Jamshedpur, September 1: To commemorate the 59th anniversary of the Life Insurance Corporation (LIC), week-long celebrations are being held from September 1-7, LIC’s Senior Divisional manager Ratnakar Patnayak said.
Addressing a press meet, Patnayak said, “Even after the entry of 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 30 crore policies in force, with life fund on the tune of Rs 1824194.95 crore. LIC’s business in force (Provisional) includes 29.01 crore policies under individual assurance and 11.58 crore lives under group insurance as on 31March, 2015.
LIC is the largest life insurance company on the basis of number of policies and number of claims settled, with total Life Fund of Rs 18,24,194 crore and total assets of Rs 20,31,116 crore, making it India’s largest financial institution.
At Jamshedpur Division which covers 11 districts, “We have provided insurance cover to 1,61,679 people with first premium income of Rs 231.26 crore under individual new business, total number of policies in force amounts to 22 lakhs with total premium income of Rs 1683.77 crore during 1 April 2014 to 31 March 2015,” he said.
Senior Divisional manager told that Jamshedpur Division will also be providing stipend to 20 boys and girl students from economically backward class.
When asked about the competition from private players, Patnayak said, “LIC is using information technology for enhancing the quality of its service to customer and being the largest insurer in India, we have always explored all the avenues that technology offers to provide the best of service to its valued customers and other stakeholders”.
The insurance week kicked off on Tuesday, September 1 with Walk for LIC. On Thursday, Rural Health Camp will be held followed by Inter School/College Essay competition and three plantation drive.
On Friday, health camp will be held at Bhatia Park, Women’s Day will be celebrated while Quiz and Agents Day will also be organized.
Teacher’s felicitation function will be held on Saturday while the celebrations will conclude with customers meet and prize distribution function on Monday.
Also present at the press meet were Manoj Nathiyal and Praful Kumar Sethi.