Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14 countries, enters into 66th year of its existence on September 1, 2021.
Starting with an initial capital of Rs.5 Crore in 1956, LIC has Asset base of Rs. 38,04,610
crores, with Life Fund to the tune of Rs. 34,36,686 Crores. As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the 3rd Strongest and 10th most valuable brand, in the world.
Despite two decades of opening up of insurance sector, the Corporation continues to be a Market leader by holding majority of market share viz 66.18% in First Year Premium income and 74.58% in number of Policies.
During the year 2020-21 Life Insurance Corporation of India has sold 2.10 Crore new policies and registered a growth of 3.48% in the New Business in terms of the First Year Premium by collecting an amount of Rs 1.84 Lakh Crore as at 31st March, 2021.
Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1546 Satellite Offices, more than 42000 Premium Points and Life Plus Offices, over one lakh employees, 13.53 Lakh agents, the LIC assured to provide customers with its best of services.
Besides this, LIC has tied up with 8 PSU Banks, 6 Private Banks, 13 Regional Rural Banks, 41 Cooperative Banks and 1 Foreign Bank to enhance productivity.
In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 crores. On its anniversary, LIC thanked its Policyholders and Stakeholders for reposing their unflinching trust. The insurance company has affirmed to rededicate to the welfare of the customers in true spirit of our moto “Yogakshemam Vahamyaham”, (Thy Welfare is Our Responsibility).