Impress Customers with LIC Profile
Are you an Agent of Life Insurance Corporation of India (LIC) and are struggling to improve your Life Insurance Business? If so, then two things can prove to be very important for you. That is LIC's Profile and Your Own Profile.
So in this article of Jeevan Bima Bazaar, we will get detailed information in this context. We will also know why such a profile is important and how your new business is affected due to it?
What is a Profile?
Profile is a medium through which information can be obtained about a person, thing, company or organization. In personal matters, it is also called a Resume or CV. There are mainly four types of profiles - Personal Profile, Social Media Profile, Business Profile and Online Profile.
Personal Profile:
Personal Profile is commonly known as a resume. Using which you provide information about yourself. Often it is used to get a job in a company. In a personal profile, a person shares his Name, Date of Birth, Educational Qualification, Professional Experience, Interests etc.
Social Media Profile:
On various types of Social Media Platforms (eg: Facebook, LinkedIn, Instagram, etc.), a person tells about himself. Name, Photo, Contact Info, Interests, etc. are usually shared in Social Media Profiles.
Business Profile:
This type of profile is used by companies and large organizations. Through such a profile, you can get the Name, History, Objectives, Services, Products, Contact Information, etc. of a company. Such a profile is usually available on the website of the company or organization itself.
Online Profile:
This type of profile is usually used by people and professionals doing various types of services. When you search for a doctor, advocate, life insurance agent and others on the Internet, you usually see their online profiles. Online profiles are often created on third party websites.
Why is LIC Profile Important?
If you are a LIC Agent, then it is very important for you to have that knowledge of LIC Profile, due to which you can impress your customers. When you are trying for your New Business, then it becomes necessary for you to assure that how strong is the Life Insurance Company for which you work and how does it try to provide various types of services to its customers?
When you make this effort, you get double benefit. First, the customer trusts the corporation, due to which the problems like the company going bankrupt or running away do not arise. Second, the customer gets to know about your knowledge and accepts you as a Professional LIC Agent.
Why is Agent Profile Important?
When your own profile is available and you present it to the customer, then your professional image is created. Your profile contains your personal information, apart from other information like your work experience, services provided by you to your customers, your growth etc. So when your customer reads your profile, he is confident that he will buy Life Insurance Policy from a Professional and Strong Agent.
Benefits of Profile to Agents
When you contact a customer for New Business or are working on LIC Survey Form, then discussion of LIC Profile proves your knowledge and when you present your own profile, the customer develops confidence in you.
Profile of Life Insurance Corporation of India
While conducting Survey for LIC or Presenting Life Insurance Products to a New Customer, you must mention about LIC's Life Fund Value, Asset Value, Death Claim Payment Value, New Business Growth etc. You should also inform about LIC offices and other services. By doing this, the customer is confident that after buying a LIC Policy, how easily he can avail the benefits of all the Services of LIC.
On the basis of the data available on the LIC's website today, dated 15th September 2024, let me tell you those parts of LIC's profile due to which your new business can be better-
Number of LIC Offices
The oldest and number one Life Insurance Company in the Indian Life Insurance Industry is Life Insurance Company of India. It is also known as LIC or LIC of India in short. This company has a very large network of offices, due to which this company has been successful in providing Life Insurance Services to people from big cities, towns to remote villages. The total number of offices of LIC is 5004. Which is as follows
| Type of Office | Number of office |
|---|---|
| Central Office | 1 |
| Zonal Office | 8 |
| Divisional Office | 113 |
| PGS Units | 78 |
| SSS Units | 4 |
| Branch Office | 2048 |
| Satellite Office | 1584 |
| Mini Office | 1168 |
| Total | 5004 |
Note: Apart from the above, LIC also has Premium Points, Life Plus Points. Due to the lack of immediate data available with us, we are unable to provide information.
LIC's Enforced Business as on March 31, 2023
| Number of Policies (in crores) | Sum Assured (in crores) |
|---|---|
| Individual Policy 27.74 | ₹58,68,481.10 |
| Group Policy 8.80 | ₹23,92,820.85 |
Note: If you look at the above data, you will find that the number of Individual Policies of LIC is 27.74 crores. According to the data available on the Internet, the population of India is 145 crores, the population of China is 141 crores, the population of the United States is 34 crores, the population of Indonesia is 28 crores. Apart from this, there is no country whose population is more than 27.74 crores. Such a large number of customers proves that people have a lot of faith in the Life Insurance Corporation of India.
Other Important Figures of LIC
| Description | in crores |
|---|---|
| Total Income | ₹7,88,043.28 |
| Total Premium Income | ₹4,74,004.61 |
| Payouts to Policyholders | ₹3,42,576.75 |
| Total Life Fund Value | ₹40,81,326.41 |
| Total Asset Value | ₹45,50,571.73 |
Life Fund Value:
LIC has prepared a Fund Value of ₹40,81,326.41 crores to ensure all its liabilities. Which is known as Life Fund Value. In a general way, you can understand its strength in this way that if from today Life Insurance Corporation of India (LIC) does not do any business, even then if the corporation has to pay the salary of all its officers, employees for their entire tenure, has to pay commission to agents and development officers, has to pay the maturity and death claims of the customers on their policies, then despite all these liabilities, a huge amount of money will remain with the corporation.
Asset Value:
The total Asset Value of LIC is ₹45,50,571.73 crores. This includes all the investments, bank balances, properties, shares, bonds and other financial assets of LIC. You can estimate this from the fact that there are 150 countries in the world whose GDP is less than the asset value of LIC.
LIC Profile PDF - Just for You
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Value of Payments to Policyholders:
According to the data available on the LIC website, the corporation has paid a total of ₹3,42,576.75 crore to policyholders in the financial year 2022-23. If you divide this figure on an hourly basis, you will find that LIC is paying Rs 39.11 crore per hour to its customers.
Disclaimer:
All the statistics and information presented in this article have been compiled on the basis of study of various public sources, internet data and websites. We have taken as much accuracy and care as possible while preparing the material. However, we do not guarantee that the information available here is completely accurate, up-to-date or error-free.
The information contained in this article is provided for general information purposes only and should not be construed as legal, financial, investment or business advice. Before making any decision of any kind, especially in investment or financial matters, please consult the relevant professional and independently check the source.
We will not be responsible for any decision you make based on the information available here, its effects, or any direct or indirect loss arising out of it. Under Indian laws, we disclaim any responsibility arising from the use of the contents of this article.
Please note that this information may change, and we are not obliged to keep it up to date.
