56 Years of Loyalty

Life insurance Corporation of India turns on 56 on 1st September 2012. One of the objectives of the corpora­tion is the use of people’s money for people’s welfare and the life funds are deployed for best advantage of LIC policy holders as well as for the community.

A new micro insurance product Jeevan Deep is being launched on 1st September. This is an endorsement as­surance with added feature of guaranteed addition along with provision of loyalty addition. An immediate annu­ally product is available for ‘on- line buy’.

During 2011-12, 357 lakh policies were sold com­manding 90.9%of use market share of new policies issued and its total first year premium income was pegged at more than Rs 51514.49 crore including Rs 38955.06 crore of premium through pension and group scheme ie 71.36% of the market share. In pension and group schemes, new lives insured were 284.12 lakh under conventional business and 94.44 lakh lives under social security schemes.

In the year 2011-12, 185.7 lakh claims amounting to Rs 66022.82 crore were settled, 93.19% of total maturity claims were settled on or before the date of maturity, 94.34% non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.5% and the outstanding death claim ratio is 1.22%. Total payment to policy holder’s aggregated to Rs 112,912.82 Crore.

LIC offers life insurance under Group policies to vari­ous groups. LIC also offers insurance coverage to people below poverty line under social security group scheme like Janashree Bima Yojana & Aam Admi Bima Yojana. The scheme Shiksha Sahayog Yojana is a free add-on scholar ship benefit that is available for children of the members who are covered under Janashree Bhima Yojana. Free add -on scholarship benefit is also available for chil­dren of members covered under Aam Admi Bima Yojana.

As a part of corporate social Responsibility, LIC Golden jubilee foundation has supported NGOs across the country through 211 projects, since inception, reach­ing out to many deprived section of society through infrastructural support.

LIC has won 27 awards in the insurance category, notable ones being the Reader’s Digest Trusted Brand Award, Business Super Brands, NBC Awaaz Consumer’s Trusted Choice Award, ET Brand Equity Award, Golden Peacock- Innovative Product Award, Outlook Money Award and CNBC TV18 Award.

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