Why You Should Buy Life Insurance From LIC
Before Buying Life Insurance from Other Private companies in India Please read the following:
- Largest insurance Company in the world in Customer Base (23 crore customers)
- No.1 insurance company in the world in terms of agency (about 1.1 Million agents)
- LIC is No.1 insurer in the world in Volume & Sold around 3.75 Cr.Policies in 2007-2008.
- 2nd Biggest Real Estate Owner next to Indian Railways.
- LIC is one of the Highest income tax playing Organization. For Financial Year 2007-08, LIC has paid advance Tax Rs.2627. 14 Cr. & Service Tax Rs.1292. 15 Cr.
- Has Highest insurance Professionals ( Club Member agents )
- Only 4 countries in the world have more population that LIC`s policy holders
Award - Recognition
- Adjudged "The most trusted service Brand" in India, by "Economic Times and AC NEILSEN ORG MARG" for the year 2007 for the 5th consecutive year.
- "Golden Peacock" award for Excellence in "corporate Governance"
- LIC adjudged as "Best life insurance Company of the year" at the "2nd"NDTV Profit Business Leadership Awards-2007.
- LIC adjudged the "Most Preferred Life insurance Company of the year" at the "CNBC AWAAZ" consumer award 2007 for 3rd time in succession.
- Awarded Reader Digest's "Trusted Brand"2006,2007&2008 (Voted by Consumers)
- "Outlook Money NDTV Profit Award 2007"
- "Web 18-Genius of the web Award" Conferred for the best website in insurance Category
- "SKOCH Challengers Award 2008" for "Jeevan Madhur".
- "Loyalty Awards 2008"- insurance Sector.
- Double crown for LIC in corporate Olympics 2008, Most Sporting Corporate 2) Corporate Championship Award Winner-2008
Honouring of the Commitment - Settlement of Claims
- No.1 insurance Company in the world in terms of claims paid.
- LIC Settles 2.21 claims per second, LIC settled 139 lakhs claims during the year 2007-2008.
- Prompt settlement of claims (97% maturity claim settled on or before due date)
- One of the Lowest outstanding Claim Ratio in the world ( Maturity+S B Claim-0.07%)
Advanced Technology-For better Customer Service
- Computerized and networked 2048 branch offices and 159 satellite offices throughout the country.
- Use of High Tech-WAN,LAN,IVRS & EDMS
- LIC is second largest PC user in the country.
- EDMS to make LIC a paperless office- Enabling Policy servicing & payments through all branchs in the country.
- Premium Payment Facility extended through networked 2048 branches, ECS, ATM's through internet, online portals, collecting bank (Axis Bank), AP online, through SMS, through selected agents, Now LIC Premium can also be paid through.
"Suvidha info Serve KIOSKS" all over India.
- Policy Holder's Portal allow on line access to policy status and other details.
- Info centre set up in 12 cities for customers to interact easily. Dial-1251 for details.
- 45 interactive Voice Response System (IVRS) centers all over the country to provide information on policy servicing. Facility is available 24 7, Facility can be availed on following phone Nos. 1251 OR 020-25514248.
- 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.
- LIC has foreign operations in Mauritius, Fiji and London and has joint venture operating in Sri lanka, Nepal, Bahrain & Saudi Arabia. New offices will be hortly oprned in Australia, USA&Canada.
- LIC is known as "Pension Provider" of the country.
- 1st Pension company in India is floated by LIC as "LIC Pension Fund Ltd" on 21st Nov 2007.
- First to create waves in micro insurance sector by insuring people below the poverty line. In year 2007-2008, 8.54 lac policies sold through "Jeevan Madhur"Plan.
- Widest range of plans (about 48) for every need of the customer of 0 to 79 years of age.
- Biggest Portfolio of Group insurance schemes available.
- "Jeevan Saral" one of the product of LIC got "Best innovation product " award from I.R.D.A.
- LIC has covered lick Risk of 1.13 crore citizens through "AAM ADMI BIMA YOJANA" & " JANASHREE BIMA YOJANA".
- Very Unique Salary saving Portfolio.
- Highest Number of Corporate Clients in Group insurance Scheme.
- Expending Distribution Channel through Bancassurances, Corporate Agencies, Broker ship & Chief Life insurarance Advisor (CLIA).
- New East - Central Zonal Office opened at patina to caterto the needs of states of Bihar, Jharkhand and Orissa. 5 new Divisional offices were also opened in 2007-08. Pune D.O.was splited in 2 divisions, viz Pune Division (i) and Pune Division (ii).
- "Golden Jubilee Foundations" established for undertaking charitable activities like education, health, relief of poverty etc.
People's Money for People's Welfare
- LIC invested more than 11,630 crores, in infrastructure sector is Rs.56,691crores
- In socially oriented sector like water, drainage & housing etc, LIC has invested Rs.5,635 crores during 2007-08 & total investment in this sector is Rs.32,321 crores.
- Total investment in Social Sector Rs.89,000 Crs.
- Different incentive schemes for villages, Schools and Banks under Bima Gram, Bima School and Bima Banks.
- Total investment in Nation Building Activities is 5,76,000 Crs.
- LIC's investment income in 2007-08 was Rs.40,655 crores. Out of Total income of Rs, 1,76,559.28 Crs
- Total Assets of the corporation as on 31.3.07 were Rs. 6,74,514.78 Crs.
- Largest institutional investor in Share Market. On an average Rs.100 crore invested every day. During theyear 2007 LIC earned the profit Rs.10,000 Crs. from the Sale of Equity.
- Largest Financial institutional investor both Equity market & Term House.