Bhubaneswar: September 03:Life Insurance Corporation of India completes 61 years of its incorporation on 1st September’2017. LIC 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.
At the end of the FY 2016-2017, LIC had 23 plans for sale under individual business. In the current year, 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
Starting with an initial capital of Rs.5 crore in 1956 today 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 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 settled 215.58 lakhs claims amounting to Rs.1, 12,700.41 cr. Excellent claims settlement standards, the best in Industry is a matter of pride and it has achieved settlement of 98.34% maturity claims and 99.63% of dath claims in this year.
LIC Golden Jubilee Foundation was established in the year 2006, a social initiative by LIC. The objectives of the foundation are Relief of poverty and distress, advancement of education, medical relief and advancement of any other object of general public utility. Since its inception, the foundation has supported NGOs dedicated to the above causes through 398 projects. 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 /professional courses.
