LIC has been established by an act of the Parliament and started functioning from 1-9-1956. It is an autonomous body authorised to run the life insurance business in India with its Head Office at Mumbai.
It has 7 zonal offices,over 100 Divisional offices and 2048 branches in India, with around 6.51 lakh agents. The Corporation also has offices in London, Fiji and Mauritius.
| LIC's progress at a glance: |
| |
1998-99
(in Rs.crores) |
1999-2000
(in Rs.crores) |
| PREMIUM INCOME |
| First Year |
4,071.73 |
5,062.51 |
| Renewal |
17,710.22 |
21,100.44 |
| Single Premium & C.A.G Granted |
1,023.85 |
1,298.76 |
| Total Premium Income |
22,805.80 |
27,461.71 |
| OTHER INCOME |
| Income from investments |
13,183.92 |
16,056.62 |
| Other receipts |
362.87 |
1,211.28 |
| Total Income |
36,352.59 |
36,352.59 |
| Jeevan Suraksha Business |
171.28 |
388.05 |
| EXPENSES |
| Commission |
2,001.94 |
2,506.02 |
| Other Expenses |
2,667.56 |
3,304.84 |
| Total |
4,669.50 |
5,810.86 |
| CLAIMS FOR THE YEAR (INCLUDING BONUS) |
| By Death |
1,378.36 |
1,637.70 |
| By Maturity |
6,237.42 |
7,628.55 |
| Total |
7,615.78 |
9,266.25 |
| OUTSTANDING CLAIMS AS AT 31ST MARCH |
| By Death |
196.24 |
237.71 |
| By Maturity |
151.98 |
165.46 |
| Total |
348.22 |
403.17 |
| RATIO OF OUTSTANDING CLAIMS TO CLAIMS PAYABLE |
4.39% |
4.35% |
| LIFE INSURANCE FUND AT THE END OF THE YEAR |
127,389.06 |
154,043.73 |
| Total ASSETS |
132,699.44 |
160,935.76 |
|
Individuals
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