Performance Highlights of LIC 2020 – 2021 – Market Share of LIC – LIC of India during CORONA and LOCKDOWN

Performance Highlights of LIC : 2020-21

LIC procured 2.10 Crore new policies & settled 2.28 Crores Claims -A humongous task in the pandemic times. It could be possible due to total dedication of workforce

Market Share of LIC in

◆ Composite Policies* : 74.58%

◆ Composite Share in FYP : 66.18%

After 22 years of Competition also,

◆ LIC is cruising with >70% Market Share Growth in Business of Pensions & Group Schemes – Astounding 39%

◆ The Highest ever FYPI (First Year Premium Income) of Rs 56,285 Crores was realized by LIC of India

As per International Reports of UK

◆ On the basis of Brand Strength, LIC Occupies 3rd position

(Earlier it was 10th position. A Huge improvement)

◆ LIC was rated as 10th Most Valuable Brand throughout the Globe

Source : https://www.business-standard.com/article/economy-policy/lic-has-now-become-tenth-most-valuable-insurance-brand-globally-121043000040_1.html

LIC Claims :

◆ Death Claim Settlement Ratio – 98.74%

◆ Non Early Death Claim Settlement Ratio -99.86%

Profit and Investments :

◆ Profits on Equities -Rs 36,900 Crores( Last Year Rs 18,370 Crores)

◆ Investment by LIC in Equity portfolio -Rs 94,000 Crores (Last Year -Around Rs 60,000 Crores)

◆ In the month of April 2021 alone, LIC booked profits of Rs 3,161 Crores on Investments

◆ Golden Jubilee Foundation of LIC disbursed Rs 11.59 crores through 46 projects in 2020-21. Since it’s inception, LIC disbursed 102 crores through 594 projects ( Rs 40 Cr towards scholarship to Students)

Success Rate of LIC

◆ In Court Cases – 99.42%

◆ Consumer Cases – 87.96%

Spectacular Achievement of LIC

◆ There was no Penalty for RTI, despite being huge organization

◆ 2,21,036 Agents were recruited by LIC in 2020-21.Net addition of Agents -1,44,982

◆ 72% of Total Premium was received by LIC either through Online or through Merchant Portals

◆ LIC achieved the highest ever MDRT Agents -16,564

◆ IDBI Bank has contributed more than 82,000 Policies and 863 Crores of Premium under B&AC Channel

◆ In 6 months time, LIC will be one of the most technologically advanced & digitally organized entity