LIC Vs Other Market Players

I) Study on the Profits & Losses
II) Study on the Analysis of Settlement of Death Claims

Across The Industry
For the Year 2011-12

Profit/Loss  (in Crores Company

Death Claims

For the year  2011-12

Total Carried forward as on 31/03/2012

% of  Claims  Paid

% of  Claims Rejected

% of  Claims Pending

-57.04

-100.73

Aegon Religare

59.74

37.96

2.30

73.57

-1404.94

Aviva

74.80

21.20

4.00

1311.20

2349.94

Bajaj Allianz

83.96

9.84

6.19

-189.84

-1748.30

Bharati AXA

71.73

19.39

8.88

460.73

-1376.23

Birla Sunlife

80.41

18.92

0.67

-89.07

-757.48

Canara HSBC

80.17

15.70

4.14

-128.25

-375.56

DLF Pramerica

21.80

14.63

63.57

-29.23

-29.23

Edelweiss Tokio

-

-

-

-129.65

-1096.20

Future Generali

62.68

28.02

9.30

271.02

-1294.48

HDFC Standard

90.43

8.43

1.14

1384.17

-1946.70

ICICI Prudential

94.38

4.44

1.17

-69.86

-432.35

IDBI Federal

63.58

29.56

6.86

-72.58

-189.37

India First

74.83

25.17

0.00

-31.15

-1150.14

ING Vysya

80.25

9.96

9.36

203.25

50.61

Kotak Mahindra

71.84

18.87

9.28

459.83

-369.78

Max New York

83.89

12.41

3.70

33.17

-46.17

Met Life

72.65

13.53

13.32

372.57

-2486.20

Reliance Life

71.43

19.16

9.41

29.48

64.90

Sahara

76.32

9.09

13.89

555.82

1118.93

SBI Life

95.63

1.35

3.01

56.18

80.79

Shriram

58.28

18.24

23.48

-25.60

-94.95

Star Union Dai-ichi

73.25

3.75

23.00

260.31

-1297.76

Tata AIA

72.05

25.75

2.21

 

4649.03

-12531.40

Private Total

80.95

13.70

5.32

 

25624.60

*

LIC of India

95.43

2.01

1.21

Source: IRDA's Annual Report 2011-2012
Available at www.irda.gov.in

OBSERVATIONS:

  • It is observed that LIC has done a marvellous profit to the extent of Rs.25, 624.60 crores for the fiscal year and no player in the industry could manage to reach any nearer to the industry Big Boss. As it is customary to give away 5% of the surplus as dividend to the exchequer of the Government of India and the remaining 95% of the total profits have been distributed as bonus among all the policy holders. Profits not been carried forward like in the instances of other players.
  • It is learnt that only 13 companies have registered profits during the financial year.
  • It is observed that 18 companies in the private sector have shown carried forward losses for successive several years though they are testing their fortunes in the industry for more than a decade now.
  • Claim Settlement Experience is quite encouraging and positive for the policy holders of LIC; they feel more secure in the hands of the insurance major, LIC
  • It is seen that a large chunk of claims are repudiated by the private companies and on the other hand inadvertent delays are also caused in settling the death claims of the policy owners.

...IT’S NOW OR EVER, LIC – “THE MOST TRUSTED” ALWAYS..!!

Benefits of LIC Agency As A Career

  • Have the luxury to work with the highest paid profession in the world
  • Enjoy both Royalty and Hereditary Income
  • You can start this Profession with no Investment.
  • You are your own boss to set your own working hours, enjoy the liberty.
Read More...

How To Become A LIC Agent?

The Process

  • You should have a minimum pass in 12th standard
  • You should be of age 18 years and above
  • You should undergo class-room Training and online exam
  • Apply online on this website

Read More...

The virtual Career Tour