Life Insurance Corporation of India completes 61 years of its incorporation on 1st September, 2017. LIC has played a significant role in spreading the message of life insurance among the masses and mobilization of people’s money for people’s welfare.
LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. While completing 61 years of existence, LIC has 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.
Starting with an initial capital of Rs.5 Cr in 1956 today LIC has Assets of over Rs.25 lakh crore with Life Fund to the tune of Rs. 2323802.59 Crore. LIC started with 168 offices in 1956 and today with over 4897 offices and has 1.15 lakhs employees, 11.31 lakh agents, 29 crore plus policies in force
During 2016-17 Life Insurance Corporation of India has registered a growth of 27.22% in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to ` 124396.27 Cr at the end of 31st March, 2017 capturing 71.07% of market share. LIC’s market share in terms of number of policies was 76.09%, garnering over 20 million new policies as on 31st March, 2017.
LIC SOUTH CENTRAL ZONE CLOCKS 54% GROWTH IN PREMIUM INCOME DURING 2016-17
During the Financial Year 2016-17, South Central Zone completed 27.88 lakh policies with a premium of Rs. 5092.07 crore. In Pension and Group Schemes, the Zone covered 119.97 lakh lives with a premium of Rs.13631 crore, apart from 135.88 lakh lives covered under social security schemes.
South Central Zone’s Total Premium Income during the Financial Year 2016-17 crossed 46,500 crores and the total number of policies serviced by this Zone crossed 4.4 Crores.
Service – always our focus:
In 2016-17 the Zone settled 24,68,204 maturity claims for an amount of Rs.9820.13 crore . The Zone settled 1,51,785 death claims for an amount of Rs.1731.92 crore, with an outstanding claims ratio of less than 1%.
LIC has always explored and strived to upgrade all the avenues that technology offers to provide the best of Customer services. LIC has been a pioneer in using information technology for enhancing the quality of its service to customers being the largest insurer in India.
To ensure continued insurance coverage to customers, LIC is offering “Special Revival Campaign”, where policyholders of lapsed policies can renew their policies with a few relaxations in payment of interest on arrears of premium.
Community Development initiatives:
Towards contributing to the development of rural areas, LIC launched Bima Gram Scheme, wherein the villages having less than 10,000 population are entitled for certain benefits like construction of water tank, solar light, hand pump etc., subject to fulfilling business conditions. During 2016-17, 522 villages are declared as Bima Grams in this zone. (AP -108, Telangana- 69, Karnataka - 345)
Diamond Jubilee Special Activities:
LIC South Central Zone adopted 17 villages with a specific focus in helping the villages by providing drinking water facility, solar lamps / LED lamps etc., within the cost of Rs.50,000 per village. Also 303 schools were adopted by providing infrastructural support required for the schools within the cost of Rs. 25,000/- per school.
OUR SOCIAL COMMITMENTS:
As part of our social security coverage, this Zone has settled 80758 claims amounting to Rs.267.09 crore and paid scholarships to 23,65,186 students amounting to Rs 137.64 crore, during the Financial Year 2016-17.
LIC’S GOLDEN JUBILEE FOUNDATION:
The objectives of the foundation include extending the financial assistance to various projects aimed at helping the poor, needy and underprivileged strata of the society. In South Central Zone, we have sanctioned Rs.7.21crores for 48 different projects in the Zone (AP- Rs.1.63 crore (14 projects), Telangana- Rs. 1.35 crore (10 projects) & Karnataka-Rs.4.23 crore (24 projects) .
Under LIC Golden Jubilee Scholarship Scheme, disbursement of Scholarships benefited 2484 students, in our zonal jurisdiction.
South Central Zone covers the States of Andhra Pradesh, Telangana and Karnataka. In these 3 states LIC has 17 Divisional offices, 314 Branch Offices, 196 Satellite Offices, 92 Mini Offices and 4046 Premium Points, serving the Policyholders. There are 1.62 Lakh agents in South Central Zone.
The Life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalization, the Corporation has always worked towards the benefit of the Customer and the community at large.