Ludhiana Division of LIC settles 1059 Death Claims till August 30 this year

Ludhiana, September 2, 2013: LIC (Life Insurance Corporation of India) completes 57 years of its incorporation on 1st September, 2013. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare.

While talking to the media persons, Rajendra Kumar, Senior Divisional Manager, Ludhiana Division told that even after the entry of 23 private insurers for over a decade now, LIC continues to be the frontrunner in the industry in terms of market share. Today LIC has over 29 crore plus policyholders, With Life Fund to the tune of Rs. 1433103.14 crore and has Assets of over Rs.15 lakh crore. During 2012-13, 367.82 lakh policies were sold commanding 83.24% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 76245.64 crore i.e. 71.25 % of the market share. In Pension and Group schemes, new lives insured were 304.61 lakhs under conventional business and 132.24 lakh lives under social security schemes.     

He further explained that in the year 2012-13, 183.63 lakh claims amounting to Rs. 74077.84 crore were settled  88.08% of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.53% and the outstanding death claim ratio is 1.04%. 90% of Total of payments have been made through NEFT.

LIC has been a pioneer in using information technology for enhancing the quality of its service to customers. Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders.

LIC has also undertaken many other customer-centric initiatives like Enterprise Document Management System, Portal for Customers, Agents, Development officers and Employees, etc.

For the convenience of its customers LIC has widened its premium payment channels both offline and online. Along with existing Offline payment channels Premium collection through debit authorizations is extended to investors of LIC Nomura Mutual Funds where premium can be paid through their LICNMF systematic withdrawal funds. Under Electronic Bill Presentation and Payment, premium can be paid through various approved Banks & LIC Credit Cards. Certain approved Banks can collect premium through ATMs also. Under Online Payment channels, payments can be done through Customers’ Portal Payment Gateway at www.licindia.in .

LIC is fervent in its Corporate Social Responsibility to not so fortunate of the society. LIC Golden Jubilee Foundation was established on 20.10.2006 as a public trust, and registered with Charity Commissioner under Bombay Public Trust Act 1950 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.

LIC Golden Jubilee Foundation has supported projects ranging from construction of hospitals, school buildings and classrooms, libraries, computer centre, old age homes, hostel buildings for children in tribal areas, vocational training centres for differently abled persons so as to provide infrastructural facilities to needy persons in different pockets of the country. Mobile medical vans, ambulances, school buses and vans specially designed for transportation of differently abled children to schools and vocational centres have also been provided.

Since inception the Foundation has supported NGOs dedicated to the above areas through 262 projects for an amount of ` 38.65 cr.

LIC has won 24 awards in the last year viz.,Readers Digest – Trusted brand Award, Planman Marcom Pvt Ltd.- Power brands 2013, Institute of Public Enterprise / BFSI Awards – Best Employer Brand Award ,CNBC TV 18 India BBFI Awards, Overall Leading Insurance Company 2012,ABCI Awards, Brand Equity Most trusted Brands 2012, Zee Business Brand Excellence Awards, World Brand Congress- Global Award for Brand Excellence , Outlook Money Awards 2012- Best Life Insurer of the Year, Dainik Bhaskar – India Pride Awards, Superbrands- Consumer Superbrands 2011/12 , Money Today FPCIL Awards – Life Insurer Provider of the Year, Youth Marketing Awards - Most Popular Youth Brand (Banking & Insurance),. 7th Indy’s Award.

While sharing contribution of Ludhiana Division, Rajendra Kumar told Ludhiana Division which comprises Samrala, Khanna, Jagraon, Bathinda, Mansa, Rampura Phool and Ludhiana city itself  has performed very well during the financial year ending March 31 this year, when 1,50,996 new policies were added with first-premium income of Rs. 171.69  Crores. The claims performance of Ludhiana Division has remained very satisfactory during the year ending March-end this year. Total 93578 claims of Maturity and Survival Benefits, amounting to Rs. 421.19 Crores were settled during the year. Similarly 3782 Death Claims amounting to Rs. 48.66 Crores were also settled during this period. The outstanding SB and Maturity claims as at March 31 this year were 0.10%. The Outstanding Death Claims as at March 31, 2013 were to the tune of 0.41% only. In the current fiscal, 33.146 Maturity & SB Claims and 1059 Death Claims have been settled till August 30 this year by the Ludhiana Division.

He further explained that LIC is committed to continue its journey and to insure every insurable person under its ‘Vision 2020’, further excelling in service to the Customers and Country.