LIC completes 53 years of service

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Fri, Sep 25 12:15 AM

The year 1956 brought along a defining moment in India's social engineering attempts and marked the beginning of a new phase in the history of life insurance in India. Since then LIC has been the frontrunner in the industry with market share of 62.45% in Premium and 69.88% in Policies as on June 30, 2009.

The company started with a Life fund of Rs.380.61 crores in Sept 1956 which has grown leaps and bounds to Rs.8, 07,317.43 crores as on 31st March 31, 2009.

The corporation when it took over on the Appointed day (1st Sept, 1956) had assets under management amounting to Rs.348.68 crores which have now risen to Rs.8,73,551.35 crores. In spite of challenging economic environment, our Total Premium Income for the fiscal 2008-09 was Rs.1,57,186 crores. Pension & Group Schemes procured Rs.12,507 crores of New Business Premium Income under 15,851 schemes and 2.07 crores of lives.

The corporation's investment in Govt. & Social Sector stood at Rs. 5,29,525 crores as at 31st March 2009. In the infrastructure sector, our investments were to the tune of Rs. 1,00,789 crores as on 31.3.2009.

The company has over 2048 branches and 807 Satellite Offices with a huge committed army of its 114916 Employees and 1.3 million tied Agents.

LIC has also set up a few new initiatives to help it's customers, like online payment of premium, Electronic Clearing Service which has helped the company bag the NASSCOM Award.

1) Online Payment of premium: a 24x7 convenience : The policyholder can log on to our corporate web site: 'www.licindia.in' and can make online payment of premium through net banking account. In addition to payment of premium policyholders can view status report, premium calendar, download online receipt, download premium payment statement, update address and also post a complaint.

2) Electronic Clearing Service (ECS) No need to worry about the due dates: With ECS policyholder can have his premium deductions made from his bank account periodically by submitting a mandate form to LIC Branch Office.

3) Selected LIC Agents/ Development Officers are empowered to accept premium payment in cash as well as cheques and issue a receipt.