LIC- PEOPLE'S MONEY FOR PEOPLE'S WELFARE
On 1st of September 1956, The Life Insurance Corporation of India (LIC) embarked upon its momentous journey in true spirit of serving the people and nation as a whole. Since then it has spearheaded the financial and infrastructure development of the nation. The performance of LIC has been exemplary and it has been growing from strength to strength be it customer base, agency network, branch office network, and the like.
LIC has played a significant role in spreading life insurance after the entry of private insurers for over a two decade now, LIC continues to be the frontrunner in the industry in terms of market share, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. The Life Insurance Corporation of India has been a nation builder since its formation in 1956.
LIC has crosse many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 63 years of existence, always worked for PEOPLE'S MONEY FOR PEOPLE'S WELFARE. True to the objective of nationalization, the Corporation has mobilized the funds invested by the people in the life insurance for the benefit of the community at large. 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 nationalization. National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments. True to the spirit of nationalization, the Corporation has deployed its funds to the best advantage of LIC policyholders as well as for the community as a whole. National priorities and the obligation of reasonable returns to the policy holders are the main criteria of our investments. The investment of the Corporation's funds is governed by Section 27A of the Insurance Act, 1938, subsequent guidelines / instructions issued there under from time to time by the Government of India and the IRDA by way of Regulations.
A young nation, where it moves, faces every difficulty, towards its goal, is moving steadily, there is someone, at every turn, with it, firmly held hands, every apprehension, every fear, keep it untouched, Break all the chains and make a new road, on which all can walk "LIC of India".
Founded by visionary nation makers, with the goal of making life insurance available to all countrymen, in every corner of India, the only example of its kind across the world.Which made possible, the product range thoughtfully designed, which provides "basic security", "income growth" and "better living standards".
"LIC" schemes help "people to fulfill their responsibilities", "manage their retirement", "help the needy and improve the lives of the entire community".A mission that is being accomplished, through the tireless efforts of enthusiastic colleagues, who have been sending the message of the importance of a secure future to everyone, every corner of the country, who have made them competent and efficient, at every step. On the strength of intensive training, "LIC" has its own training centers and other reputed institutions.
Over time, "LIC" has expanded its coverage from a traditional life insurance institution to create insurance services for every category, such as, "group insurance for large companies". Companies funded by the establishment of "LIC of India" such as “UTI AMC Ltd”, “NCDEX”, “NSE”, “SIDBI”, “SHCIL”, “Clearing Corporation of India”, “IDBI Trusteeship Services Ltd.”, “National Insurance Academy” etc. As well as the creation of many huge institutions to strengthen the economy of the country, not only this, "LIC" has been constantly trying to take insurance cover to the needy class.
"LIC" has transformed itself into a whole new mold, forming many important business units, to meet the challenges of the ever-changing world and to gather its internal strengths to transform itself into a new source of income. , All this has become possible due to the use of latest technology, so that "LIC" is able to provide any information anywhere today as well as it is easy for every customer to contact and deal with them, very smooth and easy, results better and better service.
Today the assets managed by "LIC" have crossed 31 lakh crores. In the last year 2018 - 2019, Two crore 59 lakh claims were settled, amounting to more than 1,63,104 crore, today "LIC" is providing services to more than 30 crores policies. Apart from all this, the services of "LIC" are truly versatile, multi-utility, whose multi-dimensional products and services include "LIC Housing Finance", "LIC Care Homes", "Financial Services", "Credit Cards”, "IDBI bank"
The expansion of LIC's work is leaving a mark in many other countries of the world, in true sense, globally, a huge financial organization."LIC" has always maximized the savings of the public, which is a constant proof of total premium income. The corporation invests its funds, keeping in mind the maximum benefit of its investors and community. "LIC" is also credited for making the most significant contribution to nation building activities. Truly "public wealth, for public welfare".
Not only this, "LIC" has started a completely dedicated unit for the discharge of its social responsibility "Golden Jubilee Foundation". The "Golden Jubilee Foundation" is making significant contributions in the field of "education", "health", "women's welfare", "senior citizen welfare", "orphanage" and infrastructure facilities in rural India. "LIC of India" is committed to continuously support and support the changing needs of a vibrant dynamic nation.
A more secure lifestyle giving everyone a bright future.
LIC new premium business up by 25 percent, best selling policy in six years
LIC, the country's largest life insurance company, has achieved good success in terms of new business in FY 2019-20. During the year, the new insurance premium for the first year of this public sector company increased by 25.2 per cent, while the private sector companies achieved an overall growth of 11.64 per cent in this case. The last fortnight of the month of March in the financial year is very important for the insurance companies in terms of business, but in the last financial year, this fortnight fell due to the lockdown imposed due to the Kovid-19 epidemic. Despite the increased stake in the life insurance business, the Life Insurance Corporation (LIC) has achieved a 25.2 per cent increase in the first year's premium amount from the new insurance policy. Not only this, his stake in the life insurance business has also increased. Its market share increased by 1.19 per cent to 75.90 per cent as per the number of policies, while its share increased to 2.50 per cent to 68.74 per cent from the premium amount for the first year.
Best performance in six yearsGiving this information, LIC said that as far as selling the new policy is concerned, in the financial year 2019-20, it has performed the best in the last six years. During this period, he sold 2.19 crore insurance policies and his first year premium income on these increased to Rs 51,227 crore. LIC has also claimed to be the highest policy during the last six years during the financial year.
LIC's New Record of Raising Rs.One Lakh Crore of Premium
The company has said that it has set a new record in its category of pension and group plans by raising a premium of one lakh crore rupees during 2019-20. LIC raised a total new premium of Rs 1,26,749 crore during the year under the group plans as compared to Rs 91,179 crore collected last year. The company's market share in this category increased from 78 percent to 80.54 percent.
LIC Gives Relief to its Policyholders by Extending Timeline for Payments of Premiums due in March and April amid Lockdown
Life Insurance Corporation (LIC) has granted a 30-day extension to deposit the premium payable in March and April 2020, in view of the difficulties faced by policyholders due to the lockdown enforced to prevent the spread of Covid-19 infection declared. The statement issued by LIC said that the grace period given for depositing the February premium was ending on 22 March, it has been extended to 15 April. Policyholders of LIC can also pay the premium through the digital payment options of the insurance company. For this, they will not have to pay any kind of service charge. Premium can also be paid by downloading LIC Pay Direct Mobile App.
Pay LIC Premium through Digital Mediums
According to LIC, the policyholders of the company can also collect the premium of the policy with the help of net banking, debit card, credit card and payment apps like Paytm, PhonePe, Google Pay, BHIM and UPI. Policyholders can also pay premium in all branches of IDBI and Axis Bank. Apart from this, premium can also be paid through Common Service Centers operating at block level.
Special Arrangement to settle LIC Death Claim happened due to CORONA Virus
The insurance company, LIC has assured its policyholders that the claim filed due to the death of Covid-19 will be settled on an urgent basis. The company has said that many people have died due to CORONA Virus and LIC officials are tracing the victims of Covid-19 based on the list released by the government officials.