The 58th Insurance Week was inaugurated in the lIC divisional office premises here. Speaking on the occasion, Senior Divisional Manager B Majhi expressed his gratitude to the millions of customers and public for having reposed their faith and confidence on the lIC.
With an ever increasing customer base of more than 41.15 crore, assets over Rs 17.69 lakh crore and life fund to the tune of Rs 16.07 lakh crore, the lIC has emerged as a premier financial institution in the whole country, Majhi pointed out.
He further said that since 1956 the lIC has invested Rs 16, 84,690 crore for the benefit of the community in the form of roads, power, irrigation, and other infrastructural sectors, while its investment in the five year plan, 2012-2017, has already reached Rs 4,51,460 crore. During the financial year 2013-14, the lIC sold 3.45 crore policies collecting first year’s premium of Rs 90,123.75 crore and has captured a market share of 84.44 per cent in policy and 75.33 per cent in first premium establishing its leadership in the insurance sector in the country.
Similarly, in pension and group schemes (P&GS), the lIC succeeded in insuring 3.52 crore lives and 1.18 crore lives with a premium income of more than Rs 48,741 crore. In the same year, the lIC settled 2.59 crore claims amounting to Rs 91,186 crores. In Brahmapur Division alone, the lIC settled 1, 71, 907 claims amounting to Rs 330.95 crores. This apart, lIC Golden Jubilee fund supported a wide range of projects.