LIC Profile 2020

Life Insurance Corporation of India, well known by its acronym LIC is the largest Life Insurance company of India. Established on 01/09/1956, this 64 years old company is still getting strong despite the competition. Though there is lots of competition in Indian Insurance market, but LIC is still a synonym for Life Insurance. LIC Profile is getting better day by day.

LIC of India has a strong network through out India. With offices covering almost every district of India, LIC has a deep rural reach compared to other Life Insurance Companies. Lets see the LIC Profile for the year end 2019-2020.

LIC's Organisational Structure

The Life Insurance Corporation of India came into existence on 1st September, 1956, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to objective of spreading life insurance more widely and in particular to the rural areas with a view to objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable reach all insurable persons in the country, providing them adequate financial cover at a reasonable reach all insurable persons in the country, providing them adequate financial cover at a reasonable

cost. To achieve this objective, LIC established may branches in the country and for deep rural penetrations also came up with idea of Satellite Office, which only work as collection cost. To achieve this objective, LIC established may branches in the country and for deep rural penetrations also came up with idea of Satellite Office, which only work as collection

center

with limited servicing. Here is the with limited servicing. Here is the

organisational

structure of LIC of India: structure of LIC of India:

Central Office

Zonal Offices

Divisional Offices

P & GS Units

SSS* Units

Branch Offices

Satellite Offices

Mini Offices

Employees

Agents

New Business done by LIC in 2019-2020

Despite the lock down in India from 24/03/2020 due to COVID-19. LIC of India was able to generate a good business in FY 2019-2020, registering a growth over last year. Market Share of LIC also inproved last year, in both policy as well as First Year Premium Income (FYPI). Here is the LIC Profile related to New Business procured by LIC of India and Market Share as on 31/03/2020.

Policies (in lacs)

First Year Premium Income (in crores)

Policies Market Share (%)

FYPI Market Share (%)

Total Business in force as on 31/03/2020

LIC profile has almost 29 crore in force individual policies with almost 50 lakh crore in force sum assured.

In Force Policies (in crores)

Sum Assured (in crores)

Claim settlement in FY 2019-2020

Life Insurance Corporation of India has a huge policy base and therefore claim is also high. Even after having huge claims to pay LIC of India is settling the claim with highest claim ratio. See the figures below for LIC profile related to cliams:

Total Number of Claims settled (in lakhs)

Total amount of Claims paid (in crores)

Percentage of Maturity claims Paid

Percentage of Death Claims Paid

Other Performance Parameters FY 2019-2020

Total Income (in crores)

Total Premium Income (in crores)

Payment to Policyholders (in crores)

Total Life Fund (in crores)

Total Assets (in crores)

Product Development

At the end of the financial year 2019-­20, we have 27 plans for sale under Individual Business. The At the end of the financial year 2019-­20, we have 27 plans for sale under Individual Business. The At the end of the financial year 2019-­20, we have 27 plans for sale under Individual Business. The products satisfy the different needs of various segments of the society. The various categories being products satisfy the different needs of various segments of the society. The various categories being products satisfy the different needs of various segments of the society. The various categories being Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance, Unit linked type Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance, Unit linked type Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance, Unit linked type plans etc.plans etc.plans etc.

LIC Profile: Awards and Accolades

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To know more about Life Insurance Corporation of India, visit it's official website. To go to the LIC website please

Click Here

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