Life Insurance Company of India
Life Insurance Corporation of India (LIC) was founded on 1 September 1956 and is a leading provider of life insurance services in our country. It was created through the Life Insurance Corporation Act, which was passed by the Parliament of India on 19 June 1956. The main aim of LIC is to make life insurance accessible to more people, including those living in rural areas. It intends to offer sufficient financial coverage to everyone eligible in the country at a reasonable cost.
Life Insurance Corporation of India has achieved many important milestones and has shown exceptional performance in different areas of the life insurance business. Even in the changing Indian insurance industry, it remains a dominant force and has surpassed its own previous records. The values that inspired the establishment of the insurance industry in our country are deeply rooted in LIC's principles. It is committed to spreading the message of protection and bringing security to as many households as possible. And, its mission is to help individuals protect their families and provide them with a sense of financial security.
In the financial year from April 2021 to March 2022, Life Insurance Corporation of India issued 2,17,54,965 policies and received 3,37,17,207 claims.
Awards & Achievements
The Life Insurance Corporation of India has won numerous prestigious awards and accolades -
Economics Times BFSI Awards honoured Life Insurance Corporation of India with the ‘Best Brand’ award, showcasing its exceptional reputation in the financial services industry.
Its outstanding campaign efforts were recognized with the ‘Best Campaign’ Award at FICCI Insurance Industry Awards, highlighting its innovative marketing strategies.
Insurance Alertss acknowledged LIC as the ‘Most Trusted Insurance Brand in India’, a testament to the confidence and faith people have in its services.
Its excellence in digital marketing was acknowledged with the ‘National Award For Excellence in Digital Marketing Award’ at the 7th Edition Digital Advertising Awards, highlighting its commitment to embracing technology.
It bagged these awards at the World BFSI Congress Awards for its commitment towards providing innovative solutions and best service to its customers –
Customer Service Excellence Award
Excellence in Claim Service Award
Insurance Company of the Year Award
Operational Excellence Initiative of the Year Award
Technology Initiative of the Year Award
Claim Settlement Ratio
Claim Settlement Ratio (CSR) is a metric to measure how well an insurance company handles claim settlements. For the fiscal year 2021-22, Life Insurance Corporation of India achieved an impressive Claim Settlement Ratio of 98.74%. This means that they successfully resolved a large majority of the claims they received. And, its Claim Amount Settlement Ratio was 96.02% during the same period. This shows the proportion of the claim amount they received that they have paid out.
Analysing an insurance company's CSR helps you understand how efficiently they fulfil claims. An insurer maintaining a high CSR is said to be reliable and trustworthy when it comes to claim commitments. It is also important to check their CSR track record over the past few years to see if they consistently perform well.
The solvency ratio is a way to measure how financially strong and stable an insurance company is. It is a way to gauge the claim settling ability of the insurance company. In India, the Insurance Regulatory and Development Authority (IRDAI) has set a minimum solvency ratio of 150% for insurance companies. This ensures that they have sufficient funds to meet their financial commitments.
As of March 31, 2023, Life Insurance Corporation of India has an impressive solvency ratio of 187%. This means that it is in a strong financial position and exceeds the minimum requirement set by IRDAI. It has the financial capacity to process claims and fulfil other obligations smoothly.
Life Insurance Corporation of India also provides alternate contact options to help you with your inquiries, questions, etc.