LIC: Market share, products, insurance policies, recruitment, and more - All you need to know
"The Life Insurance Corporation of India (LIC) Corporation regularly endeavours to provide a bouquet of life insurance products to cater to the needs of various strata of society."
The Life Insurance Corporation of India (LIC) has became the talk of the financial corridors after Finance Minister Nirmala Sitharaman in her 2020-21 Budget speech announced part-selling government stake in the insurance behemoth. Union Minister of State for Finance & Corporate Affairs, Anurag Singh Thakur, has given some very important details of LIC in a written reply to a question in Lok Sabha:-
- "The Life Insurance Corporation of India (LIC) Corporation regularly endeavours to provide a bouquet of life insurance products to cater to the needs of various strata of society."
- This has enabled LIC to maintain its market share of 70.52% in first year premium and 75.64% share in terms of policies as on 31.12.2019 (provisional figures) making it a dominant player."
- "The product line, inter-alia, includes Term Assurance, Endowment, Whole Life, Money Back, Children Specific, Women Specific, Micro Insurance, Unit-Linked and Pension plans."
- Giving more details, the Minister of State stated that LIC, during the current financial year upto 31.12.2019, has recruited 1,14,114 agents and 4,374 Development Officers.
- "This recruitment drive coupled with innovative marketing strategies undertaken by the Corporation and a growth rate of 17.81% of policies sold till 31.12.2019 is expected to enable LIC to cross three crore bench mark during current financial year."
Thakur added that LIC continuously strives to offer attractive products/features including provision of higher surrender value; extension of revival period from two years to five years; option to take death benefit in installments and option to take maturity benefit in instalments (Settlement Option) etc.
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