news details |
|
|
| LIC completes 55 years of service to the nation | | | Early Times Report
JAMMU, September 1: Life Insurance Corporation of India, since the nationalization of the Insurance Industry, has kept its assurance by not only making huge funds available for the development of the country ( Rs 7.50 lakh crores) but also has spread the message of Insurance to every nook and corner of the Country.
LIC services more than 28 crores Individual policies besides covering more than 9 crore people under Group Schemes and 3 crore families under Social Security Schemes.
LIC has a huge network of 112 Divisional offices , 2048 Branch offices , 1169 satellite offices, 70 Customer Zones, 25 MASH centers, 17287 Premium Points, 1032 Life Plus Offices in India and also has 5 Joint ventures and 3 Branches functioning outside India ( figures as on 31.3.2011)
It is still the fore runner in the Life Insurance Industry in India by having a first premium income market share of about 72.43 % & 78% on the basis of policies inspite of competition with 23 companies most of whom are tied up with International giants. LIC started off with a Life Fund of Rs 380.61 crores on 1st September 1956 and currently has life fund more than Rs 11.54 lakh crores and the assets under its management of more than Rs 13.17 lakh crores. During the last financial year LIC paid policy payments worth Rs 1.12 lakh crores while settling 183 lakh claims. In addition to this the outstanding claims ratio was the lowest in the industry at 0.37% .
The Corporation has over the last few years successfully implemented newer distribution channels which ensure that LIC is within the reach of everyone anywhere. These channels along with the time tested one like Individual Agents ( over 13.37 lakh agents as on date) offer over 53 different products catering to the different needs of all the segments of the society.
The Corporation is now one of the most advanced in the Industry regarding usage of IT be it for collection of premium , settling claims or for customers servicing.
During the last fiscal LIC won 11 prestigious awards including the “ Most Trusted Brand” in Insurance and also for the Best corporate governance.
LIC has set up a Golden Jubilee foundation as part of its CSR with a corpus of Rs 90 crores.
The North Zone of LIC consists of the 6 northern states(including Delhi) and Chandigarh. It is administered through 17 Divisions headed by Nilesh Sathe as Zonal Manger with Zonal office at Delhi. The Zone consists of 320 branches and 154 satellite offices. The marketing force consists of more than 1.88 lakh agents. During the last financial year the Zone had a total first premium income of Rs 7492 crores in the Individual segment while the pension and group schemes had a New Business premium income of approximately Rs 9433 crores. In the current year the Zone is targeting an individual first year premium income of Rs 10000 crores with 60 lakh policies
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
|
|
|
|
 |
|
|
|
|
STOCK UPDATE |
|
|
 |
| BSE
Sensex |
 |
| NSE
Nifty |
|
|
| |
CRICKET UPDATE |
|
|
|
|
| |
| |
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
