LIC emerges as 3rd strongest, 10th most valuable brand globally

Life Insurance Corporation of India (LIC), a premier financial conglomerate with footprint over 14 countries, has been ranked as the 3rd strongest and 10th most valuable brand in the world, says a report released by Brand Finance Insurance 100. The insurance behemoth will enter into 66th year of itsexistence on September 01, 2021.

True to the objective of nationalization, LIC is committed to propagate the message of life insurance to reach all insurable people at a reasonable cost. Starting with an initial capital of Rs5 crore in 1956, today LIC has asset base of Rs38,04,610 crore, with LifeFund to the tune of Rs 34,36,686 crores.

Despite two decades of opening up of insurance sector, the Corporationcontinues to be a market leader by holding majority of market shareviz 66.18 per cent in First Year Premium income and 74.58 per cent innumber of Policies. During the year 2020-21, LIC has sold 2.10 crorenew policies and registered a growth of 3.48 per cent in the newbusiness in terms of the First Year Premium by collecting an amount ofRs 1.84 lakh crore as at 31st March 2021.

"Our Pension and Group Superannuation Business vertical crossed 1 trillion mark successively for two years in a row by collectingRs1,27,769 Crores as New Business Premium Income.

Through its eightzonal offices, 113 divisional offices, 74 customer zones, 2048 branch offices, 1546 satellite offices, more than 42000 premium points and life plus offices, over one lakh employees, 13.53 Lakh agents, customers are assured to be provided with our best of services," the Corporation said in a statement.

Besides this, LIC has tied up with 8 PSU Banks, 6 Private Banks, 13Regional Rural Banks, 41Cooperative Banks and 1 Foreign Bank toenhance productivity. It has formidable distribution channel to bringabout qualitative and quantitative improvement in business. It hasalways been a front runner in the financial and infrastructuredevelopment of the nation since itsinceptionby deploying thefunds to the best advantage of the policy holders as well as theCommunity at large. National priorities and reasonable returns to thepolicyholders are the main criteria of our investments. The totalfunds invested for the benefit of the community at large are Rs36,76,170 Crores as on March 31.

Today, LIC offers a bouquet of 32 plans for sale under individual business, each catering to the needs of various segments of thesociety viz endowment, term assurance, children, pension, Micro Insurance, Health Insurance and Unit Linked products etc. Customersare offered with the best products as per their changing needs. In2020-21, LIC has settled 229.15 lakh claims amounting to Rs 1,47,754crores.

LIC has always been embracing technology for providing hassle freeservices to its customers and for making sales and services easy. Manycustomer-centric initiatives have been taken by it besides improvingpricing and creating operational efficiencies. LIC has leveragedvarious digital platforms for electronic premium payments to provide aseamless experience to customers which facilitate payment of premium anytime, anywhere.

Premiums can be paid by giving standing instructions to banks, throughdebit or credit cards, through Netbanking, IMPS, wallets, prepaid cards,Apps, through authorized premium collection centres apart from payment in branches and Satellite Offices. Premium can also be paid online using My LIC App downloadable on phones. PayTM, PhonePe, GooglePay, Amazon Pay, Mobikwik are some of the more recentapp-based modes that are available to customers for premium paymentdigitally.

Renewal premium collection transactions through the Digitalinfrastructure have reached an all-time high of 74.8 per cent in termsof total amount collected. Online facility of Loan Repayment and LoanInterest repayment is available with or without logging throughCustomer Portal. Online loan request through Customer Portal isavailable for Premier service registered Customers only. LIC has nowfacilitated revival of policies in the satellite offices andsubmission of claim form in any branch across the country. A specialRevival Campaign has been launched by LIC from 23 August 2021 to22 October 2021 to facilitate revival of lapsed policies. Switching of fundtype under ULIP Policy can now be done online by our Customers.

LIC's Chatbot, 'LIC Mitra', is capable of answering a variety ofquestions on the plans available for sale, servicing related queriesand also premium payment enquiries. Digital learning platform has beenprovided to the employees and agents.

Launch of Gyanpeeth for enhancing knowledge of employees of the Corporation is a step in thisdirection.

It has launched a Mobile App "ANANDA (AtmaNirbhar AgentsNew Business Digital Mobile Application) as a tool for onboardingprocess for new policy through a paperless module.

LIC Golden JubileeFoundation, established in the year 2006, caters to the CommunityDevelopment Initiative of the Corporation and works on a large varietyof projects focusing on Relief of poverty or distress, advancement ofeducation, medical relief and advancement of any other object ofgeneral public utility.

Since inception, the Foundation has supportedNGOs dedicated to the above causes by sponsoring through 589 projects.Apart from being a leading Life Insurance Company, It is aninternationally recognized financial conglomerate with its presence infourteen countries. It has also ventured into other financial servicesthrough its Subsidiaries and Associates viz LIC HFL, LIC Pension FundLtd, LIC Mutual Fund and AMC Ltd, LIC Cards Services Ltd, IDBI BankLtd, LICHFL Care Homes Ltd, LICHFL Financial Services Ltd, andLICHFL Asset Management Company Ltd. LIC has won 19 awards inInsurance Category in the year 2020-21.

Notable ones being Golden Peacock Award for Corporate Governance andReaders Digest Awards-most trusted brand. It has stood tall inchallenging times of Covid-19 pandemic and has been able to provideseamless, unhindered, hassle-free services to our esteemedpolicyholders.