Feb 08, 2006 12:07 PM
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(Updated Feb 08, 2006 12:07 PM)
Life Insurance Corporation of India is currently celebrating its Golden Jubilee.
LIC started functioning w.e.f. 1 Sep 1956, on sound business principles, like adequate security at reasonable cost, dependable service, economic management of investors’ funds and favourable returns to them.
All the sums assured by LIC are guaranteed for payment by the Govt of India and are tax-free forever.
LIC has over 17 Crore policy holders till Mar 2005, which is more than Australia’s population.
Every year, more than 25 million Indians choose LIC for protection & care.
LIC has tied up with various banks. It is like adding more than 65,000 new branches;
LIC is the most preferred Life Insurance Company as per the survey conducted by CNBC TV 18 in conjunction with AC Neilsen, ORG-MARG and the Economic Times;
LIC is the largest IT user company in the world.
LIC’s enterprise portal can be accessed from anywhere in the world;
- Premiums can be paid in to any of its 100 Divisional offices & 2,048 branches.
It also has offices all over the world.
Financial highlights – 2004-05 :
First Premium : Rs 12,174.11 Crores
First Premium % growth over previous year : 42.11%
Total Premium Income : Rs 75,083.37 Crores;
Income from investments : Rs 33,717.85 Crores
Total income : Rs 1,12,346.24 Crores
Investments : Rs 4,13,800.95 Crores
Total assets (Up to Sep 05) : Rs 4,76,515.27 Crores
The Life fund of LIC stands at Rs 2,81,664.33 Crores as of 31st March 2003.
Settlement of claims : Rs 23,642.54 Crores against over 100 lakh claims, which is the largest number settled by any Life Insurer in the world.
Claim settlement ratio : 99.97% - LIC settles nearly two claims every second;
- No wonder then … LIC is ahead of all Life Insurers in India. It will take minimum 2 generations for the surviving private insurers in India to sell & service the comparable number of policies, to establish these many offices and to build up funds to this extent, by when, LIC would leave them far behind.
Further, LIC has managed its Wide Area Network to cover 100 divisional offices and to connect all the branches through a Metro Area Network. LIC’s ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities.
With the vision of providing easy access to its policyholders, it has launched its Satellite Sampark offices, which are closer to the customer. The digitalized records of the satellite offices facilitate anywhere servicing and many other conveniences.
In the words of the Union Finance Minister, ''LIC’s footprints are now found in many other countries in the world. Wherever Indians go - and they go everywhere now, wherever Indians are welcome - and they are welcome in every part of the world, wherever Indians settle down – they have found many new homes, wherever Indians excel – and they excel in every walk of life, they want LIC – they want LIC to protect them, to look after their savings, and provide for protection as well as their retirement.''
A few advantages of investment in LIC policies :
a. tax relief
b. superior to an ordinary savings plan,
c. encourages and forces prudence,
d. provides easy settlement and protection against creditors.
e. provides financial protection to family
f. it is a sound investment to take care of children’s education, marriage, the post VRS period and old age
g. security to loans for educational / marriage purposes,
h. immediate / planned pension, etc.
