LIC celebrates 60th anniversary
Life Insurance Corporation of India, which celebrated its Diamond Jubilee Year on completion of 60 years of its incorporation on September 1, said that it has played a significant role in spreading life insurance among the masses and mobilisation of people’s money for people’s welfare. “Starting with an initial capital of Rs 5 crore in 1956 today LIC has assets of over Rs 22 lakh crore with life fund to the tune of Rs 20,57,625.38 crore. LIC started with 168 offices in 1956 and today with over 4,762 offices and 33,161 touch points has 1.14 lakhs employees, 10.61 lakh agents and 29 crore plus policies in force,” said Hemant Bhargava, Zonal Manager of Northern Zone while speaking on the occasion.
“During 2015-16, LIC’s market share of new policies issued was 76.83 per cent and the market share for total first year premium income was pegged at 70.44 per cent. Once again LIC’s claim settlement ratio is at 99.75 per cent for Maturity Claims and 99.49 per cent for death claims is one of the best in the industry. 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,” added Bhargava.