Life Insurance Corporation of India turns 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 the best advantage of LIC policyholders as well as for the community.
A new micro insurance product 'Jeevan Deep' is being launched on 1st September. This is an endowment assurance with an added feature of guaranteed additions along with provision of Loyalty addition. An immediate annuity product is available for ‘on-line buy’.
During 2011-12, 357 lakh policies were sold commanding 80.9% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 81514.49 crore including Rs. 38955.06 crore of premium through Pension and Group schemes i.e. 71.36 per cent of the market share. In Pension and Group schemes, new lives insured were 284.12 lakhs 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 per cent of total maturity claims were settled on or before the date of maturity. 94.34 per cent of 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 per cent. Total payments to policyholders aggregated to Rs. 112,911.82 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 schemes like ‘Janashree Bima Yojana’ & ‘Aam Aadmi Bima Yojana’ .The scheme ‘Shiksha Sahayog Yojana’ is a free add-on scholarship benefit that is available for children of the members who are covered under ‘Janashree Bima Yojana’. Free add-on scholarship benefit is also available for children of members covered under ‘Aam Aadmi 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 sections 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, CNBC Aawaz-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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