Ludhiana, September 1, 2016: Life Insurance Corporation of India completes 60 years of its incorporation on 1st September, 2016. LIC has played a significant role in spreading life insurance among the masses and mobilisation of people’s money for people’s welfare. LIC celebrates this Diamond Jubilee Year dedicated to the nation.
While addressing the media persons on Thursday, Sh. D.C.Thakur, Senior Divisional Manager told that with an initial capital of Rs.5 Cr in 1956 today LIC has has Assets of over Rs.22 lakh crore with Life Fund to the tune of Rs. 2057625.38 Crore. LIC started with 168 offices in 1956 and today with over 4762 offices and 33161 touch points has 1.14 lakhs employees, 10.61 lakh agents, 29 crore plus policies in force
During 2015-16, LIC’s market share of new policies issued was 76.83% and the market share for total first year premium income was pegged at 70.44 %. Once again LIC’s Claim settlement ratio is at 99.75 % for Maturity Claims & 99.49% for Death Claims is one of the best in the industry. In 2015-16, 208.85 lakh claims amounting to Rs 85519.96 crore were settled.
LIC has been a pioneer in using information technology for enhancing the quality of its service to customers. Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders.
Information technology initiatives have facilitated SMS based Helpline services, Online payment of premiums through wallets and SMS Alert on Transactions. Customers are able to make use of e-Services for many transactions. All payments now are made of through NEFT.
LIC Golden Jubilee Foundation was established in the year 2006 as a part of LIC’s Corporate Social Responsibility. 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 356 projects.
The Foundation has reached out to underprivileged sections of society through the infrastructural support provided in far flung remote areas throughout the country. Every year, LIC Golden Jubilee Scholarship Scheme provides scholarships to children from economically weaker sections of the society to pursue higher education till they complete their graduation/professional courses.
LIC today is a financial conglomerate of international repute servicing its customers matching International standards. The International Operations of LIC of India consists of overseas business activities in life insurance market in 13 countries with Branch Offices in Fiji, Mauritius and United Kingdom, Wholly Owned Subsidiary in Singapore, Joint Venture Companies in Bahrain (for GCC Countries of Kuwait, Oman, Qatar and UAE (Dubai & Abu Dhabi)), Nepal, Sri Lanka, Kenya and Kingdom of Saudi Arabia.
LIC won 32 Awards this year. Notable among the various awards is the Golden Peacock awards for Corporate Governance and the Golden Peacock Training. We have bagged the Golden Peacock Awards after a span of three years. Apart from this the other prestigious awards are Superbrands- 2015, Reader’s Digest Trusted Brand Award, Money Today Award, Greentech CSR Award, and Website of the year India Awards, Dun & Bradstreet “India’s Top PSU’s 2015”, the Indian Insurance Award. Another remarkable achievement is our ranking by the International brand valuation firm ‘Interbrand’ for the India’s Most Valued Brands 2015.
The Corporation has deployed the funds to the best advantage of the policy holders as well as the Community as a whole, true to the spirit of nationalization. National priorities and obligation of 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 14,85,901 crore as on 31st March 2016. The investment of the Corporation’s funds is governed by Section 27A of the Insurance Act, 1938, subsequent guidelines/instructions issued from time to time by the Government of India and the IRDA by way of regulations
He further explained the contribution of Ludhiana Division which comprises Samrala, Khanna, Jagraon, Bathinda, Mansa, Rampura Phool and Ludhiana city itself has performed very well during the financial year ending 31.03.2016 when 1,05,649 new policies were sold out with the collection of 136.64 crore of First Premium Income. The claim performance of Ludhiana Division has remained very satisfactory during the year 31.03.2016 total 1,05,433 claims of Maturity and Survival Benefits amounting to Rs. 428.86 Crore were settled during the year. Similarly 3049 death claims, amounting to Rs. 49.70 crore were also settledwithin 15 days from the intimation. The Outstanding Maturity claims & Survival Benefit Claims as on 31.03.2016 were NIL.
Senior Divisional Manager further told that in the current fiscal 26417 SB & Maturity Claims amounting to Rs. 138.96 crore has been settled whereas an amount of Rs. 17.65 crore have been paid under 1087 Death Claims by Ludhiana Division. To cater the insurance needs of the socio economically under privileged section of the society, LIC is providing the same through its two Micro Insurance Products VIZ New Jeevan Mangal and Bhagyalakshmi Plans in the Insurance Week we have identified 25 villages/wards for declaring as MadhurBima Grams/MBC in our Division and LIC Officials shall be holding the camps in these villages/wards to explain the benefits of Madhur Bima Grams/MBC.
The Life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalization, the Corporation has always worked towards the benefit of the Customer and the community at large.