The Life Insurance Corporation of India (LIC) celebrated its “55th Foundation Day†on 1st September amid much fanfare.
LIC celebrated its foundation day in various offices across the country. In a function organised in Patna, the Zonal manager, East Central Zone, Vinay Sah dwelt on the achievements of the corporation on the occasion. Sah said the LIC, which symbolizes the faith and trust of millions of countrymen, was synonymous with life insurance as it is the market leader having 78% share of Indian insurance market in terms of number of policies.
With 28 crore individual polices, besides covering more than 9 crore people under group insurance and superannuation schemes and over 3 crore families under social security schemes, the LIC is the largest insurance company in the world in terms of number of customers, Sah said.
The corporation has also extended its services at several offshore destinations, including UK, Fiji, Mauritius, Bahrain, Nepal, Sri Lanka, Kenya and Singapore, he said, adding LIC posted a robust performance in terms of corporate governance benchmark. On corporate social responsibility (CSR) front, it has collaborated with several state governments providing social security schemes to BPL families for their financial inclusion, Sah said.
In 2006, the LIC had set up a public trust, LIC Golden Jubilee Foundation, with an initial corpus of Rs 50 crore and Rs 10 crore being added every year to it, bringing the corpus to Rs 100 crore. Income earned from the corpus is spent on supporting the underprivileged.
LIC’s total assets in 2010-11 was Rs 1,317,416 crore while income generated during the same period was Rs 2,99,273 crore.
In Eastern region. LIC saw a drop in the premium compared to the previous year. However, Zonal Manager LIC, Mr S. K. Roy pointed out that Saab dropped in FPI is largely due to discontinuation of some popular products last year. However, despite fall in of FPI Mr Roy is optimistic that it could achieve the target by the end of the fiscal.
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