Press Release- 20 April, 2021: LIC Collects Highest ever Rs 1.84 Trillion (Lakh Crores) New Premium in Corona Period as per provisional figures. Pays Rs.1.34 Trillion as claims to policyholders.
India’s largest life insurer, LIC, continues its impressive New Business performance despite a highly challenging Business environment due to the Corona Pandemic for the entire previous year. In the just concluded financial year 2020-21, LIC has achieved its highest ever First Year Premium Income of Rs.56,406 crores under Individual Assurance Business with a 10.11% growth over last year. LIC has also procured an impressive 2.10 crore policies, out of which 46.72 lakhs were procured in the month of March alone, with a growth of 298.82% over last year for the corresponding month.
The Market Share garnered by LIC comes to 81.04% in number of Policies for the month of March 2021 and 74.58% for the year. For First Year Premium, the Market share is 64.74% for March and 66.18% for the whole year.
LIC’s Pension and Group Schemes Vertical also created a new record by clocking its highest ever New Business Premium Income of Rs. 1,27,768 Crores over a huge base of Rs 1,26,749 Crores in the previous year. Number of new Schemes is also a new record of 31,795. With the addition of 3,45,469 agents, the Corporation now has a strong sales force of 13,53,808 agents. This year LIC has created 16,564 MDRT qualifiers, the highest ever. Also, the Corporation
has created 26,997 Centurion agents.
LIC’s B&AC channel has procured 2,46,910 policies & 1862.73 crores premium in 2020-21, with a growth of 0.58% & 23.46% respectively.
LIC has come back strongly into the ULIP arena with its two new products SIIP and Nivesh Plus, completing more than 90,000 policies and garnering more than Rs.800 crores premium in the process. The product NAV, portfolio and switching options are now available online.
On the Claims front, inspite of severe constraints due to Covid Pandemic, LIC settled 2.19 Crore Maturity claims, Money Back Claims and Annuities, amounting to Rs 1,16,265.15 Crores. During the FY 2020-21, the Corporation settled 9.59 lakh Death claims amounting to Rs 18,137.34 crores. Annuity payments due in March 2021 have also
been settled on due dates.
LIC has adopted various digital initiatives in its continuous endeavour to improve the customer experience. Payment of renewal premium, repayment of loan and loan interest can be done online through internet banking, credit or debit cards, UPI, Paytm, PhonePe, Google Pay, Amazon Pay, Mobikwik etc. All payment channels are free of charge for customers. Premium payment can also be done through NACH, direct debit etc. LIC has also provided online options
for applying for loan, address change, NEFT mandate registration, updating details of PAN etc. In addition to physical policy bonds, without any extra cost, e-policies are also being sent to customers who have provided their e-mail id. Through a mobile application LICdocQ app, LIC has introduced anywhere revival facility, which allows revival from satellite offices also. We are constantly adopting new technological tools to improve customer experience through self service options.
LIC attributes its performance to the dedicated efforts of its entire team of employees, agents and channel partners who worked with tremendous zeal during extremely challenging circumstances, and expresses its gratitude to its customers for their continued unconditional trust.
For further information, please contact –
Executive Director (Corporate Communications)
LIC of India, Central Office, Mumbai. Email id email@example.com
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New Delhi, May 16: The Centre directed Uttar Pradesh and Bihar on Sunday to prevent dumping of dead bodies in the Ganga and its tributaries, and focus on their safe disposal and a dignified cremation after corpses were seen floating in these rivers following a spurt in the number of coronavirus cases.
At a review meeting conducted on May 15-16, the Centre said dumping of dead bodies and partially burnt or decomposed corpses in the Ganga and its tributaries has recently been reported, which is "most undesirable and alarming".
"Namami Gange directs states to prevent dumping of dead bodies in the Ganga and focus on their safe disposal and providing support for ensuring dignified cremation," the Jal Shakti Ministry said.
The state pollution control boards were directed to monitor the water quality more frequently in consultations with the health departments.
The Central Pollution Control Board (CPCB) was assigned the task of overall monitoring, providing guidance to the state pollution control boards and taking up advanced analysis in the matter.
Support for cremation needs to be given top priority. Effective implementation of the government orders needs to be ensured. No loss of time should take place in implementation, the ministry said.
An advisory was issued by Rajiv Ranjan Mishra, Director General, National Mission for Clean Ganga, to the district magistrates, who are also the chairpersons of the district Ganga committees, on May 11.
This was followed up by a letter the next day to the chief secretaries to prevent the dumping of dead bodies in the river and ensure enforcement of the government guidelines on the cremation of COVID-19 victims.
The letter also advised the states to provide financial assistance as well as regulate the rates for the cremation or burial process.
On May 15, the steps taken in this regard in Uttar Pradesh and Bihar were reviewed at a meeting chaired Pankaj Kumar, Secretary, Ministry of Jal Shakti, and further action points were decided.
Highlighting the instructions already given, Kumar had called for expeditious action and underscored the need to give equal attention to such incidents in urban and rural areas along the Ganga and other rivers.
"Stopping of dumping of dead bodies as well as their safe disposal and protection of water quality have to be ensured on a war footing. After knowing the progress from the states, the CWC (Central Water Commission), the CPCB and the state pollution control boards would also be giving their feedback and action plans," he had said.
Mishra stated that the situation is being monitored and follow-up action is being taken in several districts such as Unnao, Kanpur rural, Ghazipur and Balia in Uttar Pradesh and Buxar and Saran in Bihar.
However, some cases have also been reported from other districts. He asked the state missions to keep an eye on the situation.
Mishra emphasised the need to strengthen enforcement, maintain vigil and take proactive action to facilitate and support the families for the cremation of the bodies and asked the state missions to specifically report on this.
"If needed, the project directors can assess and also give support to the district Ganga committees for this out of the NMCG funds available with them, while keeping the NMCG informed," he said.
Rajnish Dubey, Additional Chief Secretary, Urban Development, and Anurag Shrivastav, Principal Secretary, Jal Shakti and Project Director, State Ganga Mission, represented Uttar Pradesh in the meeting.
Shrivastava said all the district magistrates have been alerted about the issue and patrolling is being carried out to prevent dumping of dead bodies in the Ganga.
He also informed that 13 crematoria under Namami Gange, in addition to the existing ones, have been made available for the cremation of dead bodies.
It was informed that orders have been issued for financial support for cremations in urban areas. Dubey said similar orders for a financial support of Rs 5,000 have been issued by the Panchayati Raj department for rural areas and the SDRF and other forces have also been asked to carry out patrolling.
Anand Kishore, Principal Secretary, Urban Development and Project Director, State Ganga Mission, Government of Bihar, informed that it has been decided that the cremation or burial expenses of those dying due to COVID-19 will be borne by the state government.
He added that even if the deceased did not have a COVID-positive report but showed symptoms of the disease, the family will be offered this support.
He also said patrolling is being done to prevent further dumping of dead bodies in the river, especially in districts like Buxar and Saran (Chhapra).
CWC Chairman S K Halder informed that they are monitoring the flow and the water quality of the river through their stations and will further increase the frequency.
CPCB Member Secretary Prashant Gargava said the board has forewarned all water monitoring stations along the Ganga and her tributaries. The periodicity of testing the water quality has also been increased.
Debashree Mukherjee, Additional Secretary with the Jal Shakti Ministry, stated that besides an urgent assessment of the risks to the riverside communities by the pollution control boards, there is a need to raise awareness on the dos and don'ts as regards the use of river water and to prevent such incidents of dumping of bodies in the river.