LIC completes 65 years of commitment and trust
(Press Release)- Life Insurance Corporation of India, LIC will enter into the 66th year of its existence on 1st September 2021. A press release from the organisation stated that LIC was a premier financial conglomerate with footprints in 14 countries, enters into 66th year 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, the release added.
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 3rd Strongest and 10th most valuable brand, in the world., it stated.
Despite two decades of opening up of insurance sector, the Corporation continues to be a Market leader by holding majority of market share viz 66.18% in First Year Premium income and 74.58% in 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 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 of 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 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 its 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 Homes Limited, 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 the 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" it added.
"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 the true spirit of our motto “Yogakshemam Vahamyaham”, (Thy Welfare is Our Responsibility)" they release added.
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Stock markets take breather after sharp rally, Sensex tanks 1,282 pts as IT shares retreat
Mumbai, May 13 (PTI): Stock markets tumbled on Tuesday with benchmark Sensex falling by 1,282 points due to profit-taking in IT, auto and private banking shares a day after a record rally.
The 30-share BSE barometer tanked 1,281.68 points or 1.55 per cent to settle at 81,148.22 with 25 of its constituents closing with losses and five with gains. During the day, it fell sharply by 1,386.21 points or 1.68 per cent to 81,043.69.
The broader Nifty of NSE dropped 346.35 points or 1.39 per cent to 24,578.35.
From the Sensex firms, Infosys declined the most by 3.54 per cent. Power Grid dropped 3.4 per cent, Eternal by 3.38 per cent, HCL Tech by 2.94 per cent, Tata Consultancy Services by 2.88 per cent and Bharti Airtel by 2.74 per cent. IndusInd Bank, HDFC Bank, ICICI Bank, NTPC, Maruti, Tata Motors, and M&M were also among the laggards.
Sun Pharma, Adani Ports, Bajaj Finance, State Bank of India and Tech Mahindra were the gainers.
Profit-taking was evident across the board, with IT, FMCG, and auto sectors emerging as the top losers, Ajit Mishra – SVP, Research, Religare Broking Ltd said.
"The domestic market witnessed profit booking today, following yesterday’s sharp rally. The relief-driven surge—fuelled by easing global and domestic risks, including a reduction in trade war tensions and Indo-Pak geopolitical stress—appears to be taking a breather," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Sensex and Nifty logged their best single-day gains in absolute terms on Monday following buying by retail and foreign investors after India and Pakistan reached an understanding to stop military actions and the US and China announced a deal to lower tariffs significantly. The indices raced nearly 4 per cent on Monday on across the board rally.
Broader markets closed with gains on Tuesday with the BSE smallcap gauge jumping 0.99 per cent and midcap index by 0.17 per cent.
Among sectoral indices, BSE Focused IT tanked 2.44 per cent, teck (2.39 per cent), IT (2.21 per cent), utilities (1.35 per cent), power (1 per cent), metal (0.95 per cent) and oil & gas (0.95 per cent).
Healthcare, industrials, capital goods, services and consumer durables were the gainers.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in the positive territory while Hong Kong's Hang Seng ended lower. European markets were trading mostly higher.
US markets ended significantly higher on Monday following easing of trade tensions between China and the US. The Nasdaq Composite surged 4.35 per cent, S&P 500 jumped 3.26 per cent and Dow Jones Industrial Average climbed 2.81 per cent.
Global oil benchmark Brent crude climbed 0.32 per cent to USD 65.17 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,246.48 crore on Monday after a day's breather, according to exchange data.
