Friday, 24 January 2020

LIC Sold over 1Crore 64 Lakh Policies and Collected First Year Premium Income of Rs. 40111.38 Cr upto 15 January 2020: MD-LIC

By 121 News

Chandigarh 24th Jan, 2020:-Life Insurance Corporation of India at Chandigarh organized a press conference to share new projects and new future plans. LIC'S Managing Director Mukesh Kumar Gupta, Anoop Kumar, Zonal Manager, North Zone, New Delhi and Rajat Mukharjee, Sr. Divisional Manager, Chandigarh  along with other officials were present in the conference. 

While addressing the Conference Mukesh Kumar Gupta, Managing Director, said that LIC has sold over 1crore 64 lakh policies and collected First Year Premium Income of Rs. 40111.38 Cr up to 15 January 2020. North Zone has procured First Year Premium Income of Rs. 5262.66 Cr with 23 lakh 51 thousand policies. LIC has registered a significant increase in market share in the current financial year.   LIC's market share as on December 2019 is 75.64% in number of policies and 70.52% in First Year Premium Income.  He added that on All India basis upto December 2019 LIC has registered a growth of 18.14% in no. of policies and 13.22 % in First Year Premium Income.

He said that LIC has recruited 114114 new agents during the current financial year. North Zone has recruited 19680 agents, out of which 12997 are millennial agents which is 66.04% of the total agents recruited by North Zone. The agents are trained to give services according to individual needs. The contribution of millennial agents in the new business of North Zone is almost 41%. North Zone, Delhi has an agency force of 1,72,972  engaged in selling Life Insurance throughout the Zone. 

Recently North Zone has also recruited 706 Apprentice Development Officers to boost its marketing operations. These ADOs will recruit new Agents in their team so as to add to the total agency force.

Mukesh Kumar Gupta shared further that LIC has the best Claim settlement performance in the industry. During the current financial year LIC has settled 1.29 Cr. Claims amounting to Rs.67877.40 Cr .  North Zone has settled 20.05 lac claims   amounting to Rs.10759.85 Cr .

For  achieving  the target of 100% of the claims payable during the year, NEFT Mandates are being collected in advance so that claims can be settled on due date.

LIC is constantly upgrading its services to add value to  policyholders' experience.

In the area of servicing, Alternate Channels of premium payment viz. Premium Points, Life Plus Offices, Payment through Debit/Credit Cards are becoming more and more popular and almost 60.61% of the total transactions are coming through these channels, in Northern Zone,  62.17% of the collection is coming through alternate channel of premium payment.

As a fillip to our on-going support for digital transactions, LIC has recently announced waiver of convenience fee on Credit Card transactions initiated by policyholders for payment of renewal premium, advance premium, repayment of loan and loan interest with effect from December 01, 2019.

He said that LIC has been a nation builder since its formation in 1956 through investment in different sectors for the best advantage of policyholders as well as the community as a whole. Total Investment of LIC as a whole as on 31.03.2019 is Rs.2984331 Cr & investment in States under North Zone as on 31.03.2019 is Rs.383000 cr.

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