‘We dedicate ourselves to welfare of customers’: LIC on its 65th anniversary

“LIC has spread its wings from being the leading Life Insurance Company into an internationally recognized financial conglomerate with the presence in fourteen countries,” a press release issued by the company said.

Life Insurance Corporation of India (LIC) celebrated its 65th anniversary on September 1.

LIC celebrated its 65th anniversary on September 1 (Reuters image)

“LIC has spread its wings from being the leading Life Insurance Company into an internationally recognized financial conglomerate with the presence in fourteen countries,” a press release issued by the company said.

The comapany started with an initial capital of Rs 5 crore in 1956, and it has an asset base of Rs 31,96,214.81 crore today, with Life Fund to the tune of Rs 31,14,496.05 crore. As on March 31, 2020, the total funds invested for the benefit of the community at large is Rs 30,69,942 crore, the company press release said.

“Today LIC offers a bouquet of 28 plans for sale under Individual Business, each catering to the needs of various segments of the society viz Endowment, Term Assurance, Children, Pension, Micro Insurance, Health Insurance and Unit Linked products etc,” the press release added.

LIC has established a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers, including channel platforms like banks and other agencies. “The Customer Mobile App, which is available on both Android and iOS, has more than 34 lakh users. MPIN based access to mobile applications is in place for ease of use to the customers,” the release said.

On the anniversary of its inception, the insurance company dedicated itself to the welfare of customers in spirit of their moto ‘Yogakshemam Vahamyaham’ (thy welfare is our responsibility).