Customer Lottery! LIC turns 70, now every policyholder is going to get this big gift

Life Insurance Corporation of India (LIC), the country’s largest and most trusted insurance company, has completed 70 years of its glorious journey. When LIC was started in the year 1956, it had a capital of only Rs 5 crore.

But today this government company is managing huge assets worth more than Rs 57 lakh crore. In today’s era, even though many big private insurance companies have come into the market and competition has increased a lot, still there has been no impact on the dominance of LIC.

Even today, LIC alone holds about 60 percent share in the entire life insurance market. LIC CEO and MD R. Doraiswami says that the company will not only maintain its number one position in the coming times, but will also appear before the country in a new digital avatar.

Direct Connection Between Progress and Investment

LIC CEO Doraiswami has highlighted an interesting connection between the company’s success and national economic growth. He explained that as the country’s economy progresses, LIC also progresses at the same pace, and when LIC becomes strong, the country’s economy gets great strength.

When a common citizen invests his hard-earned money in a LIC policy, that money not only secures the future of his family, but also helps in strengthening the big projects and infrastructure of the country. In the coming years, when India will move towards becoming ‘Developed India’, LIC will be seen standing as the strongest pillar in this entire journey.

Grand Plans for the Future

The company has prepared a grand plan for its 75th year. In today’s time, competition in the insurance sector has increased more than ever, but LIC’s aim is only to save its existing space and create new records.

The management of the company is confident that no matter how tough the competition is, their lead will always remain. As the company moves towards its 75th and 100th years, LIC’s biggest vision is to make its reach even easier in every corner of the country and especially in the rural areas.

When LIC was established on September 1, 1956 by merging 245 private companies, its real objective was to ensure that the security cover of insurance should reach every village of the country.

Global Presence and Financial Strength

In today’s time, LIC is no longer just an ordinary insurance company. With real estate assets worth around Rs 60,000 crore, LIC has become one of the biggest financial brands in the world today.

The company has more than 2,048 fully computerized branch offices, 113 divisional offices and 1,381 satellite offices working round the clock across India. Apart from India, LIC is also running its business very successfully in 13 other countries of the world.

Through its subsidiaries like IDBI Bank and LIC Housing Finance, the company has made a deep penetration in the market ranging from banking to mutual funds.

Digital Transformation and Fintech Strategy

In the changing digital era, the needs and expectations of customers are also changing very rapidly. Keeping this in mind, LIC is now seriously considering taking a big step in the Fintech sector.

According to the company’s management, LIC is joining hands with new fintech startups to make itself completely hi-tech and modern. Under this initiative, LIC can directly invest money in any big digital company, invest in existing ones, or even set up a new fintech company of its own.

LIC policyholders will get the direct benefit of this big decision, because along with getting better returns, they will also get modern facilities to do all the work sitting at home in a jiffy.

Special Celebrations for LIC’s 70th Anniversary

As LIC turns 70, the company is preparing special gifts and benefits for every policyholder as part of its customer appreciation celebrations.