PSU LIC completes 59 glorious years of service to the nation

Life Insurance Corporation of India (LIC) completed 59 years of its incorporation on 1st <g data-gr-id="74">September,</g> 2015. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for over a decade now, LIC continues to be the frontrunner in the industry in terms of market share.  Today LIC has over 30 <g data-gr-id="73">crore</g> plus policies in force, with Life Fund to the tune of Rs 1824194.95 crore and has assets of over Rs 20 lakh crore. 

During 2014-15, 201.71  lakh policies were sold commanding 77.85% of the market share of new policies issued and <g data-gr-id="72">its</g> total <g data-gr-id="71">first year</g> premium income was pegged at more than Rs. 78302.64 crore i.e. 69.21 % of the market share. In Pension and Group schemes, new lives insured were 316.74 lakhs under conventional P&GS business and 205.97 lakh lives under social security schemes.      

In the year 2014-15, 232.32 lakh claims amounting to Rs 90458.16 crore were settled,   99.51% of Death claims and 99.78% of maturity claims were settled. The LIC has the best claim ratio 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:  Networking of all its Branches, Satellite Offices, <g data-gr-id="69">Divisions</g> and Zones.  Standard applications for New Business processing, Policy servicing and all allied operations of LIC offices is developed in-house at the Corporate Office; Real-time data flow for updation of the centralized database and Enterprise Document Management System, through which all the policy dockets and their incremental papers are being scanned and used for Policy servicing

LIC Portal through www.licindia.in  is the single largest collection center with 35,634 outlets actively using the systems for premium collection and other servicing. Portal collections have gone up to more than 17 crore policies in the year 2014-15. 

Apart from the premium collections, the Portal system has also enabled the marketing officials to render customer services through the portal, submission of more than 2 lakh i-proposals thereby reducing the load at the Branches.

Apart from this during 2014-15, IT had completed integration of eKYC from Aadhar and providing linkage to the policy operations. In the coming years, <g data-gr-id="63">focus</g> will be on enabling the use of eKYC in various in-house applications both by in-house operations and Portal.

LIC reaches out to its customers through IVRS, Call Centers, Customer Zones, SMS, e-mail, website and through the popular Social Networking sites. LIC Golden Jubilee Foundation was established in the year 2006 as a part of LIC’s Corporate Social Responsibility <g data-gr-id="62">programme</g>.