LIC marks 66 years of existence: ‘True to nationalisation objective, taking insurance to all at reasonable cost’

Life Insurance Corporation of India entered its 66th yr of existence on September 1, 2021.
Starting with an preliminary capital of Rs 5 crore in 1956, LIC now has asset base of Rs 38,04,610 crore, with Life Fund to the tune of Rs 34,36,686 crore, a press release from the monetary conglomerate mentioned.
As per a survey report launched by Brand Finance Insurance 100, LIC is ranked because the “3rd Strongest and 10th most valuable brand in the world”, it added.
“True to the objective of nationalization, LIC is committed to propagate the message of life insurance to reach all insurable people at a reasonable cost,” the assertion mentioned.
With footprints in 14 international locations the world over, the company continues to be a market chief by holding majority of market share viz 66.18 per cent in First Year Premium Income and 74.58 per cent in variety of insurance policies.
During the yr 2020-21, LIC bought 2.10 crore new insurance policies and registered a development of three.48 per cent within the new enterprise when it comes to the First Year Premium by amassing an quantity of Rs 1.84 lakh crore as on March 31, 2021, it mentioned.
LIC’s pension and group superannuation enterprise vertical crossed one trillion mark for 2 years in a row by amassing Rs.1,27,769 crores as New Business Premium Income.

Besides this, LIC has tied up with 8 PSU banks, 6 non-public banks, 13 regional rural banks, 41 cooperative banks and one international financial institution to reinforce productiveness.