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LIC celebrates 66th founding anniversary

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The Life Insurance Corporation of India entered its 66th year of existence on Wednesday. The company in a release said that it registered a growth of 3.48% in the new business in terms of the first year premium and sold 2.10 crore new policies during 2020-21. It also said that its pension and group superannuation business vertical crossed the one trillion mark for two years in a row.“During the year 2020-21 Life Insurance Corporation of India has sold 2.10 crore new policies and registered a growth of 3.48% in the new business in terms of the first year premium by collecting an amount of ₹1.84 lakh crore as of March 31. Our pension and group superannuation business vertical crossed one trillion mark successively for two years in a row by collecting Rs.1,27,769 crores as new business premium income,” the statement said.The company said that it settled 229.15 lakhs claims amounting to Rs. 147,754 crores in 2020-21.On its foundation the company said that by embracing technology it is able to provide hassle-free services to its customers. “Premiums can be paid by giving standing instructions to banks, through debit/credit cards, through Netbanking, IMPS, Wallets, Prepaid Cards, Apps, through authorized premium collection centres apart from payment in branches and satellite offices. Premiums can also be paid online using MyLIC App downloadable on Android and Windows phones. PayTM,PhonePe, GooglePay, Amazon Pay, Mobikwik are some of the more recent app based modes that are available to customers for premium payment digitally,” the company said. It further added that collection transactions through the digital infrastructure have reached an all-time high of 74.8% in terms of total amount collected.The company said that it has ventured into other financial services through its subsidiaries and associates namely LIC HFL, LIC Pension Fund Ltd, LIC Mutual Fund and AMC Ltd, LIC Cards Services Ltd, IDBI Bank Ltd, LICHFL Care Homes Limited, LICHFL Financial Services Limited and LICHFL Asset Management Company Limited. The LIC in a statement also said that it won 19 Awards in Insurance Category in the year 2020-21 with the notable ones being GoldenPeacock Award for Corporate Governance and Readers Digest Awards-Most Trusted Brand.The company said that its community development initiative which is a part of the LIC Golden Jubilee Foundation works towards alleviating poverty and other social issues. “LIC Golden Jubilee Foundation, established in the year 2006, caters to the Community Development Initiative of the Corporation and works on a large variety of projects focusing on relief of poverty or distress, advancement of education, medical relief and advancement of any other object of general public utility. Since inception, the Foundation has supported NGOs dedicated to the above causes by sponsoring through 589 projects,” it further added.

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