The Life Insurance Corporation of India (LIC) came into being on 1st September 1956 as an amalgamated entity after the nationalisation of 245 odd private insurance companies in India. Today, after achieving several milestones, it has transformed into a global financial conglomerate. From its humble beginnings in 1956, LIC today has earned the status of being the world's largest life insurance company with an asset base of more than USD 300 billion as at 31 March 2015. The LIC family comprises over 115,000 employees, more than 1.37 million agents and over 300 million customers.
LIC's claim settlement operation has always been a landmark performance. It settles globally an average of 2 claims every 3 seconds on a working day, with 90% of the maturity claims settled before the due date and 85% of the non-early death claims within a month of the intimation. The outstanding claims are less than 0.1%, one of the lowest in the world, a great performance by any global insurance standards.
The Mauritius Branch of Life Insurance Corporation of India was formed alongside its formation in India in 1956 and has a major share of the life insurance business on the island. It was the first insurance company to commence grant of life insurance protection to the citizens in Rodrigues.
LIC has at present 37 plans catering to the varied needs of different segments of society. Their variety of products, competitive pricing and a good network of trained agents help LIC reach all segments of society.
There are several unique features that set LIC Mauritius apart from other insurance companies:
- LIC Mauritius is small enough to give personalised attention to every customer but, at the same time, with the global portfolio, big enough to tower over all other companies put together.
- All the policies issued by the LIC Mauritius are guaranteed by the Government of India.
- LIC brings to Mauritius a high quality governance, generates stable returns and contributes to the country's economy with increasing tax payments.
To a customer who takes an insurance policy from LIC, all this would mean 100% security and peace of mind.