Life Insurance Corporation of India (LIC) entered 64th year of its incorporation on Sunday. It has played a significant role in spreading the message of life insurance among the masses and mobilisation of people’s money for their welfare.
In this journey, LIC has crossed many milestones and has set good performance records in various aspects of life insurance business. In its 63 years of existence, it has grown in terms of its customer base, agency network, branch office network, new business premium.
LIC has been embraced technology from the nascent stage. It is continuing its journey by reaping the benefits of technology to become customer-centric, to improve pricing and to create operational efficiencies. It has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers.
The focus of the corporation is to enhance the e-presence and e-delivery capabilities and to transform existing enterprise IT systems in sync with the expectation of the users. It is also issuing e-policy along with physical policy document.
LIC has revamped its portal system with latest technological platforms to enhance digital experience and provide online services. Various options are available — product information, downloading plan brochures , premium calculator, apply for policy, LIC office locator, policy self servicing options like Policy Information, online premium payments, advance premium payments, revivals, online loan request, loan repayments, ULIP statement, grievance redressal etc.
It also offers life insurance protection under group policies to people below poverty line at subsidised rates under social security group schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Aam Admi Bima Yojana (AABY). These schemes provide life insurance protection to the persons living below poverty line and marginally above poverty line.
LIC won 25 Awards in the year 2018-19 including golden peacock award for National Training and Readers Digest awards.
Writer & Courtesy: The Pioneer