LIC assets rise to Rs 31.11 lakh crore

The Life Insurance Corporation (LIC) on Sunday said its assets have grown to over Rs 31.11 lakh crore, mainly helped by a bouquet of 32 plans under individual business.

With the increased business, the market share of the insurer rose to 73.1 per cent at the end of July 2019.

“Starting with an initial capital of Rs 5 crore in 1956, LIC has assets of over Rs 31,11,847.28 crore with life fund to the tune of Rs 28,28,320.12 crore,” the insurer said in a statement on the occasion of its foundation day.

LIC had started with 168 offices in 1956, and today it has over 4,851 offices. The insurer has over one lakh employees, 11.79 lakh agents, 29.09 crore plus policies, it said.

During 2018-19, LIC registered a growth of 5.68 per cent in the new business in terms of the first year Premium.

Total first year premium amounted to Rs 1,42,191.69 crore at the end of March 31, 2019 capturing 66.24 per cent of market share. LIC’s market share in terms of number of policies was 74.71 per cent, garnering over 21 million new policies as on March 31, 2019.

It further said the focus of the Corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT systems in sync with the expectation of the users.

LIC is also issuing ePolicy along with physical policy document, it said.

LIC has already revamped its portal system with latest technological platforms to enhance digital experience and provide online services and has more than 1.13 crore registered users with an average daily login count in excess of 1 lakh users.