.
Excellent claims settlement standards; the best in the industry is a matter of pride for LIC, having achieved 92.95% Maturity claims and 98.27% of Death Claims settlement for 259.54 lakhs claims amounting to Rs. 1,63,104.50 crore of in 2018-2019.
LIC has been a trailblazer who has embraced technology from the nascent stage. It is continuing its journey by reaping the benefits of technology to become customer-centric, to improve pricing and to create operational efficiencies. LIC has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers.
Focus to enhance e-presence and e-delivery capabilities The focus of the Corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT systems in sync with the expectation of the users. LIC is also issuing ePolicy along with physical policy document.
LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services. It has more than 1.13 crore registered users with an average daily login count in excess of 1 lakh users. Various options are available in the portal like Product information, downloading Plan brochures of LIC, Premium Calculator, Apply for Policy, LIC Office Locator, Policy Self Servicing options like Policy Information, Online Premium Payments, Advance Premium payments, Revivals, Online Loan Request, Loan Repayments, ULIP statement, Grievance Redressal etc.
Various alerts and notifications keep the Customer updated on his policy details. Protection to BPL people at subsidized rates LIC offers life insurance protection under group policies to people below poverty line at subsidized rates under social security group schemes like Converged Pradhan Mantri Jeevan Jyoti Bima Yojana (Converged PMJJBY) and Converged Aam Admi Bima Yojana (Converged AABY).
These schemes provide life insurance protection to the persons living below poverty line and marginally above poverty line. LIC Golden Jubilee Foundation, was established in the year 2006, a social initiative by LIC. The objectives of the Foundation are Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of any other object of general public utility. Since inception, the Foundation has supported NGOs dedicated to the above causes through 499 projects.
Life Insurance Corporation of India is present in 14 countries abroad through its Branch Offices, Wholly Owned Subsidiary and Joint Venture Companies. Our Overseas Offices are LICI Fiji Branch, LICI Mauritius Branch, LICI UK Branch, LIC (International) B.S.C., Bahrain operating in GCC countries of Bahrain, Qatar, Kuwait, U.A.E and Oman, LIC (Nepal) Ltd, LIC (Lanka) Ltd, Kenindia Assurance Co. Ltd, Life Insurance Corporation (Singapore) Pte Ltd and LIC (Bangladesh) Ltd.