Become more socially active to strengthen their network
On completing 62 years of its incorporation Life Insurance Corporation of India gives the policy holders a gift to renew their lapse policies. The company extend the date to 15th October for renewing the lapse policies and give relief in the interest amount.
LIC completes 62 years of its incorporation on Ist September, 2018
and played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for their welfare.
In this journey, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer and in its 62 years of existence 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.
Looking forward LIC is now eyeing social for strengthening their network and also spread in international market to achieve the target of Global Financial Conglomerate.
LIC has now revamped its portal system with latest technological platforms to enhance digital experience and providing more and more online services. LIC Mobile App for customer is availabie on Android as well as iOS platforms and has over 800,000 Active Users. LIC new Customer Portal has over 1001akhs registered user.
Now all information about LIC products & portal services are at fingertips. Options are available for viewing Product information, downloading Plan brochures of LIC, Premium Calculator, Apply for Policy, LIC Office Locator, etc. Policy Self Servicing options are available from Policy Information, Online Premium Payments, Revivals , Online Loan Request, Loan Repayments to Grievance Redressal.
“We are using social media platforms extensively to reach our customers and strengthening our network. We are also spreading ourselves internationally and achieve our target of Global Financial Conglomerate in 2031 the 75th year LIC,” said Pradeep Kelkar SDM Baroda division.
He also added that they are also launching new plans for the customers and one of the new one is the cancer plan. They are also improving their field agents to help reaching more customers.
He said the division is celebrating the 62 years of its incorporation by organising various programmes in the city. One to be mention is Student of the year trophy on 2nd September where they felicitate the best student from the schools of the city.
At the end of the FY 2017-2018, LIC had 30 plans for sale under Individual Business. 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 R55 crore and an asset base of Rs. 352.20 crore in 1956, today LIC has Assets of over Rs. 28.45 lakh crore with Life Fund to the tune of Rs. 25,84,484.92 crore. LIC started with 168 offices in 1956 and today with over 4826 offices , has 1.11 lakh employees, 11.48 lakhs agents, 29 crore plus policies in force.
During 2017-18 Life Insurance Corporation of India has registered a growth of 8.12 % in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to 134551.68 Cr at the end of 31 st March, 2018 capturing 69.40% of market share. LIC’s market share in terms of number of policies was 75.67%, garnering over 21 million new policies as on 31st March, 2018.
In 2017-18 LIC of India settled 266.08 lakhs claims amounting to Rs. 1,11,860.41 crore. Excellent claims settlement standards, the best in the industry is a matter of pride for us and we achieved settlement of 95.36% Maturity claims and 98.04% of Death Claims in the year.
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.
LIC won 27 Awards in the year including Golden peacock award for Corporate Governance and also for National Training, Money Today Financial award etc.