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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Monday, September 15, 2014

LIC eases claims settlement rules for Jammu and Kashmir flood victims

Source: ET
State-run insurer LIC has relaxed claim settlement procedure for those affected in floods in Jammu and Kashmir and a special help desk has been set up for expeditious claim processing.

LIC has extended concessions and relaxations to claimants with respect to settlement of death and disability benefit claims, the largest insurance company said in a statement.

"These concessions are in the nature of simplified death claim settlement, proof of death or missing, loss of policy document etc, similar to concessions and relaxations extended to the victims of floods and landslides in Uttarakhand in June 2013," it said.

In addition, for policyholders residing in the flood affected areas, LIC has extended waiver of interest on the overdue premium, it said.

LIC has set up special help desk at Srinagar divisional office and Northern zonal office at New Delhi to facilitate expeditious settlement of claims.

LIC investment to cross Rs 2.5 lakh crore in FY'15

Source: ET
Country's largest insurer LIC has lined up over Rs 55,000 crore for investment in the equity market in the current fiscal, a part of which will be used for picking up stakes in PSUs during the disinvestment process.

"We will invest a total of Rs 55,000 crore or even more in the equity market in the current fiscal," LIC Chairman SK Roy told PTI.

Asked how much LIC has been earmarked for the upcoming disinvestment, Roy said that Rs 55,000 crore "covers all" type of investments.

LIC had picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors.

The public sector insurer has been a key investor in the disinvestment programme of the government.

The government recently gave go ahead to disinvestment of its part stakes in ONGC, CIL and NHPC, which together may earn Rs 43,000 crore to the exchequer. It is also planning to sell 5 per cent stake in SAIL and 10 per cent each in RINL and HAL in the current fiscal.

Roy also informed LIC investment in the bond market may touch Rs 2.5 lakh crore in the fiscal ending March 2015.

In the current fiscal, the life insurer has

Friday, September 5, 2014

LIC tops list of Million Dollar Round Table in 2014

Source : BusinessStandard

Life Insurance Corporation of India (LIC) has topped the company ranking list of the Million Dollar Round Table (MDRT) in 2014. LIC leads the company ranking list with 6730 MDRT members.

Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of more than 42,000 of the world's leading life insurance and financial services professionals from more than 470 companies in 71 countries.
Apart from the basic membership, MDRT has two levels-- Court of Table (COT) and Top of Table (TOT). MDRT's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals.
It has now been decided by LIC to encourage more agents to join this esteemed group and aim to achieve 13000 members in this calendar year.
To become a member of MDRT in 2014, an agent is

Thursday, September 4, 2014

Marketing, not FDI limit, important: Irda chairman

Source: BusinessStandard

Insurance Regulatory and Development Authority (Irda) chairman TS Vijayan on Wednesday said the percentage of foreign direct investment (FDI) in the insurance sector was not as much relevant in the Indian context as the marketing of the products and the need for professionals who could drive the industry on a higher growth trajectory.

“FDI in insurance is being debated much more prominently than the similar proposals in strategic sectors like defence as if bringing capital is going to solve all the problems faced by the industry,” Vijayan said at the convocation ceremony of the Institute of Insurance and Risk Management (IIRM) here.

The Irda chief’s comments come a day ahead of the meeting of select committee of Parliament on the Insurance Laws (Amendments) Bill, 2008, which seeks to raise the FDI limit in the sector to 49 per cent from the present 26 per cent.

On August 14, the Rajya Sabha adopted a resolution to send the Bill to the select committee after the Congress-led Opposition demanded for the same.

 “It is the purpose of capital that is important and not the capital itself. Some even hold the view that we don’t need capital at all. For instance, the Government of India gave Rs 5 crore capital to the Life Insurance Corporation for the purpose of collecting dividend,” he remarked.

However, he said the Indian insurance sector was

Wednesday, August 6, 2014

Best Indian Brands 2014: 'LIC has been a financial guardian angel'

Source: ET
Ajay Singh says, 
"The reason to get life insurance is to have someone take care of financial needs of your family if something goes wrong. Nobody does it better than LIC"

I didn't even consider any private insurance brands ...it had to be only Life Insurance Corporation. It's like fill it, shut it and forget it. When you are investing in life, you would look for a life partner rather than somebody you are flirting with. It's always long term and that's why LIC.

I bought my first policy when I was 26, just four years into my first job. It's not that there were no options but it was an easy choice to make. The biggest reason to get life insurance is to have someone take care of the financial needs of your family if something goes wrong. And I don't think anybody does it better than LIC. I've also bought policies for my wife and 10 year-old daughter.

This year, I am planning to have a policy for my son who will soon turn two. What works best for LIC is the trust that the brand enjoys. It may be not be aggressive in terms of communications or may not have the best of customer service or maybe viewed by the new generation as a 'desi' brand, but that doesn't matter.

It's not a T20 but a Test match. The very thought that your money is safe with LIC is so comforting that any deficiency in service can be ignored. And what's wrong with being desi?

(The writer Ajay Singh works in an HR firm.)

Saturday, August 2, 2014

"LIC" - the largest profit earner among financial institutions and banks in India

LIC does not have a concept of profit in its business and its profits are known as Surplus Fund Transfer which is distributed among unit holders (95 per cent) and the government (5 per cent)

Source: Indian Express
LIC has managed to post 
a profit of Rs 26,384 crore!
Life Insurance Corporation, India’s largest financial institution, has increased its presence in the equity market with a 60 per cent rise in its investments in equities in FY14.

The corporation bought stocks worth Rs 53,373 crore during 2013-14 as against Rs 33,205 crore in fiscal 2012-13, making it the largest domestic investor in Indian markets, said an official. It has booked a profit Rs 21,257 crore from the capital market in the year ended March 2014 in spite of a challenging environment.

This is the second year in succession that LIC made bumper profits from the market as the corporation had realised a profit of Rs 21,000 crore in the previous fiscal.

However, LIC was unable to take on the combined might of foreign institutional investors in terms of inflows. During FY14, FIIs pumped in a net amount of