ET Report
Jammu, Sept 2 : LIC has over 29 crore plus policyholders, With Life Fund to the tune of Rs. 1433103.14 crore and has Assets of over Rs.15lakh crore, it was stated by AP Singh, Zonal Manager, Northern Zone, while addressing media persons here today.
He said that LIC was in service of nation since 1956 and further informed that Life Insurance Corporation of has completed 57 years on 1st September 2013. "Even after the entry of private insurers for over a decade now, LIC continues to be the frontrunner in the industry in terms of market share. Today LIC has over 29 crore plus policyholders, With Life Fund to the tune of Rs. 1433103.14 crore and has Assets of over Rs.15lakh crore", he said, adding thatduring 2012-13, 367.82 lakh policies were sold commanding 83.24% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 76245.64 crore i.e. 71.25 % of the market share.
Singh further said, "In Pension and Group schemes, new lives insured were 304.61 lakhs under conventional business and 132.24 lakh lives under social security schemes. In the year 2012-13, 183.63 lakh claims amounting to Rs. 74077.84 crore were settled 88.08% of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.53% and the outstanding death claim ratio is 1.04%. 90% of total of payments has been made through NEFT." "LIC has been a pioneer in using information technology for enhancing the quality of its service to customers. Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders", he added.
He disclosed that for the convenience of its customers LIC has widened its premium payment channels both offline and online."Along with existing Offline payment channels Premium collection through debit authorizations is extended to investors of LIC Nomura Mutual Funds where premium can be paid through their LICNMF systematic withdrawal funds", he said, adding that under Electronic Bill Presentation and Payment, premium can be paid through various approved Banks and LIC Credit Cards.
Certain approved Banks can collect premium through ATMs also. Under Online Payment channels, payments can be done through Customers' Portal Payment Gateway at www.licindia.in . |
