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Sep 01, 2012, 02.42 PM IST
India's largest domestic institutional investor, Life Insurance Corporation of India (LIC), which turns 56 year old today, sold a whopping 357 lakh policies last year, a commanding 80.9% market share of new policies issues.
Its total first year premium income was pegged at more than Rs 81514.49 crore including Rs 38955.06 crore of premium through Pension and Group schemes i.e. 71.36 % of the market share. In pension and group schemes, new lives insured were 284.12 lakhs under conventional business and 94.44 lakh lives under social security schemes. In the year 2011-12, 185.7 lakh claims amounting to Rs 66022.82 crore were settled. Nearly 93.19% of total maturity claims were settled on or before the date of maturity and 94.34% of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio is as low as 0.5% and the outstanding death claim ratio is 1.22%. Total payments to policyholders aggregated to Rs. 112,911.82 crore. LIC has launched a new micro insurance product 'Jeevan Deep' on today. This is an endowment assurance with an added feature of guaranteed additions along with provision of Loyalty addition. An immediate annuity product is available for 'on-line buy'.
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