Life Insurance Corporation of India (LIC) has settled 21.86 lakh claims amounting to Rs 4,389.79 crore in the financial year 2011-12. This was announced by zonal manager of East Central Zone Vinay Sah recently on the occasion of 56th anniversary of LIC
Sah said that 97.09 % of total maturity claims were settled on or before the date of maturity. “The LIC settled 5.32 lakh claims amounting to Rs 1,163.31 crore till August 31, 2012, and 47.50% of total maturity claims were settled on or before the date of maturity,” he said. The LIC has been spearheading the financial and infrastructure development of the nation since September 1, 1956, the zonal manager said.
Sah said the LIC Golden Jubilee Foundation was established on October 20, 2006, as a public trust and registered with Charity Commissioner under Bombay Public Trust Act, 1950, as part of LIC’s corporate social responsibility. The objectives of the foundation are relief from poverty or distress, advancement of education, medical relief and advancement of any other object of general public utility, he said and added that the foundation was created with an initial corpus of Rs 50 crore and as on date it is of worth Rs 110 crore.
Sah further said the LIC Golden Jubilee Scholarship Schemes provides scholarship of Rs 10,000 per annum to children from economically weaker sections of society to pursue higher education till they complete their graduation or any professional course. Approximately, 4,660 students have benefitted from this scheme so far, he claimed.
