Life Insurance Corporation (LIC), the Public Sector Insurance company, is far ahead of its competitors in the volume of business, subscriber satisfaction, % of settled cases and so on. This has once again been proved from the latest statistics of the regulator.
The Insurance Regulatory and Development Authority (IRDA) in its latest Annual Report has confirmed this. LIC had higher claim settlement, fewer lapses and no penalty at all. In the volume of business it continues to hold the first position with more than 74% market share.
The claim settlement ratio in LIC increased from 97.42% to 97.73% in 2012-13 from 2011-12. The rejection of claims were reduced from 1.30% to 1.12%.
In the case of private companies, the claim settlement is from 89.34% to 88.65% in the same period. The rejection of claims increased from the earlier 7.82% to 7.85%.
The policy lapse in LIC is 5.6% while in the private companies, it is as high as 17% to 42%.
There are other parameters also in most of which, LIC is far above the private insurance companies.
My Hearty Congratulations to the LIC Management and the workers who have sustained the growth of the PSU and given the best service to its policy holders! I also congratulate the All India Insurance Employees Association (AIIEA) which had always been spearheading the movement for a better service to the Nation!