Over the years, LIC has taken various initiatives and digital initiatives to improve pricing and create operational efficiencies, LIC said in a release on occasion of its 67th anniversary. It services customers through its 8 zonal offices, 113 divisional offices, 74 customer zones, 2,048 branch offices, 1,580 satellite offices, and 13.47 lakh agents, it said.
The corporation said it is dedicated to serving the diverse financial needs of its policyholders and contributing to the nation’s economic growth. It stated that in 2022-2023, the corporation had settled 225.51 lakh claims worth ₹2.09 lakh crore. Its maturity claims paid ratio was 92.65% and death claim paid ratio was 98.60%.
“LIC continues to play a strategic role in inculcating a culture of insurance and savings across India,” it said in a press release adding that it has benchmarked a number of systems to provide immediate relief during unfortunate calamities such as Balasore Train Tragedy.
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