Life Insurance Corporation of India ie LIC has now entered its 66th year. LIC completed 65 years on 31 August 2021.
Entered into the insurance sector in 1956 with an initial capital of only Rs 5 crore, this company is now the largest public sector insurance company in the country. Now this government insurance company has a total asset base of Rs 38,04,610 crore including a life fund of Rs 34,36,686 crore.
3rd strongest brand in the world
According to the survey report of Brand Finance Insurance 100, in 65 years, LIC has established itself as the 3rd strongest and 10th most valuable brand in the world. LIC continues to be the biggest player in the market even 20 years after the Indian insurance sector opened up to private companies. Its share is the largest.
LIC continues to be the market leader with first premium income of 66.18 per cent and share of 74.58 per cent in the number of policies. During the financial year 2020-21, 2.10 crore new policies were registered by LIC at the end of March 31, 2021. New business registered a growth of 3.48 per cent during this period by raising an amount of Rs 1.84 lakh crore in the first year premium. LIC won 19 awards in the insurance category in the year 2020-21.
Contribution of LIC in the development of the country
This government insurance company has contributed by leaps and bounds in the financial and infrastructure development of the country. National priorities and good returns to the policyholders are the main parameters of the company’s investment. LIC released Rs 1,47,754 crore against 229.15 lakh claims during the financial year 2020-21.
LIC’s pension and group insurance crossed the trillion mark for two consecutive years, earning Rs 1,27,769 crore as new business premium income. LIC since its inception in 1956 has been utilizing the funds for the best benefit of the policyholders as well as the community at large.
