Mumbai:
The Life Insurance Corporation that has entered in to 64th year of its incorporation on 1st September, has achieved 92.95 per cent of maturity claims and 98.27 per cent of death claims settlement for 259.54 lakhs claims amounting to Rs. 1,63,104.50 crore of in 2018-2019.
The total funds, invested by the LIC for the benefit of the community at large are Rs 29,84,331 crore as on 31st March 2019.
During 2018-19, the LIC has registered a growth of 5.68 per cent in the new business in terms of the first year premium. The total first year premium amounted to Rs1,42191.69 crore at the end of March, 2019 capturing 66.24 per cent of market share.
LIC’s market share in terms of number of policies was 74.71 per cent, garnering over 21 million new policies as on March, 2019.
Starting with an initial capital of Rs.5 crore in 1956, today LIC has assets of over Rs. 31,11,847.28 crore with life fund to the tune of Rs. 28,28,320.12 crore.
LIC started with 168 offices in 1956 and today with over 4851 offices, has over one lakh employees,11.79 lakh agents, 29.09 crore plus policies in force.
LICI Fiji Branch is the market leader both in NOP & FPI in Fiji, with 75% and 71% market share respectively. LIC (Nepal) Ltd. is ranked first in terms of NOP (28.32%) and second in terms of FPI (25.46%) in Nepal.
The focus of the corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT systems in sync with the expectation of the users. LIC is also issuing ePolicy along with physical policy document.
The LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services. It has more than 1.13 crore registered users with an average daily login count in excess of 1 lakh users.
At the end of the FY 2018-2019,the LIC had 32 plans for sale under individual business.