life Insurance Corporation of India completes 61 years of its incorporation on 1 September. lIC has played a significant role in spreading the message of life insurance among the masses and mobilisation of people’s money for people’s welfare.
It has crossed many milestones along with setting up unprecedented performance records in various aspects of life insurance business. lIC continues to be the dominant life insurer even in the liberalised scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records.
All through these years it has grown on various levels, including the 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, they had 23 plans for sale under individual business. In the current FY four new plans have been added including Aadhaar Stambh, Aadhaar Shila, Jeevan Umang and Pradhan Mantri’s Vyay Vandana Yojana. The products satisfy different needs of various segments of the society – endowment , term assurance, children, pension, micro insurance, health insurance and market linked products.
Starting with an initial capital of Rs 5 crore 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 per cent in the new business in terms of the first year premium. The total first year premium amounted to Rs 124396.27 CrORe at the end of 31st March, 2017 capturing 71.07 per cent of market share. lIC’s market share in terms of number of policies was 76.09 per cent, garnering over 20 million new policies as on 31st March, 2017.
In 2016-17 lIC of India settled Rs 215.58 lakhs 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 per cent Maturity claims and 9 per cent of death claims in the year.
lIC has always explored and strived to upgrade all the avenues that technology offers to provide the best of customer services. lIC has been a pioneer in using information technology for enhancing the quality of its service to customers being the largest insurer in India.
Information technology initiatives have facilitated SMS based helpline services, online payment of premiums through wallets and SMS alert on transactions. Customers are able to make use of e-services for many transactions. All payments now are made of through NEFT.
lIC mobile application 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 authorised merchants are few of the initiatives to facilitate the customers.
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. Since inception, the foundation has supported NGOs dedicated to the above causes through 398 projects. The Foundation has reached out to underprivileged sections of society through the infrastructural support provided in far flung remote areas throughout the country. Also lIC Golden Jubilee Scholarship Scheme provides scholarships to children from economically weaker sections of the society to pursue higher education till they complete their graduation/professional courses.
life Insurance Corporation of India is present in 14 countries abroad through its branch offices, wholly owned subsidiary and joint venture companies. Our overseas offices are lICI Fiji branch, lICI Mauritius branch, lICI UK branch, lIC (International) BSC, bahrain operating in GCC countries of bahrain, Qatar, Kuwait, UAE and Oman, lIC (Nepal) ltd, lIC (lanka) ltd, Kenindia Assurance Co. ltd, life Insurance Corporation (Singapore) Pte ltd and lIC (Bangladesh) ltd. lICI Fiji and lIC Nepal ltd.( in NOP) are market leaders in their respective geographies.
lIC won 33 awards this year. Notable among the various awards is the Golden Peacock Award for National Training 2017, Super Brands 2016, Dun and Bradsheet BFSI and PSU award, Indian Insurance Award, Dainik Bhaskar Award, Greentech HR Award, Hindustan Award 2017. Readers’ Digest Most Trusted Brand Award, Business Today- MT Financial Award to name a few.
The Corporation has deployed the funds to the best advantage of the policy holders as well as the
Community as a whole, true to the spirit of nationalisation. National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments.
The total funds, so invested for the benefit of the community at large are Rs 24,72,389 crore as on 31st March 2017. The investment of the corporation’s funds is governed by Section 27A of the Insurance Act, 1938, subsequent guidelines/instructions issued from time to time by the Government of India and the IRDA by way of regulations
The life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalisation, the corporation has always worked towards the benefit of the customer and the community at large.