Mumbai: Life Insurance Corporation of India will be celebrating its 62nd anniversary on 1st September 2018. LIC has played a crucial role in bringing the people into financial inclusion and spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare. LIC has extended financial protection to 29.12 crore families under individual business segment and 11.78 crore families under Group Insurance segment.
LIC has set new performance records in various aspects of life insurance business – may it be New Business Performance, Customer Service aspects, use of technology or claims settlement. LIC continues to be the market leader in terms of market share in New Business Performance by retaining 75.67% market share in terms of new policies issued. While completing 62 years of existence, LIC has grown from strength to strength in terms of new distribution channels, branch office network, agency network and ultimately the new business premium.
Starting with an initial capital of Rs.5 Cr in 1956 today LIC has Assets of over Rs.28 lakh crore. LIC started with 168 offices in 1956 and today with over 4826 offices the Corporation has 1.12 lakh employees, 11.49 lakh agents.
During 2017-18 LIC has registered a growth of 8.17% in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to Rs. 134551.68 Crore at the end of 31st March, 2018 (under composite new business). The total income of the Corporation stood at 5.23 lakh crore out of which Rs. 3.18 lakh crore was the Premium Income. During the FY 2017-18 LIC settled 2.66 crore claims amounting to Rs. 1,11,860 crore. The Corporation stands at numero one in terms of percentage of claims settled.
South Central Zone covers the States of Andhra Pradesh, Telangana and Karnataka. In these 3 states LIC has 17 Divisional offices, 314 Branch Offices, 200 Satellite Offices, 88 Mini Offices and 4000 Premium Points, serving the Policyholders. There are 1.62 Lakh agents in South Central Zone.
SOUTH CENTRAL ZONE RECORDS A NEW BUSINESS OF 1 CRORE LIVES DURING CURRENT FINANCIAL YEAR:
South Central Zone, during the current financial year has already insured 1 Crore lives on new business front (including lives insured under Group Schemes)
South Central Zone’s Total Premium Income during the Financial Year 2017-18 reached Rs.50,000 crore and the total number of individual policies serviced by this Zone crossed 4.3 Crores as at 31.03.2018.
NEW BUSINESS PERFORMANCE OF THE ZONE AT ITS BEST
During the Financial Year 2017-18, South Central Zone sold close to 30 lakh new policies with a premium of Rs.5574 crore showing a growth of 10% over last year and covered more than 3 Crore lives under Group Insurance.
LIC’s HYDERABAD ZONE SETTLES ABOVE 99% CLAIMS:
During the FY 2017-18 the Zone could register a claim settlement ratio of 99.87% and 99.97% on Maturity Claims and Death Claims respectively.
SOUTH CENTRAL ZONE HANDLES TWO PRESTIGIOUS GOVERNMENT SCHEMES
Rythu Bandhu Bima Scheme (Telangana Government)
Rythu Bandhu Group Life Insurance Scheme is launched w.e.f. 14.08.2018. This scheme provides life insurance coverage of Rs. 5 lakhs to every eligible Pattadaar identified and registered by the Department of Agriculture, Government of Telangana. The Sum Assured of Rs. 5 lakhs is payable in case of death due to any reason and credited by Direct Benefit Transfer to Nominee’s Bank account. LIC has made all arrangements to run the scheme on electronic basis to process these claims within a turn-around time of 10 days. More than 27.90 lakh members are enrolled in the scheme.
Chandranna BimaYojana & Chandranna Rythu Bima Yojana (AP Government):
The scheme is providing life insurance cover under PMJJBY/PMSBY as part of social security to various identified segments. The total numbers of lives covered are to the tune of 2 crores. Each member is covered for Rs. 2 lakh life insurance for natural death and Rs. 2 lakh for Accidental death for age group between 18 – 50 years.
LIC’s Investments in SCZ jurisdiction touches Rs. 2 lakh Crore:
Total investments of LIC in Government and social sector stood at Rs.19.55 lakh crore as at 31.03.2018. The investments in Telangana, AP and Karnataka stand at Rs. 2 lakh Crore, as at 31.03.2018.