LIC settled claims worth over Rs 1 trillion in FY17

Mumbai, Sep 1 () Country's life insurance behemoth, Life Insurance Corporation of India (LIC) has settled claims worth more than Rs 1 trillion in the financial year 2016-17.

LIC, which completed 61 years of its incorporation today, said it had settled 215.58 lakh claims amounting to Rs 1,12,700.41 crore during the financial year 2016-17, it said in a statement.

"We achieved settlement of 98.34 per cent maturity claims and 99.63 per cent of death claims in the year," as per the statement.

LIC has assets of over Rs 25 trillion with Life Fund to the tune of Rs 23,23,802.59 crore.

As of date, the corporation has 1.15 lakh employees, 11.31 lakh agents and 29 crore plus policies in force.

During the year gone by, LIC registered a growth of 27.22 per cent in the new business in terms of the first year premium.

Total first year premium amounted to Rs 1,24,396.27 crore on March-end, capturing 71.07 per cent of market share.

LIC's market share in terms of number of policies was 76.09 per cent, 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, four new plans have been added by the corporation which include Aadhaar Stambh, Aadhaar Shila, Jeevan Umang and Pradhan Mantri's Vaya Vandana Yojana.

The corporation is present in 14 countries through its branch offices, wholly-owned subsidiary and joint venture companies.

It has deployed the funds to the best advantage of the policy-holders as well as the community as a whole.

Total funds, so invested for the benefit of the community at large are Rs 24,72,389 crore as on March-end. KD NSK