Life Insurance Corporation Completes 59 Years in Service to the Nation

Today LIC has over 30 crore plus policies in force, with Life Fund to the tune of Rs. 1824194.95 crore and has Assets of over Rs.20 lakh crore. During 2014-15, 201.71  lakh policies were sold commanding 77.85% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 78302.64 crore i.e. 69.21 % of the market share. In Pension and Group schemes, new lives insured were 316.74 lakhs under conventional P&GS business and 205.97 lakh lives under social security schemes.

In the year 2014-15, 232.32 lakh claims amounting to Rs 90458.16 crore were settled,   99.51% of Death claims and 99.78% of maturity claims were settled. The LIC has the best claim ratio in the industry. Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders.

Information technology initiatives have facilitated:  Networking of all its Branches, Satellite Offices, Divisions and Zones.  Standard applications for New Business processing, Policy servicing and all allied operations of LIC offices is developed in-house at the Corporate Office;

Real-time data flow for updation of the centralized database and Enterprise Document Management System, through which all the policy dockets and their incremental papers are being scanned and used for Policy servicing  LIC Portal through  is the single largest collection center with 35,634 outlets actively using the systems for premium collection and other servicing.

Portal collections have gone up to more than 17 crore policies in the year 2014-15. Apart from the premium collections, the Portal system has also enabled the marketing officials to render customer services through the portal, submission of more than 2 lakh i-proposals thereby reducing the load at the Branches. Apart from this during 2014-15, IT had completed integration of eKYC from Aadhar and providing linkage to the policy operations. In the coming years, focus will be on enabling the use of eKYC in various in-house applications both by in-house operations and Portal.





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