On the pension and group schemes front also, LIC has made rapid strides, realized the budget for the year by insuring 2.39 million lives by 31st Jan, 2005. There has been a substantial growth in the issue of individual pension plans.
LIC issued 2.42 lakh policies in this segment posting a growth rate of 68 per cent. In the backdrop of ULIPs becoming a popular insurance plan in India, LIC has sold them in large numbers posting a growth rate of 459 per cent in first premium income.
With the last quarter gaining business momentum, LIC is poised to get 30 million (3 crore) policies in the current fiscal.
LIC was among the first to contribute Rs 50 million (Rs 5 crore) to the Prime Minister's Relief Fund after the Tsunami disaster. LIC has so far settled 389 claims (345 individual claims and 44 group insurance claims) amounting to Rs 32.53 million (Rs 3.25 crore).
LIC has set up various help desks and task forces comprising employees and agents in the offices of the Tsunami hit areas to facilitate claim settlement and also eased the formalities for death claim settlements.