LIC of India 66 YEARS – CREATING VALUE AND SUSTAINING TRUST
Life Insurance Corporation of India, a leading financial conglomerate with operations in 14 countries, is
entering in to 67th year of its existence on 1st September 2022.
A premier financial institution of the country, it has immensely contributed to propagate the message of
life insurance to reach all insurable people at an affordable cost.
Beginning with an initial capital of Rs.5 crore in 1956, LIC today has an asset base of Rs.42,30,616 Crores,
with Life fund of Rs.37,35,759 Crores. Despite two decades of opening up the insurance sector, the company remains the market leader and holds the majority of the market share viz 63.25% in First Year Premium income and 74.62% in number of Policies. During the year 2021- 2022, LIC sold 2.17 Crore new policies and registered a growth of 7.92% in terms of First Year Premium income by collecting an amount of Rs.1.98 Lakh Crore as at 31st, March 2022.
Pension and Group Superannuation Business vertical crossed one trillion mark successively for three years in a row by collecting Rs.1,43,938 Crores as New Business Premium Income. In the current year also LIC is holding
64.96% market share in First Year Premium. In 2021-2022, LIC settled 267.23 lakh claims amounting to Rs.1,92,568 Crores.
Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1564
Satellite Offices, 44900 Premium Points and Life Plus Offices, over one lakh employees, 13.26 Lakh
Agents, Customers are assured to be provided with best of services. In addition, LIC partners with 74 Banks to enhance productivity and reach.
LIC has an impressive distribution channel that
provides qualitative and quantitative improvements in business. LIC has a bouquet of 33 plans for sale under Individual Business as on 31.03.2022. Each plan is
tailored to the needs of different segments of society, including endowment insurance, term insurance,
child insurance, annuities, micro insurance, health insurance and unit-linked products. Optimal products are provided according to changing needs. LIC has introduced two new plans LIC's Bima Ratna and LIC's Dhan Sanchay and modified Aadhaar Stambh, Aadhaar Shila, pension plans Jeevan Akshay VII(Plan 857), Jeevan Shanti (Plan 858) and Saral Pension (Plan 862).
To facilitate servicing of the policies in an efficient manner, LIC has embraced latest technologies to keep pace with the times. Policyholders can pay their premiums through various online modes. The adoption of Artificial Intelligence in Digital Initiative is continued with the launch of Jeevan Saakshya Mobile Application which is an AI based digital existence certificate submission for Pension Policyholders.
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