LIC: Market share, products, insurance policies, recruitment, and more - All you need to know

The Life Insurance Corporation of India (LIC) has became the talk of the financial corridors after Finance Minister Nirmala Sitharaman in her 2020-21 Budget speech announced part-selling government stake in the insurance behemoth. Union Minister of State for Finance & Corporate Affairs, Anurag Singh Thakur, has given some very important details of LIC in a written reply to a question in Lok Sabha:-

Objective

- "The Life Insurance Corporation of India (LIC) Corporation regularly endeavours to provide a bouquet of life insurance products to cater to the needs of various strata of society."

Market share

- This has enabled LIC to maintain its market share of 70.52% in first year premium and 75.64% share in terms of policies as on 31.12.2019 (provisional figures) making it a dominant player."

Insurance policies/products

- "The product line, inter-alia, includes Term Assurance, Endowment, Whole Life, Money Back, Children Specific, Women Specific, Micro Insurance, Unit-Linked and Pension plans."

Recruitment

- Giving more details, the Minister of State stated that LIC, during the current financial year upto 31.12.2019, has recruited 1,14,114 agents and 4,374 Development Officers.

- "This recruitment drive coupled with innovative marketing strategies undertaken by the Corporation and a growth rate of 17.81% of policies sold till 31.12.2019 is expected to enable LIC to cross three crore bench mark during current financial year."

Thakur added that LIC continuously strives to offer attractive products/features including provision of higher surrender value; extension of revival period from two years to five years; option to take death benefit in installments and option to take maturity benefit in instalments (Settlement Option) etc.