LIC celebrates 54 years of service to the nation

Life Insurance Corporation of India celebrates 54 years of service to the nation

    ~Announces the launch of New ULIP Plan “LIC’s Pension Plus” ~

September 1, 1956 witnessed the creation of India’s premier life insurance company. Today, on September 1, 2010; Life Insurance Corporation of India is proud to celebrate 54 years of dedicated customer service.

The opening up of the markets has only pushed LIC of India to newer heights in terms of procurement and service to customers. As per the IRDA figures, it had a market share of 71.33% in First Premium Income as on 31st July, 2010 and 71.68% on Policies. The Corporation has already completed over one crore new policies in the current fiscal year by 14th August, 2010, with a First Premium Income of Rs 15,917 crores registering an impressive growth rate of 96.17%. The Corporation is confident of continuing with its vigorous growth in the coming months as well.

When the Corporation took over on the Appointed Day (1st Sept, 1956), it had assets worth Rs. 348.68 crores. This figure has now risen to a mammoth Rs.11,52,057 crores.

The Corporation has grown by leaps and bounds in the challenging and dynamic phase of the life insurance industry. The Total Premium Income for the fiscal 2009-10 was Rs. 1,85,986 crore and Gross Total Income of the Corporation was Rs. 2,98,721 crores. In 2009-10, the Corporation settled 2.11 crore claims amounting to Rs 53954 crores during the last fiscal.

In keeping with its image as a tech-savvy organization with firm social commitment, the Corporation was the first non-government agency to sign an MOU with the UID Authority of India and has also been allotted the highest percentage (35%) of the NPS fund for the current year by the PFRDA.

LIC of India continues to reiterate its commitment towards social responsibility for which it set up the Golden Jubilee Foundation in 2007. The Corporation continues to support socially oriented sectors and has undertaken various Corporate Social Responsibility initiatives which strive for the overall development of the lesser priviledged sections of society. The Foundation has, so far, sanctioned 120 projects worth Rs. 15.44 crore for various social initiatives.

The Corporation continues to script its success story of efficient customer service through its strong infrastructure of 2,048 branch offices, 1,042 satellite offices and a gigantic employee force of 1,15,000 employees and over 14 lakh agents.

The Corporation has also spearheaded many customer oriented initiatives which have aimed to make life simple for its numerous policy holders. These include a very customer friendly Internet Portal at www.licindia.in and opening of 33 Customer Zones across India where customers can walk in and have their servicing needs addressed. LIC has also hosted campaigns such as ‘Relationship Renewal Programme’ and ‘Customer Contact Programme’ to strengthen its bond with the existing customers. There are 13 alternate channels of payment (apart from the standard branch & satellite offices) available to the customers to enable them to make their premium payments anywhere, anytime.

The performance of the Corporation has also been recognized through coveted awards such as Outlook Money-NDTV Profit ‘Best Life Insurer Award 2009’, ‘Top Brand’ in the Insurance Category by ET Brand Equity, ‘Most Preferred Life Insurance Company of the Year’ 2009 by CNBC Awaaz, Super Brand India 2009-10 by Superbrands, World Brand Congress Global Award for Brand Excellence (Banking and Financial Services Category), SKOCH Challenger Award for Micro Insurance, Readers Digest Trusted Brand Award 2010-Platinum Category, among many others LIC launches new ULIP Plan – LIC’s Pension Plus On this happy occasion, LIC has announced launch of its new product - LIC’s PENSION PLUS with effect from 2nd September 2010. It is a unit linked deferred pension plan, which provides the customer a minimum guarantee on the gross premiums paid. The plan is without any life cover during the deferment term of the policy. The customer has a choice of investing the premiums in one of the two types of investment funds available. Premiums paid after deduction of allocation charge will purchase units of the Fund type chosen.

Within a given policy year, two free switches are allowed free of charge. Premiums can be paid at yearly, half-yearly or quarterly or monthly (through ECS mode only) intervals over the term of the policy. Alternatively single premiums can be paid. The minimum regular premium that can be through modes other the ECS mode is Rs 15000 per annum while the maximum allowed for regular premium is Rs 1,00,000. For the ECS mode of payment, the minimum premium is Rs 1500 per month. The minimum single premium that can be paid is Rs 30000 while there is no limit on the upper side. Top up facility is available under this plan which enables the customer to pay additional premiums in multiples of Rs 1000/- without any limit at anytime, during the term of the policy.

PLACE: MUMBAI

DATED: 01.09.2010

For further Information please contact :

Name of the Official and designation : Vipin Anand, Chief ( CC )

Address : LIC of India Central Office Mumbai .

Telephone : 022 22044329

Email id : co_cc@licindia.com

Visit us at www.licindia.in

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