PROFILE OF LICI – F.Y. ENDING 31st MARCH 2007
As per circular published by the LIC of India,
Corporate Communications – Central Office, ‘Yogakshema’,
Jeevan Bima Marg, P.B.No.19953, Mumbai- 400021
The Life Insurance Corporation of India has been a nation-builder since its formation in 1956. The performance of LIC has been exemplary and has been growing from strength to strength be it customer base, agency network, branch office network, new business premium and the like and has significant role in spreading life insurance widely across the country. True to the objectives of nationalisation, the LIC has mobilised the funds invested by the people for life insurance for the benefit of the community at large. Today in the current scenario, our vision is to emerge as a world class customer centric organisation. Some highlights of our performance are as follows:
NEW BUSINESS DURING THE YEAR 1/4/2006 TO 31/3/2007
( Only Individual Assurances )
COMPOSITE BUSINESS
*Policies (in Lakh) – 3 Crores 82 Lakhs 09 Thousands
*Sum Assured (in crore) - RS. 3,03,115.54
*First Premium (in crore) - RS. 39,541.58
GROWTH RATE
v Policies 21.02 %
v Sum Assured 5.42 %
v First Premium 118.64 %
PENSION & GROUP BUSINESS & SOCIAL SECURITY SCHEMES
ACHIEVEMENT FROM 1.4.2006 TO 31.03.2007
Pension & Group Schemes Growth Rate Social-Security Schemes Growth Rate
No. of New lives 84.02 lac 64 % 57.48 Lacs -9 %
Premium Income 11,282.58 Crores 188 % 94.34 Lacs 61%
BUSINESS IN FORCE AS ON 31.3.2006
Individual Assurances
v Policies 18.64 crore
v Sum Assured Rs. 16,00,683 crore
Group Insurance
v Lives 3.15 crore
v Sum Assured 2,01,616 crore
OUR AGENCY NETWORK AS ON 31/07/2007
v Individual Agents : 11.28 lakhs
Alternative Channel
v Banks - 25
v Brokers - 125
v Corporate Agents- 399
Other Parameters 1/4/06 TO 31/03/07(Provisional)
1. Total Income: Rs.1,76,559.28 Crores Growth 33.61 %
2. Total Premium Income: Rs.1,12,307.77 Crores Growth 35.08 %
3. Amount of claims paid: Rs.47,703.91 Crores Growth 39.39 %
4. Total Life Fund: Rs.5,72,602.80 Crores (As on 31.3.07)
5. Total Assets: Rs.6,74,514.78 Crores (As on 31.3.07)
.
NATION BUILDING ACTIVITIES
National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments. LIC has been contributing substantially towards infrastructure development in the country, like drinking water, electricity, housing etc. for upgrading the quality of Life.
v The Total Investments of the Corporation as at 31st March, 2007 stood around Rs.6,12,705 crore.
v Our investment in Infrastructure and Social sector is around Rs 71,017 crores. (year ended 31.03.07, provisional)
OUR ACHIEVEMENTS
We enlist some of the recent Awards received by LIC:
1. Adjudged Number One Service Brand in India by Economic Times and AC Neilsen ORG Marg for the year 2006 for the fourth consecutive year.
2. LIC adjudged as “ Best Life Insurance Company of the Year “-at the Second NDTV Profit Business Leadership Awards-2007.
3. LIC adjudged the “ Most Preferred Life Insurance Company of the Year” at the CNBC Awaaz Consumer Awards 2007 third time in succession.
4. Asia Insurance Merit Award 2005 and 2006 in the area of ‘CORPORATE SOCIAL RESPONSIBILITY’
5. Awarded Reader Digest’s Trusted Brand 2006 (voted by consumers) as well as 2007.
6. Largest Financial Institutional Investor – both in equity market and term loans.
7. LIC - An Institution Builder promoting many financial and insurance institutes like NSE, NCDEX, LIC Mutual Fund, Stock Holding Corporation of India, National Insurance Academy, Insurance Institute of India etc.
8. LIC is the second largest PC user in the country.
9.LIC’s e-portal (website) has won Webby’s Consumers’ voted best website award (Well known as the "Oscar" of the Web).
10.Awarded as "SUPERBRAND" (The MOST Trustworthy Insurer)
11.Winner of the NASSCOM Award for IT Excellence
12.LIC - Rated by Dun & Bradstreet of India as the Numero Uno Insurer Worldwide in Claim Settlement and The # 1 Corporate in terms of Net worth, Asset Base and Profit amongst ALL Companies !
Our Products
We have in our basket of schemes more than 49 different plans catering to the changing needs of different segments of the society – basic insurance plans ( whole life, endowment and money back), Term Assurance Plans, Pension Plans, Capital market linked Plans etc. Our New product launches –
New Bima Gold
Jeevan Amrit
Gratuity Plus
Fortune Plus
Jeevan Madhur
Profit Plus
Market Plus
Child Career Plan &
Child Future Plan.
CLAIM SETTLEMENT PERFORMANCE (2006-2007)
- World's BEST Claim Settlement Record !
1. Total Claims Settled – Over 127.93 lakh claims in F.Y. 2006-2007
2. LIC settles over 45800 claims every working day i.e.2.21 claims per second.
3. 96.99% of Maturity Claims are settled on or before the date of maturity.
4. 92.06% of Non-early Death Claims are settled within 20 days of intimation.
5. O/s Claims Ratio – (Maturity + SB) is 0.07 % Death Claims is 2.03 %
POLICY SERVICING - CITIZENS’ CHARTER
GOAL: Efficient servicing with further improvement in quality and improved bench marks.
Ongoing Initiatives :
a) Various I.T. enabled initiatives and payment kiosks/gateways.
b) Making procedures more customer friendly and easy to understand
c) Modification in bench marks reducing time lags
d) Effective Grievance Redressal Machinery at all levels.
e) Customer education and display of all possible information on web site
f) Expanding product line
g) Claims Review Committees with retired High Court Judge as a member, among others to review repudiated claims.
New Offices :
1. A new East-Central Zonal Office has been opened at Patna, catering to the needs of the states of Bihar, Jharkhand and Orissa.
2. Five New Divisions have been formed namely – Faizabad, Shimoga, Pune II Rohtak, Kharagpur.
PREMIUM PAYMENT INITIATIVES
Any policyholder who has a bank account in India, can use the facility of premium payment through internet and other alternate channels as detailed below:
v Premium Payment through Portal/Payment Gateway
CITIBANK, ABNAMRO, BOI, BOB, CENTURION BANK OF PUNJAB,
HDFC, ICICI, IDBI, INDUSIND, KOTAK, PNB, SBI, STATE BANK OF
BIKANER AND JAIPUR, STATE BANK OF INDORE, STATE BANK OF
PATIALA, STATE BANK OF TRAVANCORE, UNION BANK, UTI BANK.
v Premium Payment through internet(offline) – 8 Banks i.e.
Corporation Bank, UTI Bank, HDFC Bank, ICICI Bank, Centurian Bank of Punjab, CitiBank, Federal Bank and 3 Service Providers i.e. billjunction.com; timesofmoney.com and billdesk.com. This facility is available free of charge.
Premium payments through ATMs of Corporation Bank, UTI Bank and also through branch/extension counters of UTI Bank all over India.
v Premium payment through ECS at Mumbai, Hyderabad, Delhi, Bangalore, Kolkota, Chennai, Kanpur, Vijaywada, Patna, Jaipur, Chandigarh and Thiruvanantapuram.
v Premium collection through Citi Bank Kiosks in Mumbai.
v INFO Centres – Operational in 8 centres and IVRS operational in 58 cities have been integrated and now it is dial 1251 –to reach to us over telephone/ fax.
v Information KIOSKS – 120 on-line and 30 Off-line Computer Touch Screen kiosks
v All 2048 branches of LIC networked through WAN.
v Satellite Offices – have been launched with a vision to provide easy access to policyholders, especially in new townships and emerging urban and rural centres. These are extension branches that offer Customer Interface Services like New Business Processing; Premium Collection provides information on policies and more in the future. 110 satellite Offices have been started. - Enterprise portal for customers. Customers can register on the portal and get information about their policies.
Enterprise Data Management System to make LIC a paperless Office is to take off shortly.
OUR SOCIAL RESPONSIBILITY
LIC offers life insurance protection under group policies to various groups such as employer-emlpoyee, co-operatives, weaker sections of society etc. and insurance coverage to people at subsidized rates under social security group schems like Janashree Bima Yojana.
LIC is celebrating its 51st Anniversary on 1 September 2007
A new Zonal office at Patna is to be inaugurated on 2 September at Patna by
Shri P. Chidambaram Hon’ble Union Finance Minister, in the esteemed presence of
Shri Nitish Kumar Hon’ble Chief Minister of Bihar,
Shri Lalu Prasad Hon’ble Union Minister of Railways,
Shri Ram Vilas Paswan Hon’ble Union Minister of Chemicals & Fertilisers and Steel.
This East Central Zone comprises of the offices in the states of Bihar, Jharkhand and Orissa. This new zone is expected to contribute new business (Individual Assurances) to the tune of 41,22,000 policies and Rs 3750 crores of Premium in the Financial Year 2007 – 2008.
LIC's Successful Subsidieries
LIC has always acknowledged the need to expand. Our expanding efforts have been consistent and are evident though our associations given below for your reference.
LIC International (BSC)
LIC Nepal Ltd
LIC Lanka Ltd
LIC Mutual Fund
LIC MF Asset Managemet Company Ltd
LIC Mauritius
LIC Mauritius Offshore Ltd.
LIC Kenya
LIC Fiji
LIC United Kingdom
LIC Co-ordinating Office in India
LIC Housing Finance Ltd
LIC Care Homes Ltd
[For the senior citizens]
LIC Credit Card Venture Ltd
LIC Healthcare Ltd
LIC International:
LIFE INSURANCE CORPORATION (INTERNATIONAL) B.S.C.(C) 1st Floor, Ali Al-Wazzan Building, Al Khalifa Avenue,P.B.No.584, Manama, BahrainTel:0973-17210610Fax:0973-17211577E-Mail: licintl@batelco.com.bhWeb Site : www.licinternational.com
Chief Agent’s Office: BahrainInternational Agencies Co. Ltd.,Ali Alwazzan Bldg., 1st floor,P.B.No.584, Manama, Kingdom of Bahrain. ISD 00973. Tel.No. 17210610 / Fax 17211577E-mail : intcolic@batelco.com.bh
Chief Agent’s Office: DubaiKingstar Insurance Agencies LLC, P.O.Box 60793, Office 102, Dubai. UAE ISD 009714. Tel.No.3354858 / Fax 3354684 E-mail: mail@licinternationaluae.com
Chief Agent’s Office: KuwaitWarba Insurance Co. SAK, P.O.Box 24282, Safat-13103, Kuwait. ISD 00965. Tel.No.2445140 / Fax 2428775. E-mail: warba@kuwait.net
Broker's Office: QatarInvestec WLL, P.O.Box 3002, Doha, Qatar. ISD 00974.Tel.No.4325060 / Fax 4353560. E-mail: investec@qatar.net.qa
Chief Agent’s Office: Saudi ArabiaAl Hamidi Contracting Est. Co.,P.O. Box 130, Riyadh - 11411, Kingdom of Saudi Arabia. ISD 009661. Tel. 4880066 / Fax 4881012Email:insurancesaudi@rediffmail.com
Branch Office: OmanGulf Insurance Agencies Co. Ltd.PO Box-2243, Ruwi-112,Sultanate of OmanTel (968)-700441E-mail- licoman@omantel.net.om
LIC Nepal:
Block X, Second Floor, Kathmandu Plaza, P.O.Box No: 21905, Kamaladi, Kathmandu NEPAL. Tel: 977-1-229688Fax: 0091-22-2825827E-mail: lic@licnepal.com LIC SriLanka: LIC (Lanka) Ltd. Sharnell Building,29/2, Visaka Rd, Colombo - 4, Sri Lanka.ISD Code No.0094-11Tel: 5360526 Hot Line-011-4522668E- Mail: admin@liclanka.comWebsite: www.liclanka.comLIC Mutual Fund:
The LIC Mutual Fund was set up in June 1989 as a separate trust by LIC of India with a view to providing accessibility of various investment media including the stock markets to all sections of investors, particularly the small investors in rural and semi-urban areas. A Mutual Fund pools the savings from numerous small investors(who buy units) and invests them in diversified securities (shares, debentures, bonds, etc.) in the capital market in order to optimise the high return, safety, high liquidity trade-off for the maximum benefit to investors.
For LIC Mutual Fund schemes, Jeevan Bima Sahayog Asset Management Company Limited(JBS AMC) incorporated on 20Th. April, 1994 acts as Investment Manager.
For more information visit web site atwww.licmutual.com
LIC Mauritius ( In Mauritius Rupee)LIC Centre, President John Kennedy Street, P.O.Box:310Port Louis, Mauritius. ISD Code No.230Tel.:2125316/2110465E-Mail : liccmm@intnet.muWebsite:licmauritius.intnet.mu T.C.Susheel Kumar, Chief Manager LIC Mauritius Offshore Ltd.LIC Centre, President John Kennedy Street, P.O.Box:310 Port Louis, Mauritius. ISD Code No.00230Tel.:2125316/2110465. LIC Kenya Kenindia Assurance Co.Ltd., 10th floor, Kenindia House,P.O.Box No.30377, Nairobi, Kenya. ISD Code No.25420Tel.: 333100 /Fax No.214662 E-mail: life@kenindia.comS.Majumdar, Dy.G.M.(Life Oper)
LIC FijiLICI House, Butt Street,GPO Box 266, Suva, Fiji.ISD Code No.679. Tel.:3314011 E-Mail : lici@connect.com.fjWebsite: www.licifiji.com
LIC Lautoka Branch Office 5, Tui Street, Victoria ParadeP.O.Box 789, Lautoka, Fiji. ISD Code No.679Tel.: 6651923/ Fax No.6651984E-Mail: liciltka@connect.com.fj
UNITED KINGDOM( In Sterling pound)York House, 13th Flr, Empire Way,Wembley, Middlesex, HA9-OPX,U.K. ISD Code No. 0044, Fax No. 20-8902-5281Tel.: 20-8902-5294E-mail: cmgr@liciuk.comE-Mail: enquiry@licuk.comWebsite: www.liciuk.comSaji Paul, Chief Manager,Co-ordinating Office in IndiaStrategic Business Unit- International Operations,LIC of India, Central Office3rd floor, Jeevan Seva annex.S V Road, Santacruz(W)Mumbai 400054Tel: 022-26150960, 26183285Email- co_intn.oprn@licindia.com , licio@vsnl.com
