61 YEARS OF SERVICE AND TRUST of LIC

Ludhiana, September 1, 2017: Life Insurance Corporation of India completes its glorious 61 years of its incorporation today on 1st September, 2017. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare.

While Press Conference Sh.L.C.Pipil, Senior Divisional Manager told that with an initial capital of Rs.5 Cr in 1956 today LIC has Assets of over Rs.25 lakh crore with Life Fund more than 25 lakh Crore. During 2016-17, LIC’s market share of new policies issued was more than 76% and the market share on Total First Year Premium was pegged at 71.07%. Once again LIC’s Claim settlement ratio is at 98.34 % for Maturity Claims & 99.63% for Death Claims is one of the best in the industry. 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.

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 31.03.2017 when 1,08,247 new policies were sold out with the collection of 186.35 crore of First Premium Income. The claim performance of Ludhiana Division has remained very satisfactory during the year 31.03.2017 total 1,04,890 claims of Maturity and Survival Benefits amounting to Rs. 476.46 Crore were settled during the year. Similarly 3349 death claims, amounting to Rs. 59.22 crore were also settled within 15 days from the intimation.

Senior Divisional Manager further told that in the current fiscal 27,538 SB & Maturity Claims amounting to Rs. 151.89 crore has been settled whereas an amount of Rs. 17.67 crore have been paid under 1067 Death Claims by Ludhiana Division.

As a part of Insurance Week Celebrations, Ludhiana Division is going to organize the following programme:

• 1. On 01.09.2017, Flag Hoisting by the Worthy SDM followed by Corporate Anthem & Honouring of the Retired Employees, Agents & Policyholders. Special Service Counter will be placed in all the branches for the Policyholders.
• 2. PLANTING THE SAPLINGS on 02.09.2017.
• 3. On 4th of September, VISIT TO THE ORPHANAGE/DEAF & DUMB SCHOOL/SCHOOL FOR BLIND, HEALTH SEMINAR FOR DO EMPLOYEES & Blood donation Camp.
• 4. On 05.09.2017, Celebration of Teacher’s Day, Honouring of Agents & Drawing & Painting Competition in Govt School.
• 5. Medical Check-up Camp for rural branches & Road Show will be held on September 6.