Monday 24th June 2024

LIC announces new policy on 67th anniversary

Sep 2nd, 2023 9:26 pm | By | Category: SPECIAL NEWS COVERAGE

Kolkata, Aug 31 (UNI) LIC, celebrating its 67th anniversary with a total of 27.74 crore policies being serviced as of March 31, 2023 has floated a special revival campaign for lapsed policies, with effect from September 1, 2023, for its valued policyholders, country”s leading life insurance company announced on Thursday.

Beginning with an initial capital of Rs. 5 crore in 1956, LIC, as of 31st March 2023 has assets under management (AUM) of Rs. 43,97,205.Crore

With a legacy spanning over six decades, Life Insurance Corporation India has witnessed tremendous growth and emerged as a key the Indian insurance market, catering to the diverse needs of millions of policyholders.

A data highlight for financial year 2022-23 demonstrated LIC’s exemplary performance, solidifying its position as a market leader, a statement said.

The first-year premium income for 2022-23 was Rs 2,31,899.17 crore, and LIC sold 204.65 lakh new policies during the financial year. Its market share in policies was 71.76 percent, while in terms of first-year premium income, it was 62.58 percent.

Through its 8 zonal offices, 113 divisional offices, and 74 customer Zones, 2048 branch offices, 1580 satellite offices, and 13.47 lakh agents, Customers are assured of the best services, the company claimed.

In 2022-2023, LIC settled 225.51 lakh claims amounting to Rs. 2,09,938.63 crore (individual, TO, micro, and P&GS) Its maturity claims. The paid ratio was 92.65 percent and the death claim paid ratio was 98.60 percent.

“This milestone reinforces LIC’s commitment to providing timely and hassle-free claim settlements, relieving the financial burdens faced by families during challenging times. LIC has benchmarked its setting number of systems to provide immediate relief during unfortunate calamities (e.g., the Balasore Train Tragedy).

LIC’s Pension and Group Superannuation Business vertical crossed the one trillion mark successively for four years in a row by collecting Rs. 1,73,259.86 crore as New Business Premium Income Many customer-centric and digital initiatives have been taken by LIC, besides improving pricing and creating operational efficiencies.

Apart from being a leading life insurance company, LIC is an internationally recognised financial conglomerate, with its presence in fourteen countries. It has also ventured into other financial services through its subsidiaries and associates, viz., LIC HFL and LIC Pension Fund Ltd., LIC Mutual Fund Asset Management Ltd., and LIC Mutual Fund Trustee Co.Pvt Ltd, LIC Cards Services Ltd., and IDBI Bank Ltd.

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