LIC celebrating 64th anniversary

Hyderabad: Public sector insurance behemoth Life Insurance Corporation of India (LIC) is celebrating its 64th anniversary on September 1.

"LIC has been playing a crucial role in insuring people, spreading the message of life insurance and mobilization of people's money for people's welfare. LIC has extended financial protection through 28.92 crore policies under individual insurance and 11.36 crore persons under group insurance segment," LIC said on Monday.

LIC's South Central Zone(SCZ), which covers Andhra Pradesh, Telangana and Karnataka states, issued more than 31.90 lakh new policies with a total first year premium of Rs 6,999.70 crore during last financial year ended on March 31, 2020.

"The zone covered 145.20 lakh lives under its pension and group insurance business segment apart from 32.73 lakh lives covered under Rythu Bima Scheme under the Telangana government. Premium income from the group business was Rs 17,776 crore," said Mini Ipe, Zonal Manager, South Central Zone, LIC.

During FY20, the zone settled 26.06 lakh maturity claims with a payout of Rs 16,330.66 crore and also settled 1.41 lakh death claims, paying Rs 2,060.74 crore to the families of the deceased.

LIC's investments in SCZ increased to Rs 2.73 lakh crore while total investments of LIC in Government and social sectors across India stood at Rs 30.70 lakh crore as on March 31, 2020. In South Central Zone, LIC has invested Rs 1,06,940 crore in Andhra Pradesh, Rs. 66,084 crore in Telangana and Rs 1,00,143 crore in Karnataka.