- LIC was started in 1956 with 168 offices and today the official count stands at 4,851 offices. The organization has more than one lakh employees, 11.79 lakh agents, 29.09 crore plus policies, it said.
- Till March 31, 2019, LIC has biggest market share of 74.71 percent in terms of the number of policies, recording over 21 million new policies.
The Life Insurance Corporation said its assets have grown to over Rs. 31.11 lakh crore, helped mostly by a bouquet of 32 plans under individual business on Sunday.
The market share of the insurance company rose to 73.1 percent at the end of July 2019 with an increase in the business in the last few months.
The company said in a statement on the eve of their foundation day, “Starting with an initial capital of Rs 5 crore in 1956, LIC has assets of over Rs 31,11,847.28 crore with life fund to the tune of Rs 28,28,320.12 crore”.
LIC was started in 1956 with 168 offices and today the official count stands at 4,851 offices. The organization has more than one lakh employees, 11.79 lakh agents, 29.09 crore plus policies, it said. The company registered a growth of 5.68 percent in the new business in terms of the first year Premium in the year of 2018-19.
As of March 2019, the total first-year premium stood at Rs. 1,42,191.69 crore capturing a huge 66.24 percent of market share. Till March 31, 2019, LIC has biggest market share of 74.71 percent in terms of the number of policies, recording over 21 million new policies.
The current focus of the corporation is to increase the digital presence and digital delivery capacity and to change the existing enterprise IT systems in sync with the demand and the expectations of the users.LIC is also issuing ePolicy along with physical policy document, it said.
The corporation has already renewed its portal system with the updated technological platforms to improve the digital experience and provide online services and has more than 1.13 crore registered customers with an average count of 1 lakh users of daily login.
History Of LIC
Life Insurance Corporation of India (LIC) is an insurance group and investment company headquartered in Mumbai and owned by the state. It is the biggest insurance company in India with an approximate asset value of Rs. 3,111,847 crore (US $450 billion) in 2019. It has a total life fund of Rs. 28,28,320.12 crore and the total number of policies sold by the corporation in Rs. 214.33 lakh that year (2018-19). In the year 2018-19, LIC has settled 259.54 claims and it has 29 crore policyholders.
