Ludhiana: Life Insurance Corporation of India has completed its glorious 60 years on 1st September. It has played a significant role in spreading life insurance among the masses and mobilisation of people’s money for people’s welfare. LIC is celebrating its Diamond Jubilee Year which is dedicated to the nation.
As a part of Insurance Week Celebrations, DC Thakur, senior divisional manager told that with an initial capital of Rs.5 Cr in 1956 here on Tuesday LIC has assets of over Rs.22 lakh crore with Life Fund to the tune of Rs. 2057625.38 Crore. LIC started with 168 offices in 1956 and with over 4762 offices and 33161 touch points has 1.14 lakhs employees, 10.61 lakh agents, 29 crore plus policies in force.
During 2015-16, LIC’s market share of new policies issued was 76.83% and the market share for total first year premium income was pegged at 70.44 %. Once again LIC’s Claim settlement ratio is at 99.75 % for Maturity Claims and 99.49% for death claims is one of the best in the industry. In 2015-16, 208.85 lakh claims amounting to Rs 85519.96 crore were settled.
While addressing the Road Show, he further explained that Ludhiana Division which comprises Samrala, Khanna, Jagraon, Bathinda, Mansa, Rampura Phool and Ludhiana city itself has performed very well during the financial year ending March 31 this year when 1,05,649 new policies were sold out with the collection of 136.64 crore of First Premium Income.
For more news updates Follow and Like us on Facebook