September 1, 2021 8:01:39 pm
Life Insurance Corporation of India entered its 66th year of existence on September 1, 2021.
Starting with an initial capital of Rs 5 crore in 1956, LIC now has asset base of Rs 38,04,610 crore, with Life Fund to the tune of Rs 34,36,686 crore, a statement from the financial conglomerate said.
As per a survey report released by Brand Finance Insurance 100, LIC is ranked as the “3rd Strongest and 10th most valuable brand in the world”, it added.
“True to the objective of nationalization, LIC is committed to propagate the message of life insurance to reach all insurable people at a reasonable cost,” the statement said.
With footprints in 14 countries across the world, the corporation continues to be a market leader by holding majority of market share viz 66.18 per cent in First Year Premium Income and 74.58 per cent in number of policies.
During the year 2020-21, LIC sold 2.10 crore new policies and registered a growth of 3.48 per cent in the new business in terms of the First Year Premium by collecting an amount of Rs 1.84 lakh crore as on March 31, 2021, it said.
LIC’s pension and group superannuation business vertical crossed one trillion mark for two years in a row by collecting Rs.1,27,769 crores as New Business Premium Income.
Besides this, LIC has tied up with 8 PSU banks, 6 private banks, 13 regional rural banks, 41 cooperative banks and one foreign bank to enhance productivity.
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