Monday, August 31, 2020

64 YEARS- Protecting Lives, Ensuring Happiness LIFE INSURANCE CORPORATION OF INDIA

 Life Insurance Corporation of India enters 65th year of its existence on 1st September, 2020. A

premier financial institution of the country, it has immensely contributed to propagating the message

of life insurance. In its 64 years of existence. LIC has spread its wings from being the leading Life

Insurance Company into an internationally recognized financial conglomerate with the presence in

fourteen countries. It has also ventured into other financial services through its Subsidiaries and

Associates viz LIC HFL Ltd, LIC Pension Fund Ltd, LIC Mutual Fund, LIC Cards Services Ltd, IDBI

Bank Ltd , LIC HFL Care Homes Limited, LICHFL Financial Services Limited, and LICHFL Asset

Management Company Limited.

Starting with an initial capital of Rs.5 Crore in 1956, today LIC has Asset base of Rs. 31,96,214.81

Crore, with Life Fund to the tune of Rs. 31,14,496.05 Crore. LIC has always been at the forefront in

Nation Building Activities by deploying the funds to the best advantage of the policy holders as well

as the Community as a whole, true to the spirit of nationalization. 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 30,69,942 Crore as on 31 st March 2020.

LIC is today serving its customers through Eight Zonal Offices, 113 Divisional Offices, 74 Customer

Zones, 2048 Branch Offices, 1526 Satellite Offices , 3354 Life Plus Offices and 31556 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 needs and changing times.

During 2019-20 Life Insurance Corporation of India has registered a growth of 25.17 % 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 31st March, 2020 capturing 68.74% of market share. As on 31 st

March , 2020, LIC’s market share in terms of number of policies was 75.90%, garnering 2.19 Crore

new policies, highest in six years inspite of major Corona impact at year end.

Pension & Group Superannuation Business created history, crossing one Lakh Crore and collected

Rs 1,26,696 Cr as New Business Premium Income registering a growth of 39.46%.

In 2019-20 LIC has settled 215.98 lakhs claims amounting to Rs. 1,59,770.32 Crore.

LIC has been a trailblazer in embracing technology for supporting its sales and servicing functions.

The focus has now shifted to improving the online and digital presence in order to remain customer-

centric, improve pricing and create operational efficiencies. LIC has a strong online presence and

has provided digital platform for new business and servicing operations to both internal and external

customers, including channel platforms like banks and other agencies. The Customer Portal

system of LIC is designed to enhance the digital experience and provide online services to the

customers. The Customer Mobile App, which is available on both Android and iOS, has more than

34 lakh users. MPIN based access to mobile applications is in place for ease of use to the

customers.

LIC has leveraged various digital platforms for electronic premium payments to provide a seamless

experience to customers. PayTM (directly), PhonePe and GooglePay (through BillDesk) are some


We believe that the news contained in this release is of value to your readers. While we would thank you to

publish it as soon as possible, We also readily recognize that the decision to do so rests entirely with you.

of the more recent modes that are available to customers for premium payment digitally. Renewal

premium collection transactions through the Digital infrastructure have reached an all-time high of

40.23 %. LIC has launched a chatbot for the convenience of online visitors to the corporate website.

The chatbot, named LIC Mitra, is capable of answering a variety of questions on the plans available

for sale, servicing related queries and also premium payment enquiries.

LIC Golden Jubilee Foundation, established in the year 2006, caters to the Community

Development Initiative of the Corporation and works on a large variety of projects focusing on 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 543 projects.


On this Anniversary We rededicate ourselves to the welfare of our customers in true spirit of our

moto “Yogakshemam Vahamyaham”, “Thy Welfare is Our Responsibility”.

Dated at Mumbai on the 31st , August, 2020

For further Information please contact :

Executive Director (CC)

LIC of India, Central Office, Mumbai .Email id : ed_cc@licindia.com Visit us at www.licindia.in

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