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| LIC turns 56: Staffers remember 56 years of public service | | 'Jeevan Deep' commemorative product launched | | EARLY TIMES REPORT
Jammu, Sept1: Life Insurance Corporation (LIC) of India turned 56 on September 1, 2012 and employees of organization went a memory lane and recalled 56 years of welfare of the L1C policyholders as well as for the community.
Spokesperson said, "A new micro insurance product 'Jeevan Deep' is being launched on 1st September."
"This is an endowment assurance with an added feature of guaranteed additions along with provision of Loyalty addition. An immediate annuity product is available for 'on-line buy'," spokesperson said.a
During 2011-12, 357 lakh policies were sold commanding 80.9% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 81514.49 crore including Rs. 38955.06 crore of premium through Pension and Group schemes i.e. 71.36 % of the market share. In. Pension and Group schemes, new lives insured were 284.12 lakhs under conventional business and 94.44 lakh lives under social security schemes.
In the year 2011-12, 185.7 lakh claims amounting to Rs. 66022.82 crore were settled. 93.19% of total maturity claims were settled on or before the date of maturity. 94.34% of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.5% and the outstanding death claim ratio is' 1.22%. Total payments to policyholders aggregated to Rs. 112,911.82 Crore.
LIC offers life insurance under Ground policies to various groups and offers insurance coverage to people below poverty line under social security group schemes like 'Janashree Bima Yojana ' & 'Aam Aadmi Bima Yojan' The scheme 'Shiksha Sahayog Yojana' is a free add on scholarship benefit that is available for children of the members who are covered under 'Jananshree Bima Yojana'. Free add-on scholarship benefit is also available for children of members covered under "Aam Aadmi Bima Yojna".
As a part of corporate social Responsibility, LIC Golden Jubliee Foundation has supported NGOs across the country through 211 projects, since inception, reaching out to many deprived sections of society through infrastrual support.
Spokesperson said that LIC has won 27 awards in the insurance category, notable ones being the Reader's Digest Trusted Brand Award, Business Super Brands, CNBC Aawaz-Consumer's Trusted Choice Award, ET Brand Equality Award, Golden Peacock- Innovation Product Award, Outlook Money Award and CNBC TV18 Award.
On this Occasion, Senior Divisional Manager of Srinagar Division D C Thakur told the media persons about the performance of Srinagar Division that division has completed more than 58000 policies while procuring 65 Cores of fresh premium in the current financial year as on 31.8.2012.
He also referred to the facet of performance of our corporation, i.e. Claim performance, Srinagar Division too had performed exceptionally well than the others by settling a total of 1, 1"9,713 Claims which amounts to Rs 365.20 Crores including a total of 2411 Death Claims with an amount of Rs 21.06 Crores in the last financial year. |
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