Guntur: Municipal Commissioner K Ilambarithi congratulated the Life Insurance Corporation (LIC) on completing 54 years of its serviceand hoped that it would reach greater heights in the coming years.“With diverse products for all ages, LIC had been providing social security for millions. It has a tremendous amount of goodwill among the people and it will grow stronger,” he said.
Speaking as the chief guest at the LIC Day (54th anniversary) function held at Arundelpet branch, Mr. Ilambarithi said insurance was such an important issue that elections were fought over it in the developed countries.
Field force
The massive field force of LIC had reached the remotest parts of India and brought the uncovered population under insurance net.
LIC is the leader in insurance industry with about 74 percent.
It had been a major contributor to national growth and it would continue to be a driving force for the economy, Mr. Ilambarithi said and stressed the need to simplify the claims process.
LIC Branch Manager A Chiranjeevi said there were 22 private insurance companies in India which played second fiddle to the LIC with a combined market share of just 26 percent.
LIC was striving to post better performance with focus on pension and health care products. LIC has a huge customer base of 28 crore and 14 lakh plus agents.
The LIC's daily collection of premium amounted to Rs 620 crore.
The Arundelpet branch collected a record Rs 85 lakh on August 31. Latest technologies were being adopted to render better services to all stakeholders, Mr. Chiranjeevi added.
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