Life Insurance Corporation of India
The Corporation was established by an Act of Parliament which received the assent of the President on 18th June, 1956. The Act came into force on 1st July 1956 and the Corporation began to function w.e.f 1st September, 1956.
The Corporation is an autonomous body and has necessarily to run on sound business principles.
The Corporation has been fully carrying out the role assigned to it and justifying the confidence of the public by offering adequate security at reasonable cost, dependable service, economic management and favourable returns to the nation at large.
LIC is the No. 1 brand
- LIC is the No. 1 brand in service sector and 240 million + lives are part of LIC of India.
- LIC is the biggest life insurer in the world.
- Best infrastructure – 2048 LIC branches (fully computerized) 1275 satellite offices, more than 1.16 lac employees and 11.72 lac agents.
- LIC policy for all segment.
- Transparency operations.
- Best practices in the industry.
- Excellent claim settlement ratio.
- Sovereign guarantee to customers.
2012-2013
- Country's largest insurer Life Insurance Corporation of India (LIC) has paid Rs 1,436.38 cr to the Government of India as dividend for 2012-13.
- LIC had declared a valuation surplus of Rs 27,291.22 crore for the financial year ending 2013.
- LIC has received a total premium income of Rs 208589.72 crore as against Rs 202802.90 crore in the previous showing a growth rate of 11.90 per cent.
- The total life fund of LIC stood at Rs 1433103.14 crore as against Rs 1283990.72 crore in the previous year. The total assets of the company rose to Rs 1560481.84 crore from Rs 1417891.79crore in the previous year.
- During 2012-13, LIC settled more than 1.89 crore claims for an aggregate amount of over Rs7222.90 crore.
Awards
