Life Insurance Corporation of India (LIC), the country’s premier financial conglomerate with footprints in 14 countries across the world, will enter into the 66th year of its existence on Wednesday. Starting with an initial capital of `5 crore in 1956, LIC today has an asset base of Rs 38,04,610 crore, with life fund to the tune of Rs 34,36,686 crore.
As per a survey by Brand Finance Insurance 100, LIC is ranked as the third strongest and 10th most valuable brand in the world.
Even after two decades of opening up of insurance sector, the company continues to be a market leader with a market share of 66.18% in first year premium income and 74.58% in number of policies.
During the year 2020-21, LIC 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 Rs 1.84 lakh crore as at March 31, 2021.
The pension & group superannuation business vertical crossed one trillion mark successively for two years in a row by collecting Rs 1,27,769 crore as new business premium income.
The company operates through its 8 zonal offices, 113 divisional offices, 74 customer zones, 2,048 branch offices, 1,546 satellite offices, more than 42,000 premium points and Life Plus offices, over 1 lakh employees and 13.53 lakh agents. LIC has also tied up with 8 PSU banks, 6 private banks, 13 regional rural banks, 41 cooperative banks and a foreign bank to enhance productivity.
LIC offers a bouquet of 32 plans for sale under individual business, each catering to the needs of various segments of the society. In 2020-21, the company settled 229.15 lakh claims worth Rs 1,47,754 crore.