LIC is celebrating 64 years of its incorporation

Amritsar, Sept 4 (Punab Post Bureau) – LIC is celebrating 63 years of its existence and enters into 64^th year of its incorporation. It was on this day on Ist September 1956 when LIC of India was established by an act of Parliament.

                 After nationalization, LIC has contributed in a big way for the economic development of the Country. In  press conference Harvinder Singh Sr. Divisional Manager Amritsar Division said that on 31.03.2019 the Total Assets of Life Insurance Corporation of India has reached more than 31.11 Lakh Crores with Life Fund to the tune of 28.28 Lakh Crores. The total funds, so invested for the benefit of the community at large are Rs.2984331 crore as on 31^st March 2019. The LIC of India has been a Nation builder since its formation in 1956.

                 LIC started with 168 offices in 1956 and today with over 4851 offices, has over One lakh employees, 11.79 lakh agents, 29.09 Crore plus policies in force. Excellent claims settlement standards; the best in the industry is a matter of pride for LIC, having achieved 92.95% Maturity Claims and 98.27% of Death Claims settlement for 259.54 lakhs claims amounting to Rs.163104.50 crore in 2018-19, said  Sr. Divisional Manager.

              The focus of the Corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT system in sync with the expectations of the users. LIC is also issuing ePolicy along with physical policy document.

             During 2018-19 LIC has registered a growth of 5.68% in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to Rs.142191.69 crore at the end of 31^st March, 2019 capturing 66.24% of Market Share. LIC’s market share in terms of Number of Policies was 74.71%, garnering over 21 milion new policies as on 31^st March, 2019.

              Heading a prestigious Amritsar Division of the Corporation Harvinder Singh said that Amritsar Division has done 47963 Policies  and  62.61 Crore TFPI in the current year as on 31.08.2019 and thereby maintaining a Ist Position in All India, on achievement to Budget on  NOP basis. D.S Slathia Manager Sales, Rajesh Manchanda, Charanjit Seth,  Maninder Singh  and Ajay Sharma were also present.