LIC stays atop with 62.58% mkt share in FYP income in FY23

LIC, India’s leading life Insurance company, which is currently celebrating its 67th anniversary, has sustained leadership position after twenty-plus years of liberalization of the insurance sector with 62.58 per cent market share in First Year Premium Income in FY23. Around 27.74 crore policies are being serviced by it as on March 31.

LIC has floated a ‘special revival’ campaign for lapsed policies with effect from September 1.

Over the last six decades, it has witnessed tremendous growth to emerge as a key player in the Indian insurance market, while catering to the diverse needs of millions of policyholders. It offers innovative solutions to promote financial security and well-being. Beginning with an initial capital of Rs five crore in 1956, LIC, as on March 31, has Assets Under Management (AUM) of Rs 43,97,205 crore.

The First-Year Premium income for 2022-23 was Rs 2,31,899.17 crore while selling 204.65 lakh new policies during the financial year. Its market share in policies was 71.76 per cent while in terms of First-Year Premium Income it was 62.58%. This exceptional performance underlines the trust and confidence reposed by policyholders in its offerings.

Through its eight zonal offices, 113 divisional offices, 74 customer zones, 2048 branches, 1580 satellite offices and 13.47 lakh agents, customers are assured of best services,

In 2022-2023, LIC settled 225.51 lakh claims amounting to Rs 2,09,938.63 crore (Individual, IO, Micro & P&GS). It’s maturity claims paid ratio was 92.65 per cent and death claim paid ratio was 98.60 per cent. This reinforces its commitment to providing timely and hassle-free claim settlements, relieving the financial burdens faced by families during challenging times.

Its Pension and Group Superannuation Business vertical crossed the one trillion-mark successively for four years. LIC Golden Jubilee Foundation (GJF), established in 2006, caters to the Community Development Initiative of the Corporation and works on a large variety of projects focusing on relief from poverty or distress and education pursuits. Since inception, GJF has sponsored 723 projects and has disbursed amounts to the tune of Rs 198.11 crore till March-end.

Apart from being the leader, LIC is an internationally recognized financial conglomerate with its presence in fourteen countries. It has also ventured into other financial services through its subsidiaries and associates or LIC HFL, LIC Pension Fund Ltd, LIC Mutual Fund Asset Management Ltd, LIC Mutual Fund Trustee Co Pvt Ltd, LIC Cards Services Ltd and IDBI Bank Ltd.

It has received various awards and accolades during the year under review in areas of customer service, claims and training, including awards for ‘Most Trusted Brand’ in insurance. LIC also ranked 107th position in the Fortune Global 500 list published last month.

Talking to Bizz Buzz, a spokesperson of LIC said, “We are grateful to the policyholders, shareholders and employees for their unwavering support all through our 67-year journey.”