The Life Insurance Corporation (LIC) of India is helping in development of Uttarakhand by investing in Government securities and social securities. The life insurance giant has so far spent Rs 11,630 crore in Government securities in state which includes Rs 352 Crore in social sector investments. Informing about the activities on the occasion of Insurance week, the Senior Divisional Manager (SDM), Dehradun division, P K Saxena told media persons here on Monday that the corporation is also participating in many Corporate Social Responsibilities (CSR) activities in Uttarakhand. He said that on Sunday, the corporation provided wheel chairs to a social organisation, ‘Choti Si Duniya’ which provides medical aid to the destitute.
“In its 63 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country,’’ he said.
Saxena added that the in the year 2018-19, LIC registered a growth of 5.68 percent in the new business in terms of the First Year Premium (FYP). He said that with a total FYP of Rs 14,2191.69 last year, the corporation had 66.24 percent of market share and in terms of number of polices the LIC’s market share was 74.71 percent.
The SDM added that in the year 1956, LIC started with an initial capital of Rs 5 Crore and today the corporation has assets of over Rs 31,11,847.28 Crore.
Saxena claimed that the LICs lifelong guaranteed pension plan is proving to be a big hit. In Dehradun, the corporation has so far sold 880 such plans with collection of Rs 60 crore.
He added that 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 e Policy along with physical policy document.
The Marketing Manager (MM), M C Verma said that the corporation has 9000 active agents in Dehradun division and the company is planning to infuse 15 percent new agents in its sales team.
