On the occasion of the 57th anniversary of the life Insurance Corporation of India (lIC) Zonal Manager of the northern zone AP Singh discussed about the achievements of State run insurer since 1956.
lIC has played a significant role for over five decades in making life insurance reach the masses. Even after the entry of private insurers, almost a decade back, lIC has continued to be the frontrunner in the insurance industry and has the biggest market share.
Currently, lIC has over 29 crore plus policy holders, with a fund worth over `14.33 lakh crore and has assets worth of Rs.15 lakh crore. Speaking about the company’s performance, in FY 13, lIC sold 367.82 lakh policies which was 83.24 per cent of the total market share of new policies issued and its total first year premium income was pegged at more than `76,245.64 crore.
In Pension and Group schemes, new lives insured were 304.61 lakhs under conventional business and 132.24 lakh lives under social security schemes. In FY 13, 183.63 lakh claims amounting to `74,077.84 crore were settled. 88.08 per cent of non-early death claims were settled within 15 days of intimation. lIC’s outstanding maturity claims ratio remained as low as 0.53 per cent and the outstanding death claim ratio is 1.04 per cent.
Over the years lIC has evolved and in an attempt to cater to the modern technology savvy customer, lIC has also explored all the avenues that technology offers to provide the best of services to all its stakeholders. The company has also undertaken many other customer-centric initiatives like Enterprise Document Management System, Portal for Customers, Agents, Development officers and Employees, etc.
For the convenience of its customers, lIC also introduced another mode of payment as it extended debit authorizations to investors of lIC Nomura Mutual Funds (lICNMF) where premium can be paid through their lICNMF systematic withdrawal funds. Apart from that, premiums can also be paid through various approved banks and lIC credit cards. Certain approved Banks can also collect premiums through ATMs.
lIC is fervent in its Corporate Social Responsibility (CSR) for which lIC Golden Jubilee Foundation (lICGJF) was created on October 20, 2006. The objectives of the foundation is to provide relief of poverty or distress, advancement of education, medical relief and advancement of any other object of general public utility.
lIC GJF till now has supported projects ranging from construction of hospitals, school buildings and classrooms, libraries, computer centre, old age homes, hostel buildings for children in tribal areas, vocational training centers for differently abled persons so as to provide infrastructural facilities to needy persons in different regions of the country.