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«PEOPLE : PROCESS : PERFORMANCE g§JRZ : g§gmYZ : g§nmXZ PROFILE 2015 The Life Insurance Corporation of India came into existence on 1st September, ...»

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2) LIC’s New Group Gratuity Cash Accumulation Plan (UIN: 512N281V01)

3) LIC’s New Group Leave Encashment Plan (UIN: 512N282V01)

4) LIC’s New One Year Renewable Group Term Assurance Plan-I (UIN: 512N275V01)

5) LIC’s New One Year Renewable Group Term Assurance Plan -II (UIN: 512N276V01 Grievance Redressal Mechanism: For Group Insurance Policies Central Office - Executive Director (P&GS) All Zonal Offices - Regional Manager (P&GS) All Division Offices - Unit In-Charge (P&GS) PROFILE 2015


Pension & Group Schemes: LIC offers life insurance protection under group policies to various groups such as Employer - employee, co-operatives, weaker sections of society etc. and insurance coverage to people below poverty line at subsidized rates under social security group scheme like ‘Aam Admi Bima Yojana’ (Ministry of Finance, Government of India merged two erstwhile Social Security Schemes viz., Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana(JBY).The merged scheme is renamed “Aam Admi Bima Yojana” and has come into effect from 01.01.2013.)


Achievement from 01.04.2014 to 31.03.2015

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Two products are available for the channel at present viz New Jeevan Mangal (Table no 819) and LIC’s Bhagya Lakshmi (Table no 829). New Jeevan Mangal, introduced on 30.09.2013, is a Micro Insurance term assurance plan with return of premiums on maturity and having an in-built accident benefit cover. LIC’s Bhagya Lakshmi was launched on 29.12.2014 and is a limited payment term assurance plan with 110% return of premiums payable at maturity. The premium paying term is two years less than the policy term.

Collections of Micro Insurance Renewal Premium are happening at 830 Premium Points. Premium collection using Mobile Application was launched on 19.01.2015 which enables the MI agents to collect premium while on the move with real time updation of premium paid status. The policy holder receives acknowledgement of his remittance through a SMS. It is our endeavor to maximize collections through premium points and using Mobile Applications.

Micro Insurance Business Vertical has completed 4.00 lac policies during the F.Y. 2014-15. North Zone was the highest contributor with 90882 policies (22.70% share to MI business). South Zone was the topper in achievement to budget with 26.97% A2B followed by Western Zone (26.06%) and North Zone (21.14%). Goa and Mumbai DO –II MI units achieved the Micro Insurance NOP budget.

We have declared 109 Madhur Bima Grams / Communities in the F.Y. 2014-15 wherein an incentive in the form of an amenity to the village is provided by LIC.



During the year 2014-15, LIC sold 167,357 Health Insurance Policies covering 277,525 lives garnering a First premium income of Rs 63.31 crores. We have posted a growth rate of 13.97% on Health Insurance FP during the year. In all, 79,734 Agents have sold Health Insurance during the year.

Four Zones namely West Zone, North Central Zone, East Zone and East Central Zone have achieved their HI FP Budget for the Year 2014-15. Also 64 Divisions across the country achieved their HI FP Budget. 9 Divisions – Ernakulum, Kottayam, Kozhikode, Surat, Thrissur, Amravati, Mumbai-1, Nagpur & Nashik have crossed the milestone of 1 Crore FP through Health Insurance.

Currently, we are marketing one product viz., ‘ eevan Arogya’ (Table No.904), a non-linked Fixed Benefit J Health Insurance Plan which was launched on 16/11/2013. This plan is offered to Individuals and fixed Benefit is paid irrespective of actual expenses, subject to Policy Conditions.

During the year 2014-15, out of 20,105 claims intimated, 99.61% were decided. An amount of Rs 24.27 crores was paid towards settlement of Health Insurance claims during the year 2014-15.


The Information technology departments caters to the provision of Computer Hardware management, Network Management, Portal solutions to different categories, Software development to all its offices inside and outside India. Besides, IT takes care of implementation of IS audit, IT Security, Mail Server administration and Business Process Re-engineering LIC has been a pioneer in using information technology for enhancing the quality of its service to customers. Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders.

The salient features of I.T. in LIC include:

1. Networking of all its Branches, Satellite Offices, Divisions and Zones. Use of Video Conferencing for meetings and conferences, even to the Ministry and foreign offices

2. Standard applications for New Business processing, Policy servicing and all allied operations of LIC offices developed in-house at the Corporate Office.

3. Real-time data flow for updation of the centralized database (Online Data Store) which caters to the services rendered through LIC's portal www.licindia.in

4. Enterprise Document Management System, through which all the policy dockets and their incremental papers are being scanned and used for Policy servicing PROFILE 2015

5. LIC Portal: Portal is the single largest collection center with 35,634 outlets actively using the systems for premium collection and other servicing. Portal collections have gone up to more than 17 crore policies in the year 2014-15. In 2014-15, percentage of premium collection through portal channels to All India collection increased to 45.50% as compared to 41.56% in FY 2013-14. Apart from the premium collections, the Portal system has also enabled the marketing officials to render customer services through the portal, submission of more than 2 lakh i-proposals thereby reducing the load at the Branches.

6. Functional support to 1249 Mini Offices. During the year 2014-15, Mini Offices have been provided with additional enquiry functionalities – bonus and loan eligibility, and provision for data capture of NEFT Mandate.

7. Data Warehouse is the single source of information for all the Regulatory as well as Management Information Reports. It has been a rich source of Lead generation and customer contact, as well as cost savings through initiatives like Single notice to customers holding multiple policies. Data Warehouse has been used for compliance to provisions of Section 194 D of Income Tax Act.

8. During 2014-15, IT had completed integration of eKYC from Aadhar and providing linkage to the policy operations. In the coming years, focus will be on enabling the use of eKYC in various in-house applications both by in-house operations and Portal.

9. In order to safeguard its IT infrastructure from external threats, IT has installed the latest IT Security products in its setup. Information Security Audit has been carried out during the year 2014-15.

10. LIC reaches out to its customers through IVRS, Call Centers, Customer Zones, SMS, e-mail, website and through the popular Social Networking sites.


The enhanced Front End Application Package caters to all departments in branches and divisions, providing instant MIS to the Zones and Divisions. There are as many as 50 modules which support

i) Marketing activities from New Business data, underwriting, policy issue and payments for regular agency and Development Officers, and various channels of Marketing ii) All CRM functions such as Claims, PS, Revivals, Loans, Salary Savings, Annuity Policies, ULIP operations, ECS, Customer Zones iii) System related activities like F&A, Office Services (Salary, Leave, TE/LTC), Audit, Inspection, iv) Valuation and year-end operations, schedules, IRDA statements

v) Monitoring and maintenance of Data Centres, EDMS servers, updates, backups, TIBCO PROFILE 2015 An active MIS system supports the monitoring of many activities of Branches and Divisions by the Zones and the Central Office.


Expanding Network of Offices: During the financial year 2014-15, 31 Satellite Offices and 3 Mini Offices were opened. With this, we have now 2048 Branches, 1381 Satellite Offices and 1245 Mini Offices constituting a robust network and it is our greatest competitive advantage. This has ensured that we have our presence up to almost all towns of population 10,000 or more.

Idea Box Scheme: The Idea Box Scheme was introduced with the purpose of seeking suggestions from the employees to encourage the generation of new ideas amongst the employees for improving the efficiency and effectiveness of our business operations. In the year 2014, 6735 suggestions were received from the employees, out of which 1058 suggestions were found acceptable for implementation.

In the year 2015, 933 suggestions were received till 31st March 2015, out of which 26 suggestions were found acceptable.


The Life Insurance Corporation of India has been a nation builder since its formation in 1956. True to the objective of nationalization, the Corporation has mobilized the funds invested by the people in the life insurance for the benefit of the community at large.

The Corporation has deployed the funds to the best advantage of the policy holders as well as the community as a whole, true to the spirit of nationalization. National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments.

–  –  –

Every year, LIC Golden Jubilee Scholarship Scheme provides scholarships at the rate of ` 10,000/-p.a to children from economically weaker sections of the society to pursue higher education till they complete their graduation/professional courses. Since 2008 i.e inception of the scheme, total 10,878 students have benefited from the scheme.

Our contribution in the field of Corporate Social Responsibility is recognised by various institutions and independent for a by way of six awards which have been conferred upon Golden Jubilee Foundation during the year 2014-15.


LIC today is a financial conglomerate of international repute servicing its customers matching International standards. The International Operations of LIC of India consists of overseas business

activities in life insurance market in 13 countries as mentioned below:

a. Branch Offices in Fiji, Mauritius and United Kingdom.

b. Wholly Owned Subsidiary : Singapore

c. Joint Venture Companies: Bahrain (for GCC Countries of Kuwait, Oman, Qatar and UAE (Dubai & Abu Dhabi)), Nepal, Sri Lanka, Kenya and Kingdom of Saudi Arabia.

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