Once again LIC has kept its top position. The latest figures show that despite high publicity and hype, the private insurance companies are still far behind the Life Insurance Corporation of India in all respects.

Look to the statistics:

LIC have 72.7% Market Share with all the private companies, about 23, sharing the rest. The biggest of them, ICICI Prudential, has got only a meagre 4.7%. In fact, LIC added 2% more market share in the last two years from the private sector.There are only 6 private companies which have more than 2% market share.
Out of the more than 34 crore policies in force in 2012-13, more than 29 crore are from LIC alone.
LIC has got more than 11.72 lakh field agents, while all the private players together has got only 9.49 lakhs.
The satisfaction level of the LIC claim settlements are almost 97%, while that of the private companies are far-far below.

But the most interesting factor is that LIC is having less profit compared to its next rival ICICI Prudential. ICICI has posted a profit of Rs. 1,496 crores in 2012-13, while LIC had only Rs. 1,437 crores. The reasons are well known. The charges are less for LIC, settlement of claims are better and of course, as a PSU, it has to pay heavy dividends to the Government. (Courtesy Business Line for the statistics)

Congratulations to the LIC Management, agents and the workers who have ensured through their joint efforts and sheer dedicated service the growth of LIC. Congratulations to the All India Insurance Employees Union (AIIEA), the only major union in the LIC, which through its sustained struggles have ensured that the LIC continues as a PSU and is not decimated by the private companies.