PremiumLife Insurance Corporation (LIC) celebrated its 66th Foundation Day on 1 September, 2021.
Starting with an initial capital of ₹5 crore in 1956, LIC currently has asset base of ₹38,04,610 crore, with Life Fund to the tune of ₹34,36,686 crore. As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the 3rd Strongest and 10th most valuable brand, in the world.
The corporation holds a majority of the market share viz 66.18% in First Year Premium income and 74.58% in the number of policies.
During the year 2020-21 Life Insurance Corporation of India has sold 2.10 Crore new policies and registered a growth of 3.48% in the New Business in terms of the First Year Premium by collecting an amount of ₹1.84 lakh crore as at 31st March, 2021.
LIC has 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1546 Satellite Offices, more than 42000 Premium Points and Life Plus Offices, over one lakh employees, 13.53 Lakh agents, Moreover, it has tied up with 8 PSU Banks, 6 private banks, 13 regional rural banks, 41 cooperative banks and 1 foreign bank
The total funds invested for the benefit of the community at large are ₹36,76,170 crore as on 31st March 2021. In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 crore.
Further, LIC has also facilitated payment of premium ‘Anytime, Anywhere.' Premiums can be paid by giving standing instructions to banks, through debit/credit cards, through Netbanking, IMPS, Wallets, Prepaid Cards, Apps, through authorized premium collection centres apart from payment in branches and Satellite Offices. Premium can also be paid online using MyLIC App downloadable on Android and Windows phones. PayTM, PhonePe, GooglePay, Amazon Pay, Mobikwik are some of the more recent app-based modes that are available to customers.
Further, digital learning platform has been provided to the employees and agents. It has also launched a Mobile App “ANANDA (Atma Nirbhar Agents New Business Digital Mobile Application) as a tool for onboarding process for new policy through a paperless module.
LIC is also an internationally recognized financial conglomerate with its presence in fourteen countries. It has also ventured into other financial services through its Subsidiaries and Associates viz LIC HFL, LIC Pension Fund Ltd, LIC Mutual Fund and AMC Ltd, LIC Cards Services Ltd, IDBI Bank Ltd, LICHFL Care Homes Limited, LICHFL Financial Services Limited, and LICHFL Asset Management Company Limited.
The company has won 19 Awards in Insurance Category in the year 2020-21.
