LIC assets rise to Rs 31.11L cr; completes 63 years in business
New Delhi: Insurance behemoth LIC on Sunday said its assets have grown to over Rs 31.11 lakh crore, mainly helped by a bouquet of 32 plans under individual business.
With the increased business, the market share of the insurer rose to 73.1 per cent at the end of July 2019.
"Starting with an initial capital of Rs 5 crore in 1956, LIC has assets of over Rs 31,11,847.28 crore with life fund to the tune of Rs 28,28,320.12 crore," the insurer said in a statement on the occasion of its foundation day.
LIC had started with 168 offices in 1956, and today it has over 4,851 offices. The insurer has over one lakh employees, 11.79 lakh agents, 29.09 crore plus policies, it said.
During 2018-19, LIC registered a growth of 5.68 per cent in the new business in terms of the first year Premium.
Total first year premium amounted to Rs 1,42,191.69 crore at the end of March 31, 2019 capturing 66.24 per cent of market share. LIC's market share in terms of number of policies was 74.71 per cent, garnering over 21 million new policies as on March 31, 2019.
It further said 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, it said.
LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services and 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.
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 is present in 14 countries abroad through its branch offices, wholly owned subsidiary and joint venture companies.
The corporation has deployed its funds to the best advantage of the policy holders as well as the community as a whole. "National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments," said the company in a statement adding that the total funds, so invested for the benefit of the community at large are Rs 29,84,331 crore as on March 31, 2019.
