Despite private players, LIC remains market leader in insurance
Bhubaneswar, 3 September
Even after the entry of private insurers for over a decade now, Life Insurance Corporation of India (LIC) continues to be the frontrunner in the industry in terms of market share, said the company&’s senior divisional manager Mr B Majhi.
“Today, LIC has over 29 crore plus policy holders, with life fund to the tune of Rs 1433103.14 crore and assets of over Rs 15 lakh crore,” he said, while addressing media persons to mark the 57 years of incorporation.
Providing business details of the company, Mr Majhi informed that nearly 367.82 lakh policies were sold commanding 83.24 per cent of the market share of new policies issued in 2012-13 financial year. Its total first year premium income was pegged at more than Rs 76245.64 crore, which is 71.25 per cent of the market share. In pension and group schemes, new lives insured were 304.61 lakhs under conventional business and 132.24 lakh lives under social security schemes. “In the year 2012-13, 183.63 lakh claims amounting to Rs 74077.84 crore was settled, 88.08 per cent of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.53 per cent, and the outstanding death claim ratio is 1.04 per cent. Ninety per cent of total payments have been made through National Electronic Fund Transfer (NEFT),” he said.
Highlighting that LIC, the larger insurer of India, has been a pioneer in using IT for enhancing the quality of its services to customer, Mr Majhi observed that it has also undertaken many other customer-centric initiatives like enterprise document management system, portal for customers, agents, development officers and employees. “LIC is fervent in its corporate social responsibility (CSR). LIC Golden Jubilee Foundation was established on 20 October 2006 as a public trust as part of its CSR. The objectives of the foundation are providing relief to the poor, advancement of education, medical relief and advancement of any other object of public utility,” he said.