Life Insurance Corporation of India (LIC), the country’s largest insurance company, has completed 70 years of its journey. This institution, which started in the year 1956 with a capital of just Rs 5 crore, is today managing assets worth more than Rs 57 lakh crore. Despite the entry of many new private companies in the market and increasing competition, LIC has maintained its dominance. Even today it occupies about 60 percent of the market in the life insurance sector. LIC CEO and MD R. Doraiswami says that the company will not only maintain its leadership in the future, but will also increase its contribution to the development of the country with the new digital avatar.
Direct connection with the development of the country
LIC CEO Doraiswami says that as the country’s economy progresses, LIC also progresses. Similarly, the growth of LIC strengthens the country’s economy. As a common citizen, when one invests his hard-earned money in LIC, that money not only secures his future but also helps in strengthening the infrastructure of the country. In the coming years, when India will move towards ‘Developed India’, LIC will still stand as a major pillar in this Mahayagya.
Special vision for 75th year
In today’s time, competition in the insurance sector is continuously increasing. But LIC’s aim is not just to save its current position. The management believes that even as competition increases, the company will maintain its huge lead in the market. Moving towards its 75th and 100th year, LIC is trying to make its reach easier to every corner of the country, especially the rural areas. When LIC was established on September 1, 1956 by nationalizing 245 companies, its basic objective was to ensure that the security cover of insurance could reach every village.
Global identity with vast network
Today this company is not limited to just one insurance provider. LIC has become a huge financial institution with real estate assets worth about Rs 60,000 crore. It has more than 2,048 computerized branch offices, 113 divisional offices and 1,381 satellite offices functioning across the country. Apart from this, LIC is also running its business successfully in 13 other countries. The company has made deep inroads from banking to mutual funds through subsidiaries like IDBI Bank, LIC Housing Finance.
Preparation for big investment in fintech sector
In the digital era, customer needs are changing rapidly. Keeping this in mind, LIC is now seriously considering establishing its strong presence in the fintech sector. According to the management, the company is associating with new fintech startups to meet the needs of modernization. Under this, strategic investment can be made in a particular digital company or a new fintech branch of your own can be created. This will directly benefit the policyholders, because with this step they will be able to get better returns as well as modern technical facilities.
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