LIC completes 61 glorious years of trust and service to the nation

New Delhi: Life Insurance Corporation of India recently completed 61 years of its incorporation. It has played a significant role in spreading the message of life insurance among the masses and mobilization of people's money for people's welfare. LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business.

It continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. While completing 61 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.

At the end of the FY 2016-2017, it had 23 plans for sale under Individual Business. In the current FY four new plans have been added viz. LIC's Aadhaar Stambh, LIC's Aadhaar Shila, LIC's Jeevan Umang and Pradhan Mantri's Vyay Vandana Yojana. The products satisfy different needs of various segments of the society. Various categories being Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Market linked products etc. Our customers are assured to be provided with the best products as per their changing needs and changing times.

Starting with an initial capital of Rs.5 Cr in 1956 now LIC has Assets of over Rs.25 lakh crore with Life Fund to the tune of Rs. 2323802.59 Crore. LIC started with 168 offices in 1956 and today with over 4897 offices and has 1.15 lakhs employees, 11.31 lakh agents, 29 crore plus policies in force

During 2016-17 Life Insurance Corporation of India has registered a growth of 27.22% in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to ` 124396.27 Cr at the end of 31st March, 2017 capturing 71.07% of market share. LIC's market share in terms of number of policies was 76.09%, garnering over 20 million new policies as on 31st March, 2017.

In 2016-17 LIC of India settled 215.58 lakhs claims amounting to Rs. 1,12,700.41 crore. Excellent claims settlement standards, the best in the industry is a matter of pride for us and we achieved settlement of 98.34% Maturity claims and 99.63% of Death Claims in the year.

LIC has always explored and strived to upgrade all the avenues that technology offers to provide the best of Customer services. LIC has been a pioneer in using information technology for enhancing the quality of its service to customers being the largest insurer in India.

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 Mobile Application for online Premium payment on Windows and Android phones and payment of premiums at POS machines by swiping debit and credit cards at POS machines installed at selected Branches and Premium Points of authorized Merchants are few of the initiatives to facilitate the customers.

LIC Golden Jubilee Foundation, was established in the year 2006, a social initiative by LIC. 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 398 projects. The Foundation has reached out to underprivileged sections of society through the infrastructural support provided in far flung remote areas throughout the country. Also 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 and professional courses.

Life Insurance Corporation of India is present in 14 countries abroad through its Branch Offices, Wholly Owned Subsidiary and Joint Venture Companies. Our Overseas Offices are LICI Fiji Branch, LICI Mauritius Branch, LICI UK Branch, LIC (International) B.S.C., Bahrain operating in GCC countries of Bahrain, Qatar, Kuwait, U.A.E and Oman, LIC (Nepal) Ltd, LIC (Lanka) Ltd, Kenindia Assurance Co. Ltd, Life Insurance Corporation (Singapore) Pte Ltd and LIC (Bangladesh) Ltd. LICI Fiji and LIC Nepal Ltd are market leaders in their respective geographies.

The total funds, so invested for the benefit of the community at large are 24, 72,389 crore as on 31st March 2017. 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. 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.