The Life Insurance Corporation of India (LIC) celebrated 65th year of its existence here on Tuesday.
The LIC is today serving its customers through eight Zonal Office, 113 Divisional Office, 74 Customer Zones, 2,048 Branch Office, 1,526 Satellite Offices, 3,354 Life Plus Offices and 31,556 Premium Points. It has over one lakh employees, 12.08 lakh agents and 28.92 crore plus policies in-force. Today LIC 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 etc. Customers are assured to be provided with the best products as per their changing times, the release added.
During 2019-20, the LIC has 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 of market share. As on March 31, LIC’s market share in terms of number of policies was 75.90 per cent, garnering 2.19 crore new policies, highest in six years in spite of major Corona impact at year end.
Siginificantly, pension and group superannuation business created history, crossing one lakh crore and collected Rs 1,26,696 crore as new business premium income registering a growth of 39.46 percent and in 2019-20 LIC had settled 215.98 lakhs claims amounting to Rs 1,59,770.32 crore, the release added.