LIC celebrates 60th anniversary

Life Insurance Corporation of India celebrated its 60th anniversary on Thursday. State education minister Vasudev Devnani formally inaugurated the diamond jubilee celebrations in the state capital. The whole week will be observed as Insurance Week and events will be organized across the state to spread awareness about life insurance not just among adults but also children. Senior Divisional Manager, Jaipur, Pankaj Gopal hoisted the flag of the corporation at the Divisional Office at Gandhi Nagar at a gathering attended also by retired employees. Gopal explained that there was much for those with an association with LIC to be proud of - from a beginning with just Rs5 crore and 168 offices in 1956, the corporation has grown to a vibrant organization with 48,000 offices and an asset base of Rs22 lakh crores. Settlement ratio of claims was an impressive 99.7%, he said. Despite the size of the organization, it remains the firm with the best record in settlement of claims in the industry. Over 245 private insurance firms were merged by an act of Parliament to form the state-owned LIC through the Life Insurance Act of 1956. Besides insurance, the firm also contributes to India's growth by investing in infrastructure development. According to a press release on Thursday, LIC invested Rs2.43 lakh crores in infrastructure in the last financial year.