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| LIC Completes 51 years of service | | | Early Times Reporter
Jammu | Sep 3
On the 1st of September 2007 Life Insurance Corporation (LIC) has completed 51 yeas of service to customers.
LIC came into being on the 1st of September 1956 on nationalization of the Insurance Industry which comprised of 245 private insurers, LIC is today the largest life insurance company which not only has offices in several countries but also has diversified its business into Mutual Fund and Housing Finance.
The life fund of LIC stands at Rs. 5.60,806 crore and its Assets Base stands at Rs. 6,51,883 crore making it one of the largest financial institutions in India.
Upto the 31st of March 2007 LIC has invested Rs. 73.747 crore in the Infrastructure and Social Sector it has been adjudged the number of One service Brand in India by the Executive Times and AC Nielsen. LIC has also been adjudged as the “Best Life Insurance Company of the Year” at the NDTV Profit Business Leadership Awards-2007 and as the “Most preferred life insurance Company of the Year” at the CNBC Awaaz consumer Awards-2007.
LIC has defined the world standard in the field of Claim Settlement during the year 2006-07 LIC settled about 32 crore claims for an amount of Rs. 36.537 crore in individual life business. LIC thus settles over45, 600 claims every working day.
In terms of new business under individual assurances the Corporation completed 1.3 crore policies at a mammoth growth rate of 101 percent upto the ending 15th of August 2007.
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