On 1st September, 2019, LIC entered 64th year of incorporation. LIC has played a significant role in spreading the message of Life Insurance amongst masses across 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 serves 29 Crore Policies through 4,851 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.
The following is the performance of Western Zone for 2018-19
Western Zone comprises Maharashtra, Gujarat, Goa and Union Territory Daman, Diu and Dadra and Nagar Haveli. It’s 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 services 5.87 crore policies via 403 branch offices, 21,500 employees and 2,11,000 agents, with 332 Satellite offices and Mini Offices.
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 settled 43.72 lakh claims for an amount of Rs. 26,828 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 2,793.42 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.
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
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%.