Mumbai: Life Insurance Corporation (LIC) of India is pleased to announce its remarkable 67th anniversary, symbolising decades of trust, integrity and excellence in the Insurance industry.
LIC has floated a Special Revival Campaign for lapsed policies with effect from Septembar 01, 2023 for its valued policyholders.
With a legacy spanning over six decades, LIC has witnessed tremendous growth and emerged as a key player in the Indian Insurance Market, catering to the diverse needs of millions of policyholders, LIC continues to set new standards and offer innovative insurance solutions to promote financial security and well being.
Beginning with an initial capital of Rs 5 crores in 1956, LIC as on March 31, 2023 has Assets Under Management (AUM) of Rs 43,97,205 crores.
Total 27.74 crore policies being serviced by LIC as on March 31, 2023.
Key Highlights for the Financial Year 2022-23 demonstrates LIC’s exemplary performance, solidifying its position as a market Leader.
The First-Year Premium income for 2022-23 was Rs 2,31,899.17 crore and LIC sold 204.65 lacs new policies during the financial year.
Its market share in policies was 71.76 per cent while in terms of First-Year Premium Income it was 62.58 per cent. This exceptional performance underlines the trust and confidence reposed by policyholders in the company’s
offerings.
Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1580 Satellite Offices, and 13.47 lakh agents, customers are assured of best services
In 2022-2023, LIC settled 225.51 lakh claims amounting to Rs 2,09,938.63 crore (Individual, IO, Micro & P&GS). It’s maturity claims paid ratio was 92.65 per cent and death claim paid ratio was 98.60 per cent. This milestone reinforces LIC’s commitment to providing timely and hassle free claim settlements, relieving the financial burdens faced by families during challenging times. LIC has benchmarked setting number of systems to provide immediate relief during unfortunate calamities ( Eg: Balasore Train Tragedy).
LIC’s Pension and Group Superannuation Business vertical crossed the one trillion-mark successively for four years in a row by collecting Rs 1,73,259.86 crore as New Business Premium Income.
LIC Golden Jubilee Foundation(GJF), established in the year 2006, caters to the Community Development Initiative of the Corporation and works on a large variety of projects focusing on Relief of poverty or distress, Advancement of education etc. Since inception, GJF has sponsored 723 projects and amount disbursed to the tune of Rs 198.11 crore as on March 31, 2023.
Apart from being a leading Life Insurance Company, LIC is an internationally recognised financial conglomerate with its presence in fourteen countries.
It has also ventured into other financial services through its Subsidiaries and Associates viz LIC HFL, LIC Pension Fund Ltd, LIC Mutual Fund Asset Management Ltd, LIC Mutual Fund Trustee Co Pvt Ltd, LIC Cards Services Ltd, IDBI
Bank Ltd.