LIC

LIC OF INDIA

On 1st of September 1956, The Life Insurance Corporation of India (LIC) embarked on its momentous journey in true spirit of serving the people and nation as a whole.Since then it has spearheaded the financial and infrastructure development of the nation. The performance of LIC has been exemplary and it has been growing from strength to strength be it customer base, agency network, branch office network, and the like.

LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for almost a decade now, LIC continues to be the front runner in the industry in terms of market share.Being one of the largest financial institutions of India who has wide spread network all over the country with best track record for the settlement of claims.

LIC’s MISSION is to “Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.” And Vision is to stood “As A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.”

NEW BUSINESS DURING THE YEAR 2009-10

(Individual Assurances)

Number of Policies

(in lakhs)

First Premium Income

(in crore)

COMPOSITE 388.39 42960.44
MARKET SHARE 73.02% 64.86%

PEOPLE’S MONEY FOR PEOPLE’S WELFARE

True to the spirit of nationalization, the Corporation has deployed its funds to the best advantage of LIC policyholders as well as for the community as a whole.National priorities and the obligation of reasonable returns to the policy holders are the main criteria of our investments.

The investment of the Corporation’s funds is governed by Section 27A of the insurance Act, 1938, subsequent guidelines / instructions issued there under from time to time by the Government of India, and the IRDA by way of regulations.

LIC has the best Claim Settlement ratio compared to Private Insurance Companies

CLAIM SETTLEMENT PERFORMANCE (2009-2010)

1. Total Claims Settled –Over 2 Crore 11 lakh claims, Amounting over  53954 crores.

2. 97.47% of Total Maturity Claims settled on or before the date of Maturity.

3. 95.16% of Non-early Death Claims settled within 15 days of intimation.

4. Outstanding Claims Ratio – (Maturity + Survival Benefit ) : 1.13%,

5. Outstanding Claims Ratio — (Death Claims) : 1.41%.

LIC has more than 40 different plans catering to the differing needs of different segments of the society –

  • Child Education Plans

  • Health Insurance Plans

  • Retirement Plans

  • Term Life Plans

  • Investment Plans

  • Joint Life Plans

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