Back Office Login

you are here: Insurance | Insurance Schemes | Detailed News
As on: Sep 26, 2018 02:40 PM
Life Insurance Corporation to enter 63rd year of operations
31-Aug-18   20:09 Hrs IST

National insurer Life Insurance Corporation of India (LIC) is completing 62 years of its incorporation tomorrow.

Having begun its journey on September 1, 1956, with an initial capital of Rs 5 crore and an asset base of Rs 352.20 crore, LIC today has assets of over Rs 28.45 trillion with life fund to the tune of Rs 25.84 trillion.

From 168 offices in 1956, it today has over 4,826 offices, 1.11 lakh employees, 11.48 lakh agents and 29 crore plus policies in force. With such an asset base, LIC is the biggest financial institution in the country today.

In FY18, the insurer's new business grew by 8.12 per cent, taking the total first-year premium to Rs 1,34,551.7 crore as of March 2018, capturing 69.40 per cent of the market share. The share in terms of number of policies stood at 75.67 per cent, garnering over 21 million new policies as of March.

LIC is present in 14 countries through branch offices, wholly-owned subsidiaries and joint ventures in Fiji, Mauritius, England, Bahrain, Nepal, Sri Lanka, Singapore and Bangladesh, among others.

"We have grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country," LIC said in a statement release.

At the end of the FY18, LIC had 30 plans under its individual business.

In FY18, the insurer settled 266.08 lakh claims amounting to Rs 1.18 trillion. Its claims settlement stood at of 95.36 per cent and maturity claims at 98.04 per cent.

Under the PM's scheme (PMJJBY), LIC has covered 265.96 lakh lives under as of March 2018, the statement said.

The total funds invested for the benefit of the community at large stood at Rs 27,36,762 crore as of March 2018, it added.
For Business enquiry, call on: 011 45046022 / 45046000 or email to: partner@skicapital.net   contact@skicapital.net
SKI CAPITAL SERVICES LIMITED CIN : U74899DL1993PLC054443 / SKI CONSULTANCY SERVICES LIMITED CIN : U74140DL1999PLC098321
Surya Kiran Investment & Capital Services Pvt. Ltd.  * Insurance is in the name of Surya Kiran Investment & Capital Services Ltd. IRDA No: CA0177
   Address: 718, Dr. Joshi Road, Karol bagh, New Delhi 110 005
Hit Count : 7332577
plus
minus
CIN: U67190DL2012PTC246572, IRDA No: CA0177, AMFI- ARN-118937. NSE Cash / F&O / Currency- INB / INF / INE-230815339, BSE Cash /F&O-INB / INF010815331, BSE Currency- Exchange Regn., MSEI Currency- INE260815339, DP IN-DP-NSDL-129-2000, DPID IN 301508, IRDA Reg. No.CA0490, SKI Consultancy Services Ltd Member: NCDEX, MCX, SEBI Reg No INZ00005283, M. No. NCDEX 00433, MCX 16200.
Exchanges / Depository : Prevent Unauthorized Transactions in your Trading / Demat Account. Update your Mobile Numbers / email IDs with us. Receive alerts on your Registered Mobile / email IDs for trading account transactions and all debit and other important transactions in your demat account directly from Exchange / NSDL on the same day | KYC: KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. | Note: "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
Copyright 2011. SKI. All Rights Reserved Designed , Developed & Powered By C - MOTS Infotech(ISO 9001:2015 certified)