LIC completes 66 yrs of Commitment, trust
LIC completes 66 yrs of Commitment, trust

NEW DELHI: Life Insurance Corporation of India (LIC), a premier financial company with operations in more than doen countries, is entering in to 67th year of its existence on September 1, 2022.

The conglomerate has immensely contributed to propagate the message of life insurance to reach all insurable people at an affordable cost. Beginning with an initial capital of Rs 5 crore in 1956, LIC today has an asset base of Rs 42,30,616 crore, with Life fund of Rs 37,35,759 crore.

Despite 20 years  of opening up the insurance sector, the company remains the market leader and holds the majority of the market share viz 63.25 percent in First Year Premium income and 74.62 percent in number of Policies. During the year 2021- 2022, LIC sold 2.17 Crore new policies and registered a growth of 7.92 percent in terms of First Year Premium income by collecting an amount of Rs 1.98 Lakh Crore as at 31st, March 2022.

LIC has now facilitated revival of policies in the satellite offices and submission of claim form in any branch across the country.

LIC’S  Pension and Group Superannuation Business vertical surpassed one trillion mark successively for three years in a row by collecting Rs 1,43,938 crore as New Business Premium Income. In the current year also LIC is holding 64.96 percent market share in First Year Premium. In 2021- 2022, LIC settled 267.23 lakh claims amounting to Rs 1,92,568 crore. Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices, 1564 Satellite Offices, 44900 Premium Points and Life Plus Offices, over one lakh employees, 13.26 Lakh Agents, Customers are assured to be provided with best of our services.

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