60 Years of Service and Trust-Diamond Jubilee Year of Life Insurance Corporation of India. Life Insurance Corporation of India completes 60 years of its incorporation on 1st September, 2016. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare. LIC celebrates this Diamond Jubilee Year dedicated to the nation. Starting with an initial capital of Rs.5 Cr in 1956 today LIC has Assets of over Rs.22 lakh crore with Life Fund to the tune of Rs. 2057625.38 Crore. LIC started with 168 offices in 1956 and today with over 4762 offices and 33161 touch points has 1.14 lakhs employees, 10.61 lakh agents, 29 crore plus policies in force During 2015-16, LIC’s market share of new policies issued was 76.83% and the market share for total first year premium income was pegged at 70.44 %. Once again LIC’s Claim settlement ratio is at 99.75 % for Maturity Claims & 99.49% for Death Claims is one of the best in the industry. In 2015-16, 208.85 lakh claims amounting to Rs 85519.96 crore were settled. LIC Golden Jubilee Foundation was established in the year 2006 as a part of LIC’s Corporate Social Responsibility. The objectives of the Foundation are Relief of poverty or distress, Advancement of education, Medical Relief and Advancement of any other object of general public utility. Since inception, the Foundation has supported NGOs dedicated to the above causes through 356 projects. The Foundation has reached out to underprivileged sections of society through the infrastructural support provided in far flung remote areas throughout the country. Every year, LIC Golden Jubilee Scholarship Scheme provides scholarships to children from economically weaker sections of the society to pursue higher education till they complete their graduation/professional courses. LICs SOUTH CENTRAL ZONE PERFORMANCE AT A GLANCE: South Central Zone, a prestigious and leading Zone of the Corporation, was formed in June, 1990. The Zone covers the States of Andhra Pradesh, Telangana and Karnataka. In these 3 states LIC has 17 Divisional offices, 314 Branch Offices, 191 Satellite Offices, and 90 Mini Offices serving the Policyholders. There are 1.56 Lakh agents in South Central Zone. In 2015-16 we have opened satellite offices in Gangadhara of Karimnagar division, Amaravathi of Machilipatnam division. We have also opened the paperless e Satellite office at Vijayawada for catering to the needs of people covered under various Government Group schemes. In 2015-16, South Central Zone completed 30.29 lakh policies with a premium of Rs.3307.16 crore. In Pension and Group Schemes, the Zone covered 1.08 crore lives with a premium of Rs.11783 crore. This Zone was All India No.2 in absolute volume in No. of policies sold. (30.29lakhs). The Zone stood No 1 in All India rankings in respect of Social Security Group Schemes. Towards contributing to the development of rural areas, LIC launched Bima Gram Scheme, wherein the village having less than 10,000 population is entitled for certain benefits like construction of water tank, solar light, hand pump etc., sub to fulfilling business conditions. During 2015-16, 1114 villages are declared as Bima Grams in this zone. (AP-480- Telangana-216- Karnataka-418) The total no. of policies serviced by this Zone is 4.42 crores (AP-1.39 crores, Telanagana-1.03 crores and Karnataka-2.00 crores.) CLAIM SETTLEMENT: In 2015-16 the Zone settled 24.90 lakh maturity claims for an amount of Rs.10,581.92 crore . The Zone settled 1.46 lakhs death claims for an amount of Rs.1694.86 crore. The percentage of claims settled during the year was 99.79% in Maturity Claims and 99.78% in death claims. This has been the best ever performance of the Zone. Diamond Jubilee Special Activities in the Zone: As part of Diamond Jubilee celebrations, we are adopting one village in each Division i.e.,17 villages in the Zone with a specific focus in helping the villages for developing infrastructure of drinking water/water harvesting or any other activity within the approximate cost of Rs.50,000 per each village. Each branch in the Zone will adopt one school for providing fans/water coolers or any other infrastructure which will benefit the larger interest of students within the budget of Rs.25,000 per school. In the Zone total 314 schools will be adopted. OUR SOCIAL COMMITMENTS: LIC offers life insurance coverage to people below poverty line at subsidized rates under social security group scheme Aam Admi Bima Yojana. Under this scheme we have settled 55862 claims amounting to Rs.185.77 crore and also paid scholarships to 9,90,136 students amounting to Rs 109.38 crore as add on benefit under Aam Admi Bima Yojana. LIC’S GOLDEN JUBILEE FOUNDATION:. So far we have sanctioned Rs.5.52 crores for 40 different projects in the Zone ( AP- Rs.1.22 crore, Telangana- Rs.0.82 crore & Karnataka-Rs 3.48 crore.) .The Zone has set a target of one project per division in the current financial year. LIC Golden Jubilee Scholarship Scheme. Total disbursement of Scholarships for the Zone benefited 2122 students and the amount is Rs.3.91 Crores. The Life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalization, the Corporation has always worked towards the benefit of the Customer and the community at large.
