more-inCountry’s life insurance behemoth, Life Insurance Corporation of India (LIC) has settled claims worth more than ₹1 trillion in the financial year 2016-17. LIC, which completed 61 years of its incorporation on Friday, said it had settled 215.58 lakh claims amounting to ₹ 1,12,700.41 crore during the financial year 2016-17, it said in a statement. “We achieved settlement of 98.34 % maturity claims and 99.63 % of death claims in the year,” as per the statement. LIC has assets of over ₹ 25 trillion with Life Fund to the tune of ₹23,23,802.59 crore. As of date, the corporation has 1.15 lakh employees, 11.31 lakh agents and 29 crore plus policies in force.

Source: The Hindu September 01, 2017 13:41 UTC