Insurer has invested about Rs 12500 crore in Uttarakhand
The Life Insurance Corporation (LIC) of India has invested Rs 12,499.79 Crores in government securities and other schemes in Uttarakhand.
On the eve of Insurance week, the senior divisional manager (SDM) of LIC, Puneet Kumar said that in the last 64 years, the corporation has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare. He said that during the financial year, 2019-20 LIC has registered a growth of 25.17 percent in the new business in terms of the First Year Premium (FYP). The total FYP amounted to Rs 177977.07 Crore at the end of March 31, 2020 capturing 68.74 percent of market share. LIC’s market share in terms of number of policies was 75.90 percent, garnering over 22 million new policies as on March 31, 2020, the SDM said. He added that the focus of the Corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT systems in sync with the expectation of the users. LIC is also issuing e Policy along with physical policy document.
The corporation has already revamped its portal system with the latest technological platforms to enhance digital experience and provide online services. It has more than 1.40 Crore registered users with an average daily login count in excess of one lakh users.
The SDM added that claims settlement by LIC is best in industry. The corporation has achieved 87.66 percent settlement in maturity claims and 95.44 percent in death claims settlement during the financial year 2019-2020.
The insurance week (September 1 to 7) in Dehradun would be inaugurated by SDM Puneet Kumar on Tuesday. The programme will start with hoisting of corporate flag and pledge taken by all employees.