61 years of service and trust

LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the domint life insurer even in the liberalized scerio of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. While completing 61 years of existence, LIC 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.

At the end of the FY 2016-2017, we had 23 plans for sale under Individual Business. In the current FY four new plans have been added viz LIC’s Aadhaar Stambh, LIC’s Aadhaar Shila, LIC’s Jeevan Umang and Pradhan Mantri’s Vyay Vanda Yoja. 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 Rs.5 Cr in 1956 today LIC has Assets of over Rs 25 lakh crore with Life Fund to the tune of Rs. 2323802.59 Crore. LIC started with 168 offices in 1956 and today with over 4897 offices and has 1.15 lakhs employees, 11.31 lakh agents, 29 crore plus policies in force.

During 2016-17 Life Insurance Corporation of India has registered a growth of 27.22% in the New Business in terms of the First Year Premium. 

In 2016-17 LIC of India settled 215.58 lakh claims amounting to Rs. 1,12,700.41 crore. Excellent claims settlement standards, the best in the industry is a matter of pride for us and we achieved settlement of 98.34% Maturity claims and 99.63% of Death Claims in the year.

LIC Mobile Applications for online Premium payment on Windows and Android phones and payment of premiums at POS machines by swiping debit and credit cards at POS machines installed at selected Branches and Premium Points of authorized Merchants are few of the initiatives to facilitate tie customers. All payment now are made of through NEFF.

LIC Golden Jubilee Foundation, was established in the year 2006, a social initiative by LIC. The objectives of the Foundation are Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of any other object of general public utility. 

LIC won 33 Awards this year. Notable among the various awards is the Golden Peacock Award for tiol Training 2017, Super Brands 2016, Dun & Bradsheet BFSI & PSU Award, Indian Insurance Award, Dainik Bhaskar Award, Greentech HR Award, Hindustan Award 2017. Readers’ Digest Most Trusted Brand Award, Business Today- MT Fincial Award to me a few.

The Life Insurance Corporation of India has been a tion builder since its formation in 19%. True to the objective of tiolization, the Corporation has always worked towards the benefit of the Customer and the community at large.