The Life Insurance Corporation (LIC) has insured the life of 11.65 lakh Goans and settled claims to the tune of Rs 509.31 crore.
Speaking at the 62 years of services of the LIC the senior divisional manager Rajesh Middha said that LlC’s Goa division, has settled 2589 claims by death amounting to Rs 38.17 crore; and 1,08,567 maturity and survival benefit claims amounting to Rs 471.14 crore for the year 2017-18.
He further said that LIC in Goa has made an investment of Rs 10,928 crore in state government securities, social housing scheme, urban local bodies, shares and loan to public, cooperative and private sector including social sector investment as on March 2018.
The LIC is also planning to foray into financial services space in next thirteen years, he added.
“Our vision is to create highly differentiated financial solutions and offer the customers all financial services under one roof by 2031,” said Middha.
Coming out with the national level figures Middha said that the insurer settled 266.08 lakh claims in 2018, amounting to Rs 1.18 trillion. Its claims settlement stood at of 95.36 percent and maturity claims at 98.04 percent.
“There was speculation in the market that private sector players would soon dominate the sector. But LIC continued to be the largest player. LIC’s market share in terms of number of policies was 75.67%, garnering over 21 million new policies as on March this year,” he said.
He further said that LIC had started off with initial capital of Rs 5 crore in 1956, and now it has assets of over Rs 28.45 lakh crore and more than 29 crore insurance policies in-force.
From 168 offices in 1956, it today has over 4,826 offices, 1.11 lakh employees, 11.48 lakh agents
At the end of the 2017-18, LIC had 30 plans under its individual business. However its newly launched cancer cover plan- a regular premium payment health insurance plan in Goa has covered 675 people last year and target for next financial year is to reach out to 1050 people.