LIC of India settled claims worth over
Rs. 1 lakh in 2016-17..
India’s life insurance
behemoth, Life Insurance Corporation of India (LIC) has settled claims worth
more than Rs.1 lakh
in the financial year 2016-17.
LIC of India, which
completed 61 years of its incorporation on Friday, said it had settled 215.58
lakh claims amounting toRs. 1,12,700.41 crore during the financial year 2016-17, it
said in a statement.
“We achieved settlement
of 98.34 % maturity claims and 99.63 % of death claims in the year,” as per the
statement.
LIC has assets of over Rs. 25 trillion with Life Fund
to the tune of Rs.23,23,802.59
crore.
As of date, the
corporation has 1.15 lakh employees, 11.31 lakh agents and 29 crore plus
policies in force.
During the year gone by,
LIC registered a growth of 27.22 % in the new business in terms of the first
year premium.
Total first year premium
amounted to Rs.
1,24,396.27 crore on March-end, 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 March-end.
At the end of the FY
2017, LIC had 23 plans for sale under individual business, it said.
In the current financial
year, four new plans have been added by the corporation which include Aadhaar
Stambh, Aadhaar Shila, Jeevan Umang and Pradhan Mantri’s Vaya Vandana Yojana.
The corporation is
spread across 14 countries through its branch offices, wholly-owned subsidiary
and joint venture companies.
Total funds, so invested
for the benefit of the community at large are Rs. 24,72,389 crore as on
March-end.
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