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Celebrates Insurance
Week(01.09.2017 to 07.09.2017)
Life Insurance Corporation of India completes 61 years of its incorporation on 1st
September, 2017. LIC has played a significant role in spreading the message of
life insurance among the masses and mobilization of people’s money for people’s
welfare.
At the end of the
FY 2016-2017, we had 23 plans for sale under Individual Business. In the
current FY four new plans have been added viz. LIC’s Aadhaar Stambh, LIC’s Aadhaar Shila, LIC’s
Jeevan Umang and Pradhan Mantri’s Vyay Vandana Yojana. The products satisfy different needs of various segments of the
society. Various categories being Endowment , Term Assurance, Children,
Pension, Micro Insurance, Health Insurance and Market linked products etc. Our
customers are assured to be provided with the best products as per their
changing needs and changing times.
Starting with an
initial capital of Rs.5 Cr in 1956 today LIC has Assets
of over Rs.25 lakh crore
with Life Fund to the tune of Rs. 2323802.59 Crore. LIC started
with 168 offices in 1956 and today with over 4897 offices and has 1.15 lakhs employees, 11.31 lakh agents,
29 crore plus policies in force
During 2016-17 Life Insurance
Corporation of India
In
2016-17 LIC of India settled 215.58 lakhs claims amounting to Rs. 1,12,700.41
crore. Excellent claims settlement standards, the best in the industry is a
matter of pride for us and we achieved settlement of 98.34% Maturity claims and
99.63% of Death Claims in the year.
According
to Sh.S.K.Srivastava,Sr.Divisional Manager, LIC of India, Chandigarh
Division, the Division has performed very well by achieving 5th rank
in the entire North Zone on %age achievement to the Budget on Number of
Policies as on 31.08.2017 and has garnered First Premium of 77.15 Crores on the
sale of 61,854 policies with appreciable growth over last year. The Division has further procured 663 policies
under Pardhan Mantri Vaya Vandana Yojana(PMVVY) with First Premium Income of
33.50 Crores. Chandigarh Division has
already achieved 4th rank in the country of 113 Division by
achieving 18% budget in the first quarter ending 30.06.2017 on all four pillars
, i.e Number of Policies, Single Premium, Non-Single premium and Total First
Premium Income and our Branch Samana has also achieved its target for 2nd
quarter also on all four pillars on 28.08.2017 and obtained 3rd rank
among all branches in the Zone.
On
claims front, Chandigarh division has
settled 6537 Death Claims and paid Rs.104.32Crores, and settled 1,78,423
Maturity Claims by paying 708.47Crores
for the year 2016-17. As on
31.08.2017, in the current year, The
Division has paid 37Crores on settling 2316 Death Claims and paid 287.80Crores
on settlement of 59,697 maturity claims.
Today,
in the inaugural function of LIC’s 61st
Anniversary, Insurance Week Celebrations,
Sh. Sh. S.K.Srivastava, Sr.Divisional Manager along with Sh. K.S. Johar,
Marketing Manager in the presence of large gathering of LIC Officials at
Jeevan Parkash Building, Sector 17-B, Chandigarh hoisted Corporate Flag
followed by Corporate Anthem. Smt. Asha Kumari Jaswal, Mayor, Chandigarh was Chief Guest and Sh. Ravi Kant Sharma, Councillor of the
area was also present on this occasion. The Chief Guest congratulated
the entire gathering on this prestigious occasion for LICians and felt elated
on being part of this function. She further appreciated the vibrant
achievements of LIC and various awards as informed in his address by Sr.
Divisional Manager. She further praised the very good usage of Hindi language
in the Chandigarh Division.
LIC
Mobile Application for online Premium payment on Windows and Android phones and
payment of premiums at POS machines by
swiping debit and credit cards at POS machines installed at selected Branches
and Premium Points of authorized Merchants are few of the initiatives to
facilitate the customers.
LIC Golden Jubilee Foundation, was
established in the year 2006, a social initiative by LIC. The objectives of the
Foundation are 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
through 398 projects. The Foundation has reached out to underprivileged
sections of society through the infrastructural support provided in far flung
remote areas throughout the country. Also LIC Golden Jubilee Scholarship Scheme
provides scholarships to children from economically weaker sections of the
society to pursue higher education till they complete their
graduation/professional courses.
Life
Insurance Corporation of India Bahrain operating in GCC countries of Bahrain , Qatar ,
Kuwait , U.A.E and Oman , LIC (Nepal )
Ltd, LIC (Lanka) Ltd, Kenindia Assurance Co. Ltd, Life Insurance Corporation (Singapore ) Pte Ltd and LIC (Bangladesh
LIC won 33 Awards this year. Notable among the
various awards is the Golden Peacock Award
for National Training 2017, Super Brands 2016, Dun & Bradsheet BFSI
& PSU Award, Indian Insurance Award,
Dainik Bhaskar Award, Greentech HR Award, Hindustan Award 2017. Readers’ Digest
Most Trusted Brand Award, Business Today-MT Financial Award to
name a few.
The Corporation has deployed the funds to
the best advantage of the policy holders as well as the
Community as a whole, true to the spirit of nationalization. National priorities and obligation of
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 24,72,389 crore
as on 31st March 2017. The investment of the Corporation’s funds is
governed by Section 27A of the Insurance Act, 1938, subsequent
guidelines/instructions issued from time to time by the Government of India and
the IRDA by way of regulations
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