LIC: The most trusted brand in the Indian insurance market
Touching millions of lives with the gospel of insurance, LIC fulfils its social responsibilities and obligations in the corporate sector through its role in numerous nation-building projects.
One of the largest insurance companies in the world in terms of customer base, LIC is one of the most trusted brands in the Indian Market. Being the single largest investor in government securities, LIC forms the backbone of Indian Economy. A premier financial institution, its propagation of the message of life insurance is unparalleled. LIC serves its customers through 8 Zonal Offices, 113 Divisional Offices, 2,048 Branches, 1,526 Satellite Offices, 74 Customer Zones, 31,556 Premium Acceptance Points, 3,354 Life Plus offices, over 1,00,000 employees and 13.08 lakh agents. LIC provides insurance services through Branch Offices (UK, Fiji, Mauritius), JVs (LIC Bahrain, LIC Nepal, LIC Sri Lanka, Kenya, Bangladesh) and a representative Office in Singapore. Other financial services are provided through subsidiaries viz. Pension (LIC Pension Fund), Housing Finance (LIC HFL), Mutual Fund (LIC Mutual Fund), Credit Cards (LIC Cards Services Ltd.), Financial Products distribution (LIC HFL Financial Services Ltd) and LIC HFL Care Homes. LIC’s bouquet of 28 plans meet the changing needs of customers under Individual Business catering to various segments of the society viz. Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Unit Linked products.
LIC is a dominant life insurer in the competitive Indian insurance scenario. Despite the Covid 19 pandemic, LIC holds a composite Market Share of 70.86 per cent in nunber of policies, 68.05 per cent share in First Year premiums as at December 31, 2020. Over 130 lakh Claims amounting to over ` 67,993 crore were settled as on December 31, 2020, an enviable track record.
LIC’s strong online presence and digital platforms support new business & servicing operations of both internal and external customers, as well as channel partners like Banks and other agencies. The Customer Portal system enhances the digital experience and the Customer Mobile App [available on Android and iOS] has over 34 lakh users. MPIN based access to mobile applications is in place for ease of use. LIC has leveraged various digital platforms to provide a seamless experience for electronic premium payments through PayTM (directly), PhonePe and GooglePay (through BillDesk). LIC’s chatbot LIC Mitra is capable of answering questions related to available plans, servicing related queries and premium payment enquiries on LIC’s official website www.licindia.in Touching millions of lives with the gospel of insurance, LIC fulfils its social responsibilities and obligations in the corporate sector through its role in numerous nation-building projects. Investments geared towards industrial and infrastructure growth include projects / schemes for Power generation and transmission, Housing Sector, Water Supply and Sewerage Projects, Development of Roads, Bridges & Road Transport.
The ‘ LIC Golden Jubilee Foundation’ trust works round the year in a variety of projects, across the country including remote pockets unlike other community development activities which are one-time or at a single cluster.