Ludhiana Division of LIC stands first in India in new business in FPI Budget achievement

Ludhiana, September 1, 2014: Life Insurance Corporation of India completes 58 years of its incorporation today. While sharing this information Rajendra Kumar, Senior Divisional Manager, LIC of India, Ludhiana told the media persons that Ludhiana Division which comprises Samrala, Khanna, Jagraon, Basthinda, Mansa, Rampura Phool and Ludhiana city itself has performed very well during the financial year ending March 31, 2014 when 1,50,653 new policies were sold out with the collection of 220.04 crore of First Premium Income and achieved first position in all over India in new business  in FPI Budget achievement.  
He said the claim performance of Ludhiana Division was also very satisfactory during the year 31.03.2014. Total 1,26,690 claim of Maturity and Survival Benefits amounting to Rs.462.10 Crore were settled during the year. Similarly 3158 death claims amounting to Rs.46.92 crore were also settled within 15 days from the intimation. The Outstanding Maturity claims as on 31.03.2014 were only 0.66% where as Survival Benefits was nil.  In the current fiscal 78,748 SB & Maturity Claims and 1091 Death Claims have been settled till 31.08.2014 by Ludhiana Division.  
On the occasion, Rajendra Kumar, released New Plan namely Jeevan Shagun, the main features of this plan is that it  is available only for 90 days from today and  it is a single premium payment plan.  All persons in the age group 08 years to 45 years are eligible. The term of the policy is 12 years with money back in 10th and 11th Year whereas risk cover is 10 times of Premium amount.
He further told that the trust it has garnered of the people of India over the years is the true achievement for LIC. “We reiterate our commitment to the people and the nation while marching forth in this journey”, he said.
He said LIC has spearheaded the financial and infrastructure development of the nation since its inception in 1956. Generations of people have placed their trust in LIC and thus availed financial stability for themselves and their families.
LIC of India holds 84.44% market share in Number of Policies and 75.33% in first year premium  Income amounting to more than Rs. 90000 crore for 2013-14, inspite of the fact that 23 private insurance companies  are in the industry for 14 years.  We have 15 products in our basket.
LIC has around 5000 Offices across the country including Zonal offices, Divisional Offices, Branch Offices, Satellite and Mini Offices. The pan India presence enables even the people in interior regions to have access to life insurance. We also have International presence in 13 countries as branch offices, wholly owned subsidiaries or joint venture companies.
Our claim settlement ratio of 99.68% for the year 2013-14 is a matter of pride for us.  We settled 2.59 Cr. claims amounting to Rs.91,186.45 Cr. LIC has always been adopting Information Technology to provide enhanced services to its customers. Our presence in online market was debuted with the introduction of New Jeevan Akshay (Annuity plan) in   F Y 2013-14. To cater to the tech savvy youth, the popular term plan was introduced on IT platform on 16.5.2014 (i.e.  LIC’s e-term plan).
Today, LIC customers can pay their premium not only in any one of its Offices, but also through LIC’s Premium Payment Gateway on our website through partner Banks like Corporation Bank, Axis Bank or  through associate agencies like APOnline, MPOnline, etc. Customers can also use their Net Banking accounts, Debit Cards and Credit Cards. During the year 2013-14, we also tied up with the Government’s National e-Governance Plan thereby making it possible for our customers to pay premiums in more than 1,30,000 Common Service Centres (CSCs) spread across the country.
LIC Golden Jubilee Foundation was established in the year 2006 as a part of LIC’s Corporate Social Responsibility. The objectives of the Foundation are Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of any other object of general public utility. Since inception the Foundation has supported NGOs dedicated to the above areas through 296 projects which are located across the country. The Foundation has reached out to many deprived sections of society through the infrastructural support provided in the above areas.
During the year 2013-14, we won 31 awards, notable ones being Readers Digest Trusted Brand, Skoch Renaissance Award, Outlook Money Award, Annual Greentech CSR Awards,   Maccia-IBN-Lokmat Award, Asian Sustainability Leadership Award. LIC also ranked among “ Top -10 Most Trusted Service Brands in India” and was voted  as NO.1  Most Trusted Insurance Brand in the ET Brand Equity Nielsen  Survey- 2013.
LIC’s Organisational structure and Human resources as on 31.03.2014 are 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Office, 1346 Satellite Offices 1242 Mini Offices, 1,20,388 employees and 11,95,916 agents are the work force of LIC all over India.