In its 64 years of existence, LIC has spread its wings from being the leading life insurance company into an internationally recognized financial conglomerate with presence in fourteen countries. It has also ventured into other financial services through its Subsidiaries and Associates viz LIC HFL Ltd, LIC Pension Fund Ltd, LIC Mutual Fund, LIC Cards Services Ltd, IDBI Bank Ltd , LIC HFL Care Homes Limited, LICHFL Financial Services Limited, and LICHFL Asset Management Company Limited.
Starting with an initial capital of ₹5 crore in 1956, today LIC has asset base of ₹31,96,214.81 crore, with Life Fund to the tune of ₹31,14,496.05 crore.
LIC is today serving its customers through eight zonal offices, 113 divisional offices, 74 customer zones, 2,048 branch offices, 1,526 satellite offices, 3,354 Life Plus Offices and 31556 Premium Points. It has over one lakh employees, 12.08 lakh agents and 28.92 crore plus policies in-force.
Today LIC offers a bouquet of 28 plans for sale under Individual Business, each catering to the needs of various segments of the society viz Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Unit Linked products etc. Customers are assured to be provided with the best products as per their changing needs and changing times.
During 2019-20 Life Insurance Corporation of India has registered a growth of 25.17 % in the New Business in terms of the First Year Premium. The Total First Year Premium amounted to ₹1.78 Lakh Crore at the end of 31st March, 2020 capturing 68.74% of market share. As on 31st March , 2020, LIC’s market share in terms of number of policies was 75.90%, garnering 2.19 Crore new policies, highest in six years inspite of major Corona impact at year end.
Pension & Group Superannuation Business created history, crossing one Lakh Crore and collected ₹1,26,696 Cr as New Business Premium Income registering a growth of 39.46%.
LIC has been a trailblazer in embracing technology for supporting its sales and servicing functions.
The focus has now shifted to improving the online and digital presence in order to remain customer-centric, improve pricing and create operational efficiencies. LIC has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers, including channel platforms like banks and other agencies. The Customer Portal system of LIC is designed to enhance the digital experience and provide online services to the customers. The Customer Mobile App, which is available on both Android and iOS, has more than 34 lakh users. MPIN based access to mobile applications is in place for ease of use to the customers.
LIC has leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers. PayTM (directly), PhonePe and GooglePay (through BillDesk) are some of the more recent modes that are available to customers for premium payment digitally.
Renewal premium collection transactions through the Digital infrastructure have reached an all-time high of 40.23 %. LIC has launched a chatbot for the convenience of online visitors to the corporate website.
The chatbot, named LIC Mitra, is capable of answering a variety of questions on the plans available for sale, servicing related queries and also premium payment enquiries.