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LIC Celebrates Its 66th Anniversary (September 2022) Complete Details!

By Umair Qureshi

Posted on September 2, 2022

Today, in the Lic 66TH Anniversary post, we will glance back at its foundation history, the association’s current details, and that’s only the tip of the iceberg.

LIC celebrates its 66th anniversary in a grand manner. The company has won 19 awards in the insurance category and has a network of 1,537,064 agents. LIC also has a Chatbot named LIC Mitra. This chatbot will help customers understand their policy options and make the buying process easier.

It is the most confided in association and possessed by the public authority of India that expects to give protection to all individuals at a reasonable expense. While commending its establishment day, let us in on the set of experiences and current details through the Lic 66TH Anniversary post.

LIC has won 19 awards in the insurance category

LIC is a globally recognized insurance company that has offices in 14 countries. The company has also expanded into other sectors, such as mutual funds, housing finance and pension funds. As a result, it has won numerous awards and accolades. As a result of this growth, LIC has invested its funds for the benefit of policyholders, the community, and the country at large. The company’s fund balance is currently over Rs 3676170 crores, and it continues to increase its investment portfolio based on national priorities and reasonable returns to policyholders.

In addition to insurance, LIC also invests in several sectors, including banking, chemicals, and fertilizers, as well as electronics and electricity. It also has investments in fast-moving consumer goods, information technology, and metals and mining. The company has over 110,000 policyholders.

LIC has a network of 1,537,064 individuals

LIC operates with 2048 fully computerized branch offices, eight zonal offices, and 1381 satellite offices. Its Wide Area Network (WAN) connects all branch offices, and its ATM and ECS premium payment facilities further enhance customer convenience. Its network includes over 15 million customers across the country.

LIC is one of the largest life insurance firms in India with an asset value of 25,293 billion dollars. It was established in 1956 through the merger of 245 private insurance companies. The LIC has a network of 1,537 thousand individuals and 342 corporate agents, as well as 42 banks. In addition to its network of insurance agents, the LIC has 1,381 satellite offices and 2,048 computerized branch offices.

As a leading life insurance company in India, LIC invests in various sectors of the economy. It also has a presence in the securities market. It invests in equity, bonds, and preferred shares of many financial companies. The profits are then distributed to policyholders. LIC has a monopoly on the life insurance market in India, and contributes 7% of the country’s GDP.

LIC’s IPO has a price tag of Rs. 905 per share, and it has been priced to target a valuation of Rs. 6 trillion. This makes it the fifth most valuable company in India, behind only Infosys. The IPO price reflects LIC’s embedded value, or the amount a buyer is willing to pay for it or the company’s shares if he/she were to launch a similar business in the same sector.

LIC has a Chatbot

LIC has a new Chatbot to commemorate its 66th anniversary. The Chatbot allows policyholders to interact with the insurance company. Moreover, it provides information on new policies and offers. The company has also launched two mobile apps. One is called Gyanpeeth, which aims to provide information about the company and its products. The other is called ANANDA, which stands for Atma Nirbhar Agents New Business Digital Mobile Application.

LIC is a leading life insurance company in India. The company has a presence in fourteen countries and has expanded into other financial services. Its subsidiaries include the LIC Pension Fund Ltd., LIC Mutual Fund and AMC Ltd., LIC Cards Services Limited, and LICHFL Care Homes Limited. Its pension and group superannuation business has also surpassed the trillion-dollar mark for the second year running.

LIC Mitra

The Life Insurance Corporation of India, or LIC, is a leading financial conglomerate in India with footprints in 14 countries. Founded on September 1, 1956, it has over 100.000 employees and eight zones spread across the country. The company’s mission is to promote life insurance among the masses by offering affordable and quality insurance.

To obtain a life assurance policy, individuals can enroll online using LIC’s e-Service Portal. This online platform allows customers to obtain various policy information and service requests, such as premium payments. These payments can be paid annually or as part of an installment plan. The company offers a wide range of products, so there’s a policy to suit any budget and need.

The company has also embraced the latest technologies. Online premium payments are now possible through various methods, and AI is helping the company with its Digital Initiative. It has also launched a mobile application for submitting a digital existence certificate. This is a big step toward digitization in the insurance industry, and LIC looks forward to bringing more innovative products and services to its customers.

LIC’s 66th anniversary

LIC was founded on 1st September 1956 and is headquartered in Mumbai, India. LIC has eight zonal offices, 113 divisional offices, 2048 branch offices, 74 customer zones, and more than 110000 employees. In 2006, the company celebrated its Golden Jubilee. Today, the company has more than one million customers.

The company is a premier financial conglomerate that has presence in 14 countries around the world. Its subsidiaries include LIC Mutual Funds, LIC Housing Finance Ltd, and LIC Pension Funds Ltd. It has been honored with numerous awards over its history. On its 66th anniversary, LIC is celebrating this success and focusing on making insurance accessible to all people.

The company started out as a life insurance company and has since expanded to provide other services, such as mutual funds and pension funds. The company has also expanded to provide mortgage and housing finance services. LIC also offers various award-winning products and services. It was created by Parliament in 1948 and was initially funded by the government.

Today, LIC has embraced technology and has introduced new online payment options for policyholders. In addition to e-commerce, the company has launched a mobile application for policyholders to pay their premiums using mobile phones. In addition, AI-powered Jeevan Saakshya, a digital existence certificate submission service, was also recently launched.

When does LIC commend its anniversary?

LIC praises its commemoration consistently on September 1 as it was established on September, (a long time back). The base camp is in Mumbai, and it has eight zonal workplaces in various pieces of India, in particular Hyderabad, Chennai, Kolkata, Patna, Mumbai, Bhopal, Delhi, and Kanpur. Also, it has 113 divisional workplaces, 2048 branch workplaces, and 74 client zones, and according to 2020 details, it has more than 110,000.

The main insurance agency praised its Golden Jubilee establishment in 2006.

When is Lic 66TH Anniversary?

LIC is praising its 66th foundation commemoration on September 1, 2022, Thursday, and is entering 67 years of its establishment this year.

The association is perceived universally and shows its presence in 14 distinct nations of the world. Notwithstanding disaster protection, the association wandered into different administrations with the assistance of its partners and auxiliaries. A few famous models are LIC Mutual Funds, LIC Housing Finance ltd, LIC International Ltd, LIC benefits Funds Ltd, and so on. The LIC likewise own different honors and awards for its extraordinary help.

On Lic 66TH Anniversary, let us think back on its set of experiences and how it framed.

History of LIC establishment

66 years back, LIC was framed when parliament passed the LIC Act, in which 245 insurance agency consolidated and made the Life Insurance Corporation of India. At first, the public authority gave the capital of 5 crores and claimed it 100%.

LIC’s maxim is your prosperity is our obligation and is taken initially from Bhagavat Gita’s sloka “Yogakshemam Vahamyaham.”

Key individuals in the organization incorporate M R Kumar, who is a director, while B. C. Patnaik is a Managing Director of Lic.

Some current details of the association

As Lic 66TH Anniversary is praised for the current year, let us in on a portion of the measurements of the association:

Income: Rs 724,743 crore (US$91 billion) (2022)
Complete resources: Rs 4,254,058 crore (US$530 billion) (2022)
Total compensation: Rs 4,124 crore (US$520 million) (2022)
Complete Equity: Rs 11,338 crore (US$1.4 billion) (2022)
Working pay: Rs 13,975 crore (US$1.8 billion) (2022)
Number of workers: 114,000 (2020)

Summary

LIC is commending today establishment day. It is the main and most believed insurance agency. In the Fortune Global 500 organization list, LIC stands 98th position.