'LIC Plays Vital Role in Indian Financial Sector'

Published: 02nd September 2015 05:05 AM  |   Last Updated: 02nd September 2015 05:05 AM   |  A+A-

SRIKAKULAM:Over the years, Life Insurance Corporation of India (LIC) has become synonymous with trust, said Lok Sabha member K Rammohannaidu. While inaugurating the week-long celebrations of LIC on the occasion of its Formation Day, the MP said that LIC is one of the top ten organisations which has retained crores of customers during its 59 year long service to the nation.

In order to help the Indian Railways, the LIC has invested Rs 45,000 crore to represent the corporations national responsibility, Naidu said. Not only for the Railways, but the LIC has been playing a vital role in the Indian financial sector as well. The LIC also boasts proudly of having a large number of employees and agents in the world. During the past two decades LIC has been clearing claims swiftly, the MP opined.

Chief Manager, LIC, Srikakulam branch, JV Kameswara Rao said that LIC was nationalised in 1956. The corporation has always adopted all the latest information technology to ensure hassle-free service to its customers. The LIC also invested a whopping Rs 7,04,151 crore for the benefit of the government in 2012 under the five-year-plan.

Though 23 new insurance companies emerged in the country, LIC remains unbeaten and has secured its numero uno position the chief manager said. Talking about the claims in the district, he said that during the last fiscal, 18,37 claims were received and the corporation paid Rs 11.14 crore to the customers, he added. During the week-long celebrations, the policy holders can renew their lapsed policies, he informed.

District Public Relations Officer L Ramesh, LIC officials Ch Srinivasa Rao, T Achari and President of LIC Agents Association M Prabhakara Rao also spoke on the occasion.

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