Life Insurance Corporation of India, a premier financial conglomerate with footprints in 14
countries enter into 66 years of its existence on 1st September 2021.
True to the objective of nationalization, LIC is committed to propagate the message of life
insurance to reach all insurable people at a reasonable cost.
Starting with an initial capital of Rs.5 Crore in 1956 today LIC has an Asset base of Rs. 38,04,610
Crores, with Life Fund to the tune of Rs. 34,36,686 Crores. As per a survey report released by
Brand Finance Insurance 100, LIC is ranked as the 34 Strongest and 10 most valuable brand, in
the world.
Despite two decades of opening up of insurance sector, the Corporation continues to be a
Market leader by holding the majority of market share viz 66.18% in First Year Premium income
and 74.58% in the number of Policies. During the year 2020-21 Life Insurance Corporation of India
has 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 an amount of Rs 1.84 Lakh Crore as at 31st
March, 2021. Our Pension & Group Superannuation Business vertical crossed one trillion mark
successively for two years in a row by collecting Rs.1,27,769 Crores as New Business Premium
Income .
Through its 8 Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2048 Branch Offices,
1546 Satellite Offices, more than 42000 Premium Points and Life Plus Offices, over one lakh employees, 13.53 Lakh agents, Customers are assured to be provided with our best of services.
Besides this, LIC has tied up with 8 PSU Banks, 6 Private Banks, 13 Regional Rural Banks, 41
Cooperative Banks and 1 Foreign Bank to enhance productivity. LIC has a formidable
distribution channel to bring about qualitative and quantitative improvement in business.
LIC has always been a front runner in the financial and infrastructure development of the
nation since its inception in 1956 by deploying the funds to the best advantage of the policyholders as well as the community at large. National priorities and reasonable returns to the
policyholders are the main criteria of our investments. The total funds, so invested for the
benefit of the community at large are Rs 36,76,170 Crores as on 31st March 2021.
Today LIC offers a bouquet of 32 plans for sale under Individual Business, each catering to the
needs of various segments of the society viz Endowment, Term Assurance, Children, Pension,
Micro Insurance, Health Insurance and Unit Linked products etc. Customers are offered with
the best products as per their changing needs.
In 2020-21 LIC has settled 229.15 lakhs claims amounting to Rs. 1,47,754 Crores.
LIC has always been embracing technology for providing hassle free services to our Customers
and for making sales and services easy. Many customer-centric initiatives have been taken by
LIC besides improving pricing and creating operational efficiencies.
LIC has leveraged various digital platforms for electronic premium payments to provide a
seamless experience to customers which facilitate payment of premium Anytime, Anywhere.
Premiums can be paid by giving standing instructions to banks, through debit/credit cards,
through Netbanking, IMPS, Wallets, Prepaid Cards, Apps, through authorized premium
collection centres apart from payment in branches and Satellite Offices. Premium can also be
paid online using MyLIC App downloadable on Android and Windows phones. PayTM,
PhonePe, GooglePay, Amazon Pay, Mobikwik are some of the more recent app based modes
that are available to customers for premium payment digitally (except ULIP, Health and e term
policies).
Renewal premium collection transactions through the Digital infrastructure have reached an
all-time high of 74.8% in terms of total amount collected.
Online facility of Loan Repayment and Loan Interest repayment is available with or without
logging through Customer Portal. Online loan request through Customer Portal is available for
Premier service registered Customers only.
LIC has now facilitated revival of policies in the satellite offices and submission of claim form in
any branch across the country. A special Revival Campaign has been launched by LIC from
23.08.2021 to 22.10.2021 to facilitate revival of lapsed policies.
Switching of fund type under ULIP Policy can now be done online by our Customers.
LIC’s Chatbot, “LIC Mitra’, is capable of answering a variety of questions on the plans available
for sale, servicing related queries and also premium payment enquiries.
Digital learning platform has been provided to the employees and agents. Launch of Gyanpeeth
for enhancing knowledge of employees of the Corporation is a step in this direction. LIC has
launched a Mobile App “ANANDA (Atma Nirbhar Agents New Business Digital Mobile
Application) as a tool for onboarding process for new policy through a paperless module.
LIC Golden Jubilee Foundation, established in the year 2006, caters to the Community
Development Initiative of the Corporation and works on a large variety of projects focusing on
Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of
any other object of general public utility. Since inception, the Foundation has supported NGOs
dedicated to the above causes by sponsoring through 589 projects.
Apart from being a leading Life Insurance Company, LIC is an internationally recognized
financial conglomerate with its presence in fourteen countries. It has also ventured into other
financial services through its Subsidiaries and Associates viz LIC HFL, LIC Pension Fund Ltd,
LIC Mutual Fund and AMC Ltd, LIC Cards Services Ltd, IDBI Bank Ltd, LICHFL Care HomesLimited, LICHFL Financial Services Limited, and LICHFL Asset Management Company
Limited.
LIC has won 19 Awards in Insurance Category in the year 2020-21. Notable ones being Golden
Peacock Award for Corporate Governance and Readers Digest Awards-Most Trusted Brand.
LIC has stood tall in challenging times of Covid -19 Pandemic and has been able to provide
seamless, unhindered, hassle free services to our esteemed policyholders.
On this Anniversary, we thank our Policyholders and Stakeholders for reposing their
unflinching trust in us. We rededicate ourselves to the welfare of our customers in true spirit of
our moto “Yogakshemam Vahamyaham”, (Thy Welfare is Our Responsibility).
