LIC Enters 64th Year with High Growth prospects

by Suman Gupta

(Addressed by Shri C.Vikas Rao, Zonal Manager on 03.09.2019) On the 1^st of September 2019 LIC entered 64^th Year of its incorporation, LIC has played a significant role in spreading the message of Life Insurance among masses in every part of the country and mobilized People’s  Money for People’s  welfare.

LIC has grown from strength to strength be its customer base, Agency Network, Branch Office Network or New Business Premium.

LIC is Serving 29 Crore Policies through 4851 Offices (Including 2048 Branches) 1,12,000 employees and 11,80,000 Agents.

Starting with initial capital of Rs. 5 Cr. In 1956, LIC today has Assets of Over Rs. 31,11,000 Crore with Life Fund of Rs.28,28,320 Cr. LIC’s Market Share in total first year premium is 66.24% and in NOP it is 74.71%.

We Procured 142191 Crore total first year premium from 2.10 Cr Policies in last financial year.

Performance of Western Zone for 2018-19- Western Zone comprises of states of Maharashtra, Gujarat, Goa and Union Territory Daman, Diu and Dadra and Nagar Haveli.

Western Zone is the largest Zone of the corporation with 20% Share in New Business Premium and with 33,61,000 Policies and Rs. 10271 Crore First Year Premium the Zone is Number One in Both.

Western Zone is servicing 5.87 crore policies with good support of 403 Branch offices with 21500 employees and 211000 agents.

Total Satellite offices and Mini Offices in Western Zone are 332

We have 30 products  under Endowment , Term Assurance, Children plans , Pension, Micro Insurance, Health Insurance and Unit linked products etc. We have launched a Term Assurance plan  “ Jeevan Amar”  on 05.08.2019  and “ Tech Term “ on 01.09.2019.

Western Zone has settled 43.72 lakh claims for an amount of Rs. 26828 crore. Our settlement ratio of 96.53 % in Maturities and 99.93% of Death Claims is the best. 1,42,000 Death Claims were settled for Rs 2793.42 Crore

Corporation has settled 2.60 crore claims amounting to Rs. 163104 crore in 2018-19.

Focus of Corporation is to enhance e-Presence and e- Delivery capabilities.

 We are also issuing e-policies along with Physical Policy Document.

 About 1.13 Crore Customers have registered with our customer portal to avail services like product information, Policy Self Servicing options like Policy Information, Online Premium Payments, Renewals, Online Loan Request, Loan Repayments, ULIP Statements, Grievance Redressal, Change of Nomination, Change of Address etc.

We have 12 Customer Zones in Western Zone (74 All India) and call Centers to help our Customers.

56 % of Premium Payments were made through Alternate Channels.

We have ZO CDRC claim Dispute redressal Committee to look into appeals when a claim is repudiated.

LIC has won many awards as most trusted brand.

P & GS : 3500 schemes covering 24 lakh lives with New Business premium Income of Rs. 13450 crore. Share of WZO in All India Premium is 20%. No of policies serviced : 58182 ; No of Lives : 74,28,372 ; Fund Handled : Rs. 51739.13 crore Sum Assured : 301103.60 crore

Reversionary bonus rates for all eligible plans have been maintained at the same level as in previous valuation.

Total Surplus: Rs 54863 crore

Allocation of Bonus to Polciyholder : Rs. 50551 crore

                         Marketing 2019-2020

2019-2020	NOP	FYPI
Current Year Budget	3975000	11375

Jeevan Shanti 34000 POLs and 2211 Crore sold till 31.08.2019 in Current year

Jeevan Akshay-VI :  30084 POLs and 1329.99 Cr sold till 31.08.2019 in Current year

Agency:  Planning to Increase Agency Force by 10 % by  31.03.2020. Total Agents are 2.09 Lakhs as on date. Recruitment of Development Officers will be done in Current Year.

Ladies Insurance to be Increased from 30% to 35%

Children Insurance to be increased from 12 %  to 15%