LIC crosses One cr Individual Policies mark in current financial year

Life Insurance Corporation of India, India’s largest life insurer, has crossed the mark of One crore Individual Policies for the current financial year, with First Premium Income of Rs. 15,917 crores in the fortnight ended August 14, 2010. In the previous year, LIC had crossed this landmark on August 31, 2009. Among the largest contributors to this stupendous performance are LIC’s Western Zone with more than 15.86 lakh policies, South Central Zone with 15.46 lakh policies, Northern Zone with 15.04 lakh policies, North Central Zone with 13.54 lakh policies, South Zone with 12.78 lakh policies and Eastern Zone with 12.29 lakh policies. East Central Zone with 9.52 lakh policies and Central Zone with 5.98 lakh policies also made valuable contributions.

 

It may be noted that during the previous financial year, LIC had completed a record 3.88 crore individual policies, with a market share of 73.02%. The Corporation’s performance in the current financial year has been record breaking so far and as on 31.7.10 it has increased its market share in first year premium to 71.33% as against 64.86% as on March 31.

It may be mentioned that besides having the largest customer base of about 27 crore policies, it has an enviable conservation ratio of more than 90% which is a testimony of customers’ trust in the organization and its high quality customer service. Currently it provides fully computerised and networked service through its 2,048 branch offices and 1,035 satellite offices spread throughout the length and breadth of the country.