Life Insurance Corporation Of India Settled Claims, Worth Over ₹ 1 Trillion In The FY 2016-17.

LIC has Assets of Over ₹ 25 Trillion with Life Fund to the Tune of ₹23,23,802.59 Crore.

Country’s Life Insurance Behemoth, Life Insurance Corporation of India (LIC) has Settled Claims Worth more than ₹1 Trillion in the Financial Year 2016-17.LIC, which Completed 61 Years of its Incorporation on Friday, said it had Settled 215.58 Lakh Claims Amounting to ₹ 1,12,700.41 Crore during the Financial Year 2016-17, it said in a Statement.

“We Achieved Settlement of 98.34 % Maturity Claims & 99.63 % of Death Claims in the Year,” as per the Statement.

LIC has Assets of over ₹ 25 Trillion with Life Fund to the Tune of ₹23,23,802.59 Crore.

As of Date, the Corporation has 1.15 Lakh Employees, 11.31 Lakh Agents & 29 Crore plus Policies in Force.

During the Year gone by, LIC Registered a Growth of 27.22 % in the New Business in Terms of the 1st Year Premium.

Total 1st Year Premium Amounted to ₹ 1,24,396.27 Crore on March-end, Capturing 71.07 % of Market Share.

LIC’s Market Share in Terms of Number of Policies was 76.09 %, Garnering over 20 Million New Policies as on March-End.

At the End of the FY 2017, LIC had 23 Plans for Sale under Individual Business, it said.

In the Current Financial Year, 4 New Plans have been added by the Corporation which Include Aadhaar Stambh, Aadhaar Shila, Jeevan Umang & Pradhan Mantri’s Vaya Vandana Yojana.

The Corporation is Spread across 14 Countries through its Branch Offices, Wholly-Owned Subsidiary & Joint Venture Companies.

Total Funds, so Invested for the Benefit of the Community at Large are ₹24,72,389 Crore as on March-End.

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