The Life Insurance Corporation of India (LIC) entered 65th year of its existence on Tuesday. In its 64 years, it has spread its wings to 14 countries and has also ventured into other financial services through its subsidiaries and associates.
Starting with an initial capital of Rs 5 crore in 1956, LIC has asset base of Rs 31,96,214.81 crore, with life fund to the tune of Rs 31,14,496.05 crore. National priorities and obligation of reasonable returns to the policyholders are the main criteria of their investments. The total funds invested for the benefit of the community at large are Rs 30,69,942 crore as on March 31.
LIC serves its customers through eight zonal offices, 113 divisional offices, 74 customer zones, 2048 branch offices, 1526 satellite offices, 3,354 life plus offices and 31,556 premium points. It has over one lakh employees, 12 lakh agents and 28.92 crore plus policies in force. It offers a bouquet of 28 plans for sale under Individual Business, each catering to the needs of various segments of the society viz endowment, term assurance, children, pension, micro insurance, health insurance and unit linked products.
During 2019-20, it registered a growth of 25.17 per cent in the new business in terms of the first year premium. The total first year premium amounted to Rs 1.78 lakh crore at the end of March 31, capturing 68.74 per cent market share. As on that date, its market share in terms of number of policies was 75.90 per cent garnering 2.19 crore new policies, highest in six years.
Pension & Group Superannuation Business crossed one lakh crore and collected Rs 1,26,696 crore as New Business Premium Income registering a growth of 39.46 per cent.
The company’s focus has now shifted to improving the online and digital presence in order to remain customer-centric, improve pricing and create operational efficiencies. It has provided digital platform for new business and servicing operations to both, internal and external customers, including channel platforms like banks and other agencies. Its Customer Portal System is designed to enhance the digital experience and provide online services to the customers. The Customer Mobile App, which is available on both Android and iOS, has more than 34 lakh users. MPIN based access to mobile applications is in place for ease of use to the customers.
It has also leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers. Renewal premium collection transactions through the digital infrastructure have reached 40.23 per cent. It has launched a chatbot, named LIC Mitra, for the convenience of online visitors to the corporate website. It is capable of answering a variety of questions on the plans available for sale, servicing related queries and also premium payment inquiries.
On this anniversary, they re-dedicate themselves to the welfare of the customers in true spirit of their motto, Yogakshemam Vahamyaham — thy welfare is our responsibility.
