Category Archives: Facts about LIC OF INDIA
Higher Maturity in LIC Plans
There are various life insurance companies operating in India but why there is higher maturity in LIC Plans on comparing with the plan or policies of other life insurance companies.
LIC India is operating since 1956. Over these long years, the total life fund of LIC has crossed Rs 20lakh Crores.
You name any reputed company or bank LIC has stake in that. LIC holds shares holding in a total of 27 Nifty companies. The major companies where LIC has raised its stake include Infosys, RIL,Coal India Ltd, Cairn India. ITC, Power Grid Corp, NTPC, Siemens, Bharti Airtel and Hero MotoCorp. Mahindra & Mahindra, HDFC Bank, ICICI Bank, Tata Motors, L&T, HDFC, Wipro, SBI, Maruti Suzuki, Dr Reddys, Bajaj Auto etc. Among the Nifty companies, LIC’s holding in terms of value is estimated to be highest in ITC (Rs 27,326 crore), followed by RIL (Rs 21,659 crore), ONGC (Rs 17,764 crore), SBI (Rs 17,058 crore), L&T (Rs 16,800 crore), and ICICI Bank (Rs 10,006 crore). These are companies which are growing and so it LIC.
In FY14, LIC invested Rs 2.25 lakh crore in government securities, bonds, infrastructure, debenture and equity. The insurer had booked Rs 21,000 crore profit from sale of equities and churning of the portfolio.
With respect to the investment in infrastructure and the social sector, LIC invested Rs 10,995.33 crore in power, Rs 4,121.74 crore in housing, Rs 35.72 crore in water supply and sewerage, and Rs 5,012.13 crore in other infrastructure in FY13.
A whopping 25 per cent rally in the equity markets boosted the net profit, or valuation surplus in the official language, of Life Insurance Corporation by 10.4 per cent in 2014-15 at Rs 36,087 crore.
As per the LIC Act, the corporation has to distribute 95 per cent of its profits with the policyholders, and accordingly the financial powerhouse paid Rs 34,283 crore to its millions of policyholders in the year, while the remaining 5 per cent worth Rs 1,804.35 crore was paid to its owner, the government.
Now one can understand that when LIC is earning this much profit and 95% of that is going for its policyholders so the point is very much clear that there is higher maturity in LIC Plans. So buy today.
All LIC Plans with either closed or altered after 30th Sept 2013. Some of the best selling policies like Jeevan Anand, Jeevan Saral, Jeevan Ankur, New Bima Gold, Jeevan Shree-I, Komal Jeevan and many more may not be available for sale after 30th Sept 2013 and if they will be available then it will be costlier because the policyholders will have to pay service tax extra over these policies.
Buy LIC POLICIES before 30th Sept 2013
This is not merely a news article Please find the attached proof of GAZETTED NOTIFICATION of IRDA for closing the plans of LIC OF INDIA.
Buy LIC POLICIES before 30th Sept 2013
LIC has been synonymous with insurance in India for a long time now. Ever since its inception in 1956 Life Insurance Corporation of India (LIC) has not just been insuring lives as the country’s largest life insurance company but has also been creating wealth for the masses as the country’s largest investor.
Today, LIC with the work force of 1.2 Lakhs and an agency force of 12.78Lakhs with other intermediaries services about 30crores policies. Today LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1202 satellites offices and the corporate office. LIC’s wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities.
The range of products offered by LIC is unmatched in the industry too- both in terms of number as well as the range. From retirement plans to take care of your needs after retirement to schemes that help you cater to the financial needs of your child. LIC has solutions for every need of a policy-holder.
Apart from providing individuals and corporations with a mechanism for transferring their risks, LIC provides a means for mobilizing long term savings and investing them prudently. Over the last several decades LIC has been implementing state social insurance programmes, especially in the areas of pension and disability. LIC offers group policies to various groups such as employer-employee, cooperatives, weaker sections of society, etc and insurance coverage to people below poverty line at subsidized rates under social security group schemes and has been managing AABM for rural landless house holds. Another scheme namely JBY is implemented for BPL or for people marginally above BPL. Each of the above schemes have scholarship benefits to the children of the member of the scheme.
LIC GOLDEN JUBILEE FOUNDATION.
This was established in 2006 as part of the organization’s commitment towards corporate social responsibility. The objectives include relief of the poverty or distress, advancement of education, medical relief and advancement of any other object of general utility. The Foundation has supported projects ranging from construction of hospitals, providing educational facilities, old age homes, hostels buildings for children in tribal areas, etc. It has also provided ambulances and mobile medical vans for the underprivileged sections in remote areas and special school buses for differently abled children. The foundation has also supported cochlear implant surgeries for children from economically weaker sections of society through KEM Hospital, Pune. Apart from this, LIC Golden Jubilee Scholarship Scheme is an excellent CSR initiative where scholarships of Rs 10000 each per annum are awarded to meritorious students across the country belonging to economically weaker sections of society.
While taking care of its social responsibilities, LIC has also kept a keen eye on the market to seize opportunities to grow its business.
Product development: LIC continues to launch innovative products to address the needs of different segments of the society.
Training: LIC conducts regular workshops and training modules for its office staff and field staff both internally and also in association with reputed names in industry.
Overseas Operation: LIC serves the Indian diaspora overseas through its branch offices and joint ventures.
Bancassurance and alternate channels: LIC has tie-ups with 8 PSU banks, 4 private banks and 33 UCBs/RRBs/cooperative banks under Corporate Agency agreement. In the current year, LIC has planned to show a substantial income from this source.
THE ROAD AHEAD.
Being the largest financial institution in the country-managing assets worth Rs 14.17lakh crore which is about 15% of India’s GDP also brings its share of responsibilities. It is our endeavor to not just grow our already formidable market share but also be nimble enough to embrace new ideas and new technology to cater to the needs of every Indian.
There are more than 22 life insurance companies operating in India, but while buying life insurance why should one prefer LIC over others, there are numerous reasons but 26 strong reasons are listed below.
Rank of LIC
a) LIC is No.1 insurer in the world in Volume & Sold around 3.75 Cr.Policies in 2007-2008.
b) LIC is one of the Highest income tax playing Organization. For Financial Year 2007-08, LIC has paid advance Tax Rs.2627. 14 Cr. & Service Tax Rs.1292. 15 Cr.
c) Only 4 countries in the world have more population that LIC`s policy holders.
Settlement Of Claims
d) No.1 insurance Company in the world in terms of claims paid.
e) LIC Settles 2.21 claims per second, LIC settled 139 lakhs (1,39,00,000) claims during the year 2007-2008. Note: They are number of claims not the amount paid in claims.
f) Prompt settlement of claims (97% maturity claim settled on or before due date)
g) One of the Lowest outstanding Claim Ratio in the world ( Maturity+S B Claim-0.07%)
Advanced Technology-For Better Customer Service
h) LIC is second largest PC user in the country.
i) EDMS to make LIC a paperless office– Enabling Policy servicing & payments through all branchs in the country.
j) Premium Payment Facility extended through networked 2048 branches, ECS, ATM’s through internet, online portals, collecting bank (Axis Bank), AP online, through SMS, through selected agents.
k) LIC – an institution builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National insurance Academy, insurance institute of India etc.
l) LIC has foreign operations in Mauritius, Fiji and London and has joint venture operating in Sri lanka, Nepal, Bahrain & Saudi Arabia. New offices will be shortly opened in Australia, USA & Canada.
m) LIC is known as “Pension Provider” of the country.
n) 1st Pension company in India is floated by LIC as “LIC Pension Fund Ltd” on 21st Nov 2007.
o) Widest range of plans (about 48) for every need of the customer of 0 to 79 years of age.
p) “Jeevan Saral” one of the product of LIC got “Best innovation product ” award from I.R.D.A.
q) New East – Central Zonal Office opened at patna to cater the needs of states of Bihar, Jharkhand and Orissa. 5 new Divisional offices were also opened in 2007-08. Pune D.O.was splited in 2 divisions, viz Pune Division (i) and Pune Division (ii).
People’s Money For People’s Welfare
r) LIC invested more than Rs.56,691crores in infrastructure sector.
s) In socially oriented sector like water, drainage & housing etc, LIC has invested Rs.5,635 crores during 2007-08 & total investment in this sector is Rs.32,321 crores.
t) Total investment in Social Sector Rs.89,000 Crs.
u) Total investment in Nation Building Activities is 5, 76,000 Crs.
v) LIC’s investment income in 2007-08 was Rs.40, 655 crores. Out of Total income of Rs, 1, 76,559.28 Crs.
w) Total Assets of the corporation as on 31.3.09 is around Rs. 8, 50,000 Crs.
x) Largest institutional investor in Share Market. On an average Rs.300 crore invested every day. During the year 2007 LIC earned the profit Rs.10,000 Crs. from the Sale of Equity.
y) Largest Financial institutional investor both Equity market & Term House.
z) All traditional policies are guaranteed by Central Government of sovereign guarantee.
Awards won by LIC
1. Adjudged “The most trusted service Brand” in India, by “Economic Times and AC NEILSEN ORG MARG” for the year 2009 for the 5th consecutive year.
2. “Golden Peacock” award for Excellence in “corporate Governance”
3. LIC adjudged as “Best life insurance Company of the year” at the NDTV Profit Business Leadership Awards-2009.
4. LIC adjudged the “Most Preferred Life insurance Company of the year” at the “CNBC AWAAZ” consumer award 2009 for 3rd time in succession.
5. Awarded Reader Digest’s “Trusted Brand”2006,2007,2008 &2009 (Voted by Consumers)
6. Outlook Money NDTV Profit Award
7. “SKOCH Challengers Award 2009” for “Jeevan Madhur“.
8. “Loyalty Awards 2009“- insurance Sector.
9. Double crown for LIC in corporate Olympics 2008, Most Sporting Corporate
Championship Award Winner-2008
source: lic of india
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Country’s largest insurer Life Insurance Corporation of India (LIC) has paid Rs 1,137.95 Cr to the Government of India as dividend for 2010-11.
The dividend cheque was handed over by LIC current-in- charge Chairman D K Mehrotra to the Finance Minister Pranab Mukherjee yesterday, the state-owned insurer said in a statement today.
LIC had declared a valuation surplus of Rs 22,752.71 crore for the financial year ending 2011. This surplus was arrived at, after the annual actuarial valuation was done and all liabilities were accounted, it said.
The balance amount of Rs 21,614.72 crore would be ploughed back to the policyholders as bonus, it added.
For the 2010-11, it said, LIC has received a total premium income of Rs 2,03,358 crore as against Rs 1,85,986 crore in the previous showing a growth rate of 9.34 per cent, it said.
The total life fund of LIC stood at Rs 11,51,200.58 crore as against Rs 9,99,517.59 crore in the previous year. The total assets of the company rose to Rs 13,17,416 crore from Rs 11,52,057.21 crore in the previous year.
During 2010-11, LIC settled more than 1.89 crore claims for an aggregate amount of over Rs 57,557 crore. The ratio of claims outstanding at the end of the year to the total claims payable during the year stood at 1.20 per cent.
source: Economic times dated march 16, 2012.
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- Jeevan Saral : LIC Jeevan Saral : Jeevan Saral from LIC : Table no 165 on