| January 21
LIC of India
- Life Insurance Corporation of India, headquartered in Mumbai, is an investment corporation owned by the Government of India.
- It is under the ownership of the Ministry of Finance, Government of India.
- LIC of India was created on 1st September 1956 when the Government of India passed the Life Insurance of India Act, nationalizing the Private Insurance Industry in India.
- The Company was formed by merging 154 Life Insurance Companies, 16 Foreign Companies and 75 Provident Companies.
- As of today, it is one of the largest financial institutions in India having an Asset Value of INR 380,400,000 Lakhs.
Products Basket of LIC
In India, LIC is synonymous with life insurance, as the company is a pioneer in offering the best Life Insurance Products that cater to every budget and preference. No matter what of which walk/stage of life an individual is in, LIC of India offers various Life Insurance Plans at affordable premium rates. Being a government-owned Life Insurance Company, the plans offered by LIC are always in demand and cater to a versatile range of customers.
Here are various Life Insurance Products offered by the Life Insurance Corporation:
Functions of LIC
The major functions of LIC are as follows:
Analysis of Income
India’s largest life insurer, LIC, continues its impressive performance despite a highly challenging Business environment due to the Corona Pandemic for the entire previous year.
Individual Assurance Segment contributes Maximum to the Total Premium Income of The Corporation i.e. 66.02%.
LIC Collects Highest ever Rs 1.84 Trillion (Lakh Crores) New Premium in Corona Period.
LIC generates around 60% of the Net Income from the Premium Income.
LIC’s Net Income increased by about 11% in Fiscal 2021.
Payments To Policyholders
- On the Claims front, inspite of severe constraints due to Covid Pandemic, LIC settled 2.19 Crore Maturity claims, Money Back Claims and Annuities, amounting to Rs 1,16,265.15 Crores.
- According to the IRDAI’s Annual Report 2020-21, the claim settlement ratio of LIC was 98.62% as of March 31, 2021 compared to 96.69% as of March 31, 2020.
Competitive Strengths of LIC
What Makes LIC A Behemoth?