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"LIC celebrating August 2022 as Iconic month under Azadi Ka Amrit Mahotsav."     "Invitation for Quarterly Earnings Call Q1-FY22-23"     "PUBLIC ANNOUNCEMENT FOR FIRST ANNUAL GENERAL MEETING AND E-VOTING INFORMATION"     "Join the nation-wide 'Har Ghar Tiranga' campaign from 13th to 15th August 2022     "Conference Call on IEV (Indian Embedded Value) as at 31st March, 2022 on 15th July 2022 at 9 AM"     "Individual Pension Policyholders/ Annuitants can submit Digital Life Certificate through mobile app Jeevan Saakshya. App can be downloaded from play store"     "Revised Working Hours of All Offices of LIC Of India from 10.05.2021, pursuant to Notification S.O.1630(E) Dated 15th April 2021 wherein the CENTRAL GOVERNMENT has Declared Every Saturday as a Public Holiday for Life Insurance Corporation of India."     "Dear Policyholder, Please submit Bank Account Details ( NEFT ) to LIC - Click here to Download NEFT Form"     "PLEASE REGISTER IN CUSTOMER PORTAL FOR AVAILING ONLINE SERVICES"     Basic Safety measures to fight against Coronavirus Disease(COVID-19)     Breaking News : LIC premiums can now be paid at the nearest CSC centres throughout the country.     Also on ALL POSSIBLE digital modes through LIC website without any service charges.     Intimation to policyholders regarding changes in tax structure due to implementation of Goods and ServicesTax (GST) - Click Here     Beware of Spurious Phone Call and Fictitious/Fraudulent Offers     Beware of fake / spurious calls - DOs and DONTs     " FRAUDULENT RECRUITMENT ADs: BEWARE...! "     Notice to Public regarding Combination of Products     For Policy enquiry contact LIC Call Centre Services on (022) 68276827     " Know your policy details through SMS to 'ASKLIC' (ASKLIC < policy no > PREMIUM/LOAN/BONUS/REVIVAL/NOMINATION) and send it to 9222492224 "     'SMS "LICHELP < policy no >" and send it to 9222492224 or 56767877 for Policy Enquiry/Product Query/Registering of complaint under your policy     

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The particulars of LIC of India, functions and duties

The Particulars of LIC of India

Life Insurance Corporation of India is a statutory Corporation established under Section 3 of LIC Act, 1956. The Life Insurance Corporation of India came into existence on 1st September, 1956, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost .

From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 65 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.
 

Organizational Structure as on 30.06.2022

 
Details
Central Office 1
Zonal Offices 8
Divisional Offices 113
P&GS Units 77
SSS Units 4
Branch Offices 2048
Satellite Offices 1572
Mini Offices 1170
Total 4993
 

Business in force as on 31.03.2022



 
(In Crore) Sum Assured /NCO (Rs in Crore)
Individual Policies
28.07
55,39,144
Group Policies(lives)
7.87
22,76,341.63
 

Other Performance Parameters as on 31.03.2022



 
Particulars (Rs in Crore)
Total Income 7,21,102.57
Total Premium Income 4,27,419.22
Payment to Policyholders 3,57,464.90
Total Life Fund 37,35,759.72
Total Assets 42,30,616.95
 

New Business Figures as on 31.03.2022

 
Policies (In lacs) First Year Premium Income (Rs in crore)
Composite 217.55* 1,98,759.85*
 

*Excluding business procured under Pradhan Mantri Vaya Vandana Yojana

New Business Pradhan Mantri Vaya Vandana Yojana



 
Details
Policies 2,32,715
FPI (Rs in Crore) 19,954.10
 
PENSION & GROUP BUSINESS
 

Achievement From 01.04.2021 to 31.03.2022



 
Details P&GS Conventional
No. of Lives (in lacs) 319.30
Premium Income (in crore) 143938.59


 
International Operations
 

Life Insurance Corporation of India has its overseas operations in 14 countries through its Branch Offices, Joint Venture Companies and Wholly Owned Subsidiary, as given below:

 

BRANCH OFFICES:

  1. Fiji Branch
  2. Mauritius Branch and
  3. U.K Branch


Overseas Subsidiaries:

  1. LIC (Singapore) Pte Ltd (a Wholly Owned Subsidiary)
  2. LIC (International) B.S.C. (c)
  3. LIC (Nepal) Ltd.
  4. LIC (Lanka) Ltd.
  5. LIC of (Bangladesh) Ltd.
  6. Kenindia Assurance Co. Ltd.,(Equity Shareholding)
 

Life Insurance Corporation of India has the following Subsidiaries and Associate Companies operating in India


SUBSIDIARY COMPANIES:

  1. LIC Pension Fund Limited (100 per cent owned)
  2. LIC Cards Services Limited (100 per cent owned)


ASSOCIATE COMPANIES:

  1. IDBI Bank Limited (49.24 per cent)
  2. LIC Mutual Fund Trustee Private Limited (49 percent)
  3. LIC Housing Finance Limited (45.24 percent)
  4. LIC Mutual Fund Asset Management Limited (45 per cent)
  5. IDBI Bank Trusteeship Services Limited (29.84 percent)
  6. LICHFL Asset Management Company Limited (5.38 percent)
 

These companies have made significant mark in their respective area of operations.
 

LIC created a good resilient information dissemination system to comply with the Act by placing the CPIOs at all the Divisional and Zonal offices. Further, all the in charges of Branch Offices/satellite Offices/P&GS Units/Audit Centres have been designated as CAPIOs. Thus, the Corporation has taken care to ensure that the RTI personnel are placed at every levels within the organization and also in the nook and corner of the country.

"Structure and statistics (as at 31.03.2022) of RTI in LIC."

Details
No. of CPIOs 130
No. of Appellate Authorities 130
No. of Alternate CPIOs 239
No. of Alternate AA 23
No. of CAPIOs 3701
No. of RTI Applications (from inception upto 31.03.2022) 1,77,116
No. of appeals(31.03.2022) 29,453
No. of hearings(31.03.2022) 4,394
 

During the year 2015-16 the Corporation has adopted Government of India’s RTI online portal,developed by DOPT, across the country, connecting all Offices of the Corporation under a single system. This has created a direct on-line access for the information seekers.

 

The particulars of the Organisation, functions & duties are as laid down under :-

  1. Life Insurance Corporation Act,1956 (as amended upto 31.5.2021)(click here for details) (535 KB)