1. pREaMBLE
The Life Insurance Corporation of India has pleasure in presenting its 66th Annual Report as per section 27 of the Life Insurance
Corporation Act, 1956 and Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the financial year ending 31.03.2023.
2. ECOnOMIC sCEnaRIO anD MaCRO - ECOnOMIC FaCTORs THaT aFFECTED LIFE InsURanCE BUsInEss Amidst the recovery from pandemic-induced contraction of the global growth and the spillovers from the Russia-Ukraine conflict, globally, a new challenge of reining in inflation was faced by the countries in fiscal 2022.
As per Organisation for Economic Cooperation and Development (OECD) Economic Outlook Interim Report March 2023, the below expectations at the start of the year, held globalgrowth slowedto3.2percentinfiscal back by the impact of the war in Ukraine, the cost-of-living crisis and the slowdown in China. The report further observes that the reopening of China in the early 2023 and improvement in activity and sentiment in the main G20 economies in early 2023 (due to the decline in global energy and food prices), has boosted purchasing power and helped in lowering the headline inflation across major economies of the world. The report projects the global growth to remain at a below-trend rate in 2023-24 i.e. average annual growth of global GDP in 2023 is projected to be 2.6 per cent, recovering to 2.9 per cent in 2024 with inflationmoderating gradually and the impact of tighter financial conditions likely to be felt throughout the economy over time, particularly on private investment. Indias growth is projected to moderate to around 6 per cent in FY 2023-24, amidst tighter financial conditions, before recovering to around 7.0 per cent in FY 2024-25.
The Indian economy has remained resilient amidst high tides of uncertainty. Indias real GDP growth is estimated at 7.0 per cent during 2022-23 as against the estimated growth of 9.1 per cent in 2021-22 surpassing the pre-pandemic (2019-20) level. Indias real GDP is estimated to go up to 159.7 lakh crore in 2022-23 as against the First Revised Estimates of the GDP for the year 2021-22 of 149.26 lakh crore. As per Reserve Bank of India (RBI), this data released by the National Statistical Office (NSO) shows that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead.
The Agencies worldwide continue to project India as the fastest-growing major economy at 6.5-7.0 percent in FY 2023.This growth is driven by various factors like rebound of private consumption, increased Capital Expenditure (capex) of the Central Government, Emergency Credit Linked Guarantee Scheme (ECGLS) which lead to easing of debt servicing concern, schemes like PM-Kisan, PM Garib Kalyan Yojana which have helped in ensuring food security in the country and the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has been directly providing jobs in rural areas. Even though India has recorded a strong GDP rebound in fiscal 2022, inflation and associated challenges have led to tightening of the monetary policy to absorb the excess liquidity injected in the past two years With the likelihood of further increases in policy rates by the US Fed, the challenge of the appreciation of US Dollar and the widening of the Current Account Deficits (CAD) in net importing economies persists.
• GROss DOMEsTIC pRODUCT (GDp) Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at 159.71 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of 149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 9.1 per cent in 2021-22.
Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at 272.04 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of 234.71 lakh crore. The growth in nominal GDP during 2022-23 is estimated at
15.9 per cent as compared to 18.4 per cent in 2021-22. Growth in GDP (at constant 2011-12 prices) (in per cent):
Year |
Growth |
| 2018-19 | 6.5 |
| 2019-20 (3rd RE) | 3.9 |
| 2020-21(2nd RE) | (-) 5.8 |
| 2021-22(1st RE) | 9.1 |
| 2022-23 (SAE) | 7.0 |
RE- Revised Estimates; SAE- Second Advanced Estimates • GROss saVInGs (Gs) anD HOUsEHOLD saVInGs:
Gross Savings at current prices in 2021-22 is estimated at 70.77 lakh crore (FRE) against 57.17 lakh crore (2nd RE) in 2020-21. sector-wise savings as per cent of GDp (current prices)
Year |
Household sector | Gross savings |
| 2021-22@ | 19.68 | 30.15 |
| 2020-21# | 22.36 | 28.82 |
| 2019-20* | 19.13 | 29.55 |
| 2018-19 | 20.34 | 31.75 |
@-First Revised Estimate, #- Second Revised Estimate, *- Third Revised Estimate
Financial saving of the Household sector as per cent of Gross national Disposable Income (GnDI)
Item |
2019-20 | 2020-21 |
a. Gross Financial saving of which |
11.7 | 15.5 |
| 1. Currency | 1.4 | 1.9 |
| 2. Deposits | 4.2 | 6.3 |
| 3. Shares and Debentures | 0.4 | 0.5 |
| 4. Claims on Government | 1.3 | 1.6 |
| 5. Insurance Funds | 1.8 | 2.6 |
| 6. Provident and Pension Funds | 2.2 | 2.5 |
B. Financial Liabilities |
3.9 | 4.0 |
C.net Financial saving(a-B) |
7.9 | 11.5 |
• FIsCaL pOsITIOn
As per Union Budget 2022-23, while the Revenue deficit in 2022-23 is targeted at 3.8 per cent of GDP, which is lower than the revised estimate of 4.7 per cent in 2021-22, the Fiscal deficit in the revised estimate of 6.9 per cent of GDP in 2021-22 (marginally higher than the budget estimate of 6.8 per cent of GDP). As per data released by the Controller General of Accounts the fiscal deficit or gap between the expenditure and revenue collection between April 2022 and February 2023 stood at 14.53 lakh crore i.e nearly 83.00 per cent of annual estimates. As per RBI, manufacturing and investment activities have consequently gained traction and despite moderation in growth of exports, the rebound in domestic consumption supported by a rebound in contact-intensive services such as trade, hotel and transport have contributed to take forward the growth of Indias economy. Gross GST collections for 2022-23 are 22.00 per cent higher than in 2021-22 at 18.10 lakh crore, reflecting an average gross monthly collection of almost 1.51 lakh crore. The Direct Tax collections up to 10th March, 2023 show that gross collections are at 16.68 lakh crore which is 22.58 per cent higher than the gross collections for the corresponding period of last year.
As per Union Budget 2022-23, the outstanding internal and external debt, and other liabilities of the Centre are estimated at 1,69,46,666.85 crore for FY 2023-24. As at end of December 2022, Indias external debt to GDP ratio stood at 19.1 per cent with external debt placed at USD 613.1 billion.
• MOnETaRY COnDITIOns The aim of the RBIs monetary policy for FY 2022-23 was to achieve the medium-term target for Consumer Price Index (CPI) inflation of 4 per cent within a band of +/- 2 per cent at the same policy has continued with its accommodative policy stance where the focus is on positive growth through policy support by expanding money supply and aims at moving in the direction of a neutral policy at the end of the year.
Date of MpC |
Repo Rate | Reverse repo rate | sDLF | MsFR | CRR |
| 08/04/2022 | 4.00 | 3.35 | 3.75 | 4.25 | 4.00 |
| 04/05/2022 | 4.40 | 3.35 | 4.15 | 4.65 | 4.50 |
| 08/06/2022 | 4.90 | 3.35 | 4.65 | 5.15 | 4.50 |
| 05/08/2022 | 5.40 | 3.35 | 5.15 | 5.65 | 4.50 |
| 30/09/2022 | 5.90 | 3.35 | 5.65 | 6.15 | 4.50 |
| 07/12/2022 | 6.25 | 3.35 | 6.00 | 6.50 | 4.50 |
| 08/02/2023 | 6.50 | 3.35 | 6.25 | 6.75 | 4.50 |
The Central Bank has continued with the hike in rates with an aim to balance issues of liquidity, capital and inflation. The policy decisions of hike in repo-rate and Marginal Standing Facility Rate (MSFR) have led to hike in interest rates on all kind of loans being availed by the consumers; however on a positive side the interest rates available on the deposits have also been increased. • InFLaTIOn Following the pandemic induced contraction of the global output, year 2022-23 witnessed unprecedented global inflation which was further worsened by the Russia-Ukraine conflict. This in turn has deeply affected the global supply chains. As per Economic Survey 2022-23, excessive heat in summer and uneven rainfall thereafter in some parts of the country affected the farm sector, reduced supply and caused prices of some major products to rise. Indias inflation rate 7.8 per cent before moderating to 5.66 per cent in March 2023 on the back of good monsoons, international crude oil prices returning to normal levels as well as prompt government measures that ensured adequate food supply. Global economic slowdown and interest rate increases brought down commodity prices, contributing to a substantial decline in wholesale price inflation. The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.34 per cent (Provisional) for the month of March, 2023 (over March, 2022) against 3.85 per cent recorded in February, 2023. The decline in the rate of inflation in March, 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles, minerals, rubber & plastic products, crude petroleum & natural gas and paper and paper products as per
Ministry Of Commerce and Industry.
• TRaDE anD FOREX
The Reserve Bank of India (RBI) has put in place a mechanism to facilitate international trade in rupees ( ), a move which is being looked upon as a long-term step to enable greater use of in foreign trade and has aided in recognition of the Indian rupee as an international currency.
Amid a slowdown in goods demand due to global slump, Indias overall exports (Merchandise and Services combined) 14.0 per cent to a record USD 770.18 Billion in FY 2022-23 (April-March) while the imports jumped to a new high of USD 892.18 Billion exhibiting a positive growth of more than 17.0 per cent over FY 2021-22 (April-March).
The Gross Inward Foreign Direct Investment (FDI) moderated to USD 61.5 billion during 2022-23 (April-January) as compared to USD 70.5 billion in the previous year 2021-22 (April-January). Net FDI decreased to USD 26.5 billion during this period from USD 30.9 billion a year ago, largely due to decline in equity inflows. As of February 2023, India held the fifth largest foreign exchange reserves in the world. Indias foreign exchange reserves recorded a decline of USD 11.7 billion in February 2023 and stood at USD 560.0 billion as on March 10, 2023, covering more than nine months of imports projected for 2022-23. On a cumulative basis, Indias Forex reserves increased by USD 27.3 billion since September 2022.
• EQUITY MaRKETs Equity markets were affected by tighter liquidity conditions and the concerns arising from the economic conditions worldwide. Unlike most of its peers, the Indian equity markets performed well for most part of the year but remained volatile towards the start and ended with gains amidst positive global cues. As at end of March 2023, S&P BSE SENSEX and NIFTY 50 closed at 58,992 and 17,360 respectively.
The amount mobilized through public issues in 2022-23 (April-January) was 41,631 crore as against 1.30 Lakh Crore raised in 2021-22. Net Resources mobilization by mutual funds as on March 2023 was 39.42 Lakh Crore.
• InsURanCE sCEnaRIO In InDIa: In terms of total premium volume, India is the 10th largest country globally in 2021, with an estimated market share of 1.9 per cent globally with 2nd rank amongst the emerging markets. India is tipped as one of the fastest growing insurance markets in the world. The Swiss-re Sigma 04/2022 has forecast the insurance premium to grow by an average of 9.0 per cent per annum (in real terms) over the next decade leading it to become 6th largest insurance market by 2032 ahead of Germany, Canada, Italy and S. Korea.
Even though the total insurance penetration in India has remained unchanged for the past 2 years at 4.20 per cent in 2021-22 (out of which life insurance penetration is 3.20 per cent), the total Insurance density in India has raced upwards to USD 91 from USD 78 in 2020-21. The life insurance density has also jumped to USD 69 in 2021-22 as compared to USD 59 in 2020-21. Proportion of life insurance fund in gross financial assets was 17.22 per cent in 2021-22 as compared to 17.81 per cent in 2020-21. Share of insurance fund as a percentage of GDP also decreased to 1.88 per cent in 2021-22 from 2.84 per cent in 2020-21. Despite Inflation remaining a near term concern and interest rate hikes in advanced economies,Swiss-re in its January 2023 edition has forecast a positive medium-to-long-term economic outlook for India. The report has estimated the total insurance premiums to grow on an average by 14.00 per cent annually in nominal local currency terms (9.00 per cent per annum in real terms) over the next decade. Apart from the regulatory initiatives taken by the Insurance Regulatory and Development Authority of India (IRDAI), the Indian government has also played a crucial role in increasing the scope of the insurance sector through various policies and schemes viz., Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) providing life insurance coverage to the youth, having bank account, at an affordable price. The increase in level of Foreign Direct Investment (FDI) in domestic insurers to 74.00 percent from 49.00 per cent has led to increased capital flow, innovative products and improved valuation of the industry players. The surge of use of advanced technology like ArtificialIntelligence (AI) in day-to-day life has helped the life insurers in integrating data and offering better and quick services relating to insurance purchase, customer risk assessment and speedy claim settlements.
FOCUs aREas:
• Customer Centric policies/activities:
Life Insurance is a business relationship which is based not only on trust but also spans over a long period of time between the customer and the life insurer. Keeping in mind the best of interests of the customers, offering them prompt services and at the same time making the entire experience delightful and interactive is the whole gamut of business in todays world. The Insurance Regulator has come up with a number of customer centric activities like Account Aggregator, proposed dematerialization of insurance policies, speedy grievance redressal via ‘Bima Bharosa and opening of distribution architecture, increasing the tie-up limits for Corporate Agents and Insurance Marketing Firms.
These and the increased technology usage adopted by the insurance companies in upgradation of the processes – all point towards the emphasis laid by the insurance industry on strengthening customer relations.
• Robust Data Governance and Risk Management:
With the advent of advanced technology in procuring as well as servicing process of life insurance industry, a vast data is created, processed, kept, reported and archived in a distributed way in information systems (i.e. applications, databases, data warehouses and spreadsheets kept in file servers). This available data can be used for different purposes such as business analysis on product basis, marketing, claims, accounting and legal activities in order to achieve the Organisational objectives. Further, with technological systems like ‘Account Aggregator aided by RBI, wherein sharing of data happens on various financial platforms, governance and management of data entails a stricter Data Policy in place for any Organisation. Post COVID-19 most of the Insurers have formulated various Risk Management Policies such as Risk-Management Strategy, Business Continuity, Crisis Management, Disaster Management, and stricter Cyber Security Management policies as a part of their Risk Management process for better achievement of goals.
OppORTUnITIEs:
• Regulatory Initiatives:
Emerging regulatory initiatives like Bima Sugam, Bima Vahaak, Account Aggregator are being looked upon as ways for bridging the protection gap in life insurance as well as for increasing the life insurance penetration in the rural India, which is still highly under-penetrated. Further relaxations in the tie-up limit of the distribution system is pegged to deepen the penetration in India and enable policyholders to have a wider choice of products that are more aligned with their unique requirements.
• Increased Interest Rates:
Increasing Interest Rates are being hailed as a silver lining for the insurance industry. If a product generates lower returns due to decline in interest rates, it becomes less attractive to policyholders This in turn reduces the sale of the traditional products offered by the insurers With rising interest rates here to stay for a longer period, life insurers can also offer higher returns on the Participating products thereby making them attractive and increasing their own profitability. Over the time, Insurers may book higher profit with the current high interest rates.
• Demography:
Indias population is close to 140 crores and a major portion of this population, about 67%, is in the age group of 15-64 years, thereby offering a huge demographic dividend. As of 2022, majority of Indian population is young with the median age at 28.7 years which makes us younger than most other nations. This fact can be leveraged to generate considerable economic value and potential customers from the life insurers point of view.
Additionally, life expectancy of the elderly population has increased. This increase in life expectancy presents a good opportunity for the annuity sector.
• Mobile penetration & Increased Internet usage:
As per the data collated by the Telecom Regulatory Authority of India (TRAI) Indias overall internet user base has grown stupendously with the resultant increase in the number of online apps,social media networks and e-commerce platforms/online shopping sites. The opportunity to provide a host of digital solutions, be it online services or mobile applications for enhancing productivity and offering quick services without restriction of location potentially significant enhancement of relationships with the customers. Brand building activities through social networking sites can be a force multiplier to promote the insurers brand image.
• Women:
Women gaining more financial independence as well as playing a critical role in decision making process, opens an opportunity for the life insurers to create personalized products that cater specifically to their financial requirements in todays world.
• protection Gap:
There is a huge potential for bridging the staggering Protection Gap, since majority of Indians are underinsured. The gap exists in life, health and annuity segments.
• GLOBaL InsURanCE OUTLOOK: As per Swiss-re Sigma 04/2022, while the total global insurance premiums rose by 3.4 per cent in real terms in 2021, the global premium growth for life insurance segment increased by 4.5 per cent. The report further states that while savings-linked are the most sold life insurance products, high volatility in the financial markets and falling disposable incomes may affect the savings premium in the coming year. Going ahead, against the backdrop of the increasing risk awareness due to Covid-19 concerns, the survey expects a rise in demand for life protection products.
The Swiss-re has projected a 1.9 per cent contraction in global life insurance premiums in real terms in 2022 due to the cost-of-living pressure faced by the consumers Further based on the rising interest rates, the normalization of the COVID-19 mortality claims, improved underwriting results and stronger investment returns, the report expects a return to trend growth in 2023 and 2024, mostly in the emerging markets. Summing up, Big Challenges are emerging in the market which opens up Bigger Opportunities for all insurers The future winner will need to tap the potential of the changing times to his/her advantage.
3. ORGanIzaTIOnaL sET Up Offices in India
As on 31.03.2023, there were 8 Zonal Offices located at Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Kanpur, Bhopal and Patna. There were 113 Divisional Offices, 2,048 Branch Offices, 1580 Satellite Offices (SOs) and 1,169 Mini Divisional Offices monitor and control the operations. Branch Offices procure business and are responsible for all interface transactions. Satellite Offices also procure business and are responsible for immediate customer services required. Mini are opened in all towns of India with a population of 10,000 or more with an objective of Spreading Insurance Awareness offices and penetration. Details of LICs foreign operations are given under Head - "Overseas Operations".
4 pRODUCT DEVELOpMEnT
LIC offers a wide variety of products, which fulfill the needs of different customer segments of the . During the financialyear 2022-23, the Corporation introduced 7 new Individual products viz LICs Bima Ratna, LICs Dhan Sanchay, LICs New Pension Plus, LICs Dhan Varsha, LICs New Tech Term, LICs New Jeevan Amar, LICs Jeevan Azad and 1 Group Rider viz. LICs Group Accident Benefit Rider.
In addition, the Corporation also introduced modified versions of 5 Individual Products viz. LICs Aadhaar Stambh, LICs Aadhaar Shila, LICs New Jeevan Shanti , LICs Jeevan Akshay VII and LICs Saral Pension.
174
As at the end of the financial year 2022-23, the Corporation had 37 Individual Products, 11 Group and 1 Group Rider available for sale.
sEGMEnT-WIsE OR pRODUCT-WIsE pERFORManCE: Segment-wise or product-wise performance is available in the Financial Statements, which form a part of this Annual Report.
5. nEW BUsInEss: First Insurance
In pursuance of the Corporate Objectives of providing insurance cover to more and more people, greater emphasis is laid on covering individuals who have nopreviousinsuranceontheirlives.Duringthefinancialyear 2022-23, 137.96 lakh individuals were insured for the first time for the total Sum Assured of 3,90,877.86 Cr. The ratio of First Insurance to total Business completed for the year comes to 67.53% & 56.18 % in respect of Number of Policies and Sum Assured respectively.
Rural Thrust
Sustained and conscious efforts are made to carry the message of Life Insurance to the rural areas, especially the backward and remote areas. As a result, there has been steady growth of New Business from these areas. The New Business from rural areas amounts to Sum Assured of Rs. 1,16,320.27 crore under 45,44,516 Policies representing 22.25 % and 16.72% share of Policies and Sum Assured respectively completed during the Financial Year 2022-23. The definition of rural/social sector is as approved by Insurance Regulatory and Development Authority of India.
InDIVIDUaL nEW BUsInEss:
During the year 2022-23, the Corporation under Individual New Business, has procured 2,04,28,937 Policies with a First Year Premium Income of 58,662.11 Crores. The achievement to budget in NOP was 85.12% and in FYPI 89.36%.
Rs. 11,445.15 Cr. premium was received under 1,26,569 policies of Pradhan Mantri Vaya Vandana Yojana. • sTaTEMEnT OF InDIVIDUaL nEW BUsInEss pROCURED DURInG 2022-23 CHannELWIsE:
BUsInEss |
nUMBER OF pOLICIEs | FIRsT YEaR pREMIUM |
| (In LaKH) | INCOME ( IN CRORE) | |
| CONVENTIONAL(TIED) | 162.83 | 47,286.98 |
| BANKING &ALTERNATE CHANNELS | 3.12 | 2,019.90 |
| CHIEF LIFE INSURANCE ADVISOR (CLIA) | 34.97 | 9,115.01 |
| DIGITAL MARKETING | 0.13 | 75.48 |
| MICRO INSURANCE | 3.24 | 164.74 |
TOTaL |
204.29 | 58,662.11 |
• Marketing Bancassurance & alternate channels:
During the financial year 2022-23, B&AC channel garnered total 2,167.76 Cr under 5.89 lakh policies. Share of channel in Corporations performance stood at 2.89% in policies and 3.70% in New Business Premium (NBP). Share of ULIP business stood at 15.11% on NBP and 11.96% on policies.
standalone Bancassurance and alternate Channel:
Channel B&AC has given hitherto its best ever performance during FY 2022-23 by completing 3,12,160 policies and NBP of 2,019.9 Cr with an growth of 18.09% in Policies, and 26.28% growth in NBP. More than 20% of polices were completed online using in house developed ANANDA application.
In resource building, the channel has added 16 Corporate Agents, 60 Brokers and 36 Insurance Marketing Firms (IMFs). With these additions, now the channel has tie up with 80 Banks, 80 Corporate Agents, 295 Brokers, 123 IMFs & Common Service Centre through VLEs/RAPs.
Major contributor in B&AC channel are Bank partners as their share stood at 63.46% on policy count and 86.54% on FYPI count.
The contribution of other Corporate Agents stood at a share of 9.17% in policies and 3% in NBP. Brokers contribution stood at a share of 1.34% in policy and 2.83% in NBP. Contribution from IMFs stood at share of 6.34% in policy and 4.02% in NBP of the B&AC channel. Common Service Centre (CSC) has a share of 19.69% on policies and 3.61% on NBP.
Micro Insurance:
In the Financial year 2022-23, 3.23 lakh policies with NBP of 164.74 Cr. were completed by Micro agents/tied agents.
• DIGITaL MaRKETInG
The Digital Marketing Channel commenced its operations w.e.f. 1st June 2021 in the restructured format wherein all operations were centralized at Central Office, Mumbai. The channel was envisaged to provide a digitally smart and technology driven platform requiring minimum human intervention. The aim was to provide a seamless end-to-end buying experience to the customer, in tune with expectation of tech-savvy millennials.
During the year the online platform introduced new initiatives like online self-video-verification by proposers in lieu of MHR (Moral Hazard Report), Tele-MHR, E-Connect - One-to-one online communication with customer, Centralization of underwriting, Introduction of pre-policy online medical-scheduling with 3 MSPs (Medical Service Providers) etc. During Financial Year 2022-23, the channel procured the following New Business :
Online Business: 12,696 policies and First Premium of 75.48 Crore.
National Pension System (NPS) - funds Business: 1,240 policies and First Premium of 72.08 Crore.
Pradhan Mantri Vaya Vandana Yojana (PMVVY): 2,775 policies.
At present the channel offers following 13 products for online purchase:
Protection: New Tech Term, Saral Jeevan Bima.
Health: Cancer Cover.
Annuity : Jeevan Akshay VII, New Jeevan Shanti, Saral Pension
ULIP: Nivesh Plus, SIIP & New Pension Plus.
Savings : Bima Jyoti, Dhan Rekha, Dhan Sanchay, & Jeevan Azad
• aGEnTs aGEnCY sTREnGTH:
The total number of Agents on our Roll is 13,47,325 as at 31.03.2023 as against 13,26,432 as on 31.03.2022. The number of Active Agents is 11,36,201 as at 31.03.2023 as compared to 11,32,535 as on 31.03.2022.
Agents CLUB MEMBERsHIp
In order to motivate and recognize high and consistent performers amongst the agency force various Clubs have been formed. The details of membership strength of the Clubs are furnished in the Table below:
MEMBERs OF VaRIOUs aGEnTs CLUB
name of Club |
Membership Year 2022-23 |
| Corporate | 375 |
| Galaxy | 1,472 |
| Chairman | 43,415 |
| Zonal Manager | 33,949 |
| Divisional Manager | 50,959 |
| Branch Manager | 35,834 |
| Distinguished Agents Club | 15,525 |
Total |
1,81,529 |
CaREER aGEnTs sCHEME:
The Corporation has a scheme for Urban Career Agents and Rural Career Agents to promote the cause of professionalizing the Agency force. They are given stipends at the start of their career to enable them to settle down in the profession. As on 31st March 2023 there are 1,274 Urban Career Agents and 42,960 Rural Career Agents. City Career Agents Scheme was introduced in 2010 to provide all Development Officers an opportunity to recruit stipendiary Agents. As on 31st March 2023 there are 11,059 City Career Agents. sEnIOR BUsInEss assOCIaTEs
The SBA Scheme was introduced in the year 2009 to recognize high performing Development Officers and to empower with certain financial and non-financial functions.
LIC assOCIaTEs sCHEME
The LICA scheme was introduced from 01.04.2016 with an objective to introduce an innovative distribution channel and strengthening the distribution system by gainfully redeploying the valuable marketing talent of retired Senior Business
Associates.
CHIEF LIFE InsURanCE aDVIsOR
LIC introduced the Chief Life Insurance Advisor Scheme 2008 on 12.04.2008 with the objective of increasing the market presence by utilizing the capabilities of existing high performing agents for growth in Agency and New Business.
new Business procured through sBas, LICas & CLIas During 2022-23 |
||
| number of policies | First Year Premium Income ( in Cr) | |
| SBA | 55,31,747 | 15,359.23 |
| LICA | 7,64,097 | 2,553.01 |
| CLIA | 34,97,006 | 9,115.01 |
pEnsIOn & GROUp sCHEMEs
New Business for the Financial Year 2022-23
During the year 2022-23, the P&GS vertical completed 36,118 Schemes covering 3,66,22,375 lives with the highest ever New Business Premium Income (NBPI) of 1,73,259.88 crores.
sTaTEMEnT OF p & Gs nEW BUsInEss pROCURED DURInG 2022-23
| schemes | Lives | NBPI ( in Cr) | TPI ( in Cr) | |
| Budget | 32,000 | 3,40,00,000 | 1,10,000.00 | 1,20,000.00 |
| Actual | 36,118 | 3,66,22,375 | 1,73,259.88 | 1,81,562.51 |
| % Growth | (0.42) | 14.57 | 20.37 | 20.16 |
| % A2B | 112.87 | 107.71 | 157.51 | 151.30 |
P&GS Market Share in NBPI in the Industry has improved to 76.65% as at 31.03.2023 as against 76.16% as at 31-03-2022.
REVIEW OF FInanCIaL pERFORManCE:
The Review of the Standalone financial performance of the Corporation for financial year is presented below: ( in crore)
particulars |
FY 2022-23 | FY 2021-22 |
| New business Premium (Net of Reinsurance) | ||
| First Year Premium | 39,054.94 | 36,615.35 |
| Single Premium | 1,92,960.65 | 1,62,282.83 |
| Renewal Premium | 2,41,989.02 | 2,28,521.03 |
| Total Premium | 4,74,004.61 | 4,27,419.21 |
| Investment & Other income | 3,14,048.03 | 2,93,683.36 |
| Total Income | 7,88,052.64 | 7,21,102.57 |
| Profit after Tax (PAT) | 36,397.39 | 4,043.12 |
Other Key Parameters:
particulars |
FY 2022-23 | FY 2021-22 |
| Corporations Annual Premium Equivalent (APE) ( in crore) | 56,682.00 | 50,390.00 |
| Assets under Management | 43,97,204.59 | 40,84,600.65 |
| Embedded Value ( in crore) | 5,82,243.00 | 5,41,492.00 |
| Solvency Margin | 1.87* | 1.85 |
* Solvency margin is calculated before considering the proposed final dividend for the FY, which is subject to shareholders approval in AGM.
Details of significant changes in key performance indicators and explanation for change in Return on Net Worth:
During the Financial Year 2022-23, the networth is increased by 338.74% from 10,40,913.89 lakhs to 45,66,939.50 lakhs and profit after tax is increased by 800.23% from 4,04,312.11 lakhs to 36,39,738.99 lakhs. Please refer Note No. 23 of Schedule 15 (A) (C) of Notes to Accounts forming part of Standalone Financial Statement, for increase in profit for FY 2022-23. The increase in networth is on account of increased reserves.
6. Investments
The total investments of the Corporation amounted to 43,97,204.59 crores as at 31st March, 2023. Table 6 depicts a broad classification of the investments of the Corporation as at 31 st March, 2023. The Corporation subscribed an amount of 2,24,452.71 crore (Book Value) and 1,31,352.39 crore (Book Value) to the Securities of the Government of India and the new loan issues of the various State Governments (including other approved securities) respectively during 2022-23.
7. CUsTOMER OnBOaRDInG & UnDERWRITInG: Digital Initiatives
Various Digital Initiatives have been taken up in keeping with the technological advancement, for ease of doing business and customer convenience. ananDa (atma nirbhar agents new Business Digital application)
• After launching its first Digital Application, "ANANDA", an acronym for Atma Nirbhar Agents New Business Digital on 19th of November 2020, it was followed up by providing a new dimension with the launch of ANANDA Mobile App on 24th August 2021.
• The Digital application is a tool for the onboarding process to get the Life Insurance policy through a Paperless module the help of the Agent / Intermediary. It is built on paperless KYC process using Aadhaar based e-authentication of the Life
Proposed.
New Business Performance under ANANDA for the Financial Year 2022-23 is as under:
nOp |
% to Total nOp | FPI ( in Cr) | agents activised |
| 8,11,278 | 3.97% | 830.81 | 1,56,070 |
pRInT TO pOsT • The concept of Centralised Policy Bond Printing has been successfully implemented in all the 110 Divisions of the The vendor is providing an end-to-end solution from Printing to Despatch of Policy Document from four centralized printing locations of Hyderabad, Mumbai, Delhi and Kolkata. • Each and every Policy Document has a Unique Speed Post Bar Code which facilitates e-tracking of the Delivery Speed Post. Enquiry options on Policy completion to Printing and final Delivery thereon have been provided in the Branch & Divisional Office NB eFEAP modules and in the Intranet site of NB & R department in Jeevan Sanchar. • Since implementation, up to 31.03.2023, a total of 2,34,09,772 Policy Bonds have been printed and dispatched through Print to Post Solutions.
Reinsurance
• All Reinsurance contracts are administered as per the Reinsurance Regulations and treaties with various Reinsurers processes of Reinsurance are managed through Reinsurance module. Regular extraction of Probable list of Policies to be reinsured is generated by the department and issued to the lower Offices. Automatic Cession record creation & Cession No. allotment has been enabled in Health Plans & Online Term Insurance Plan.
Financial Evaluation and CKYC • The process to obtain financialservices from Credit Bureaus has been initiated. Financial Evaluation of proponents proposed to be obtained from the Credit Bureaus registered under CICRA, 2005. Agreement has been signed with three
Credit Bureaus and process of integration and testing is underway.
• Institutional Registration for implementation of CKYC as per Regulatory guidelines has been completed and API Integration of LICs Server with CKYC Registry is under process.
Underwriting policy
• Underwriting is the process in which an insurance company determines if an applicant is eligible for insurance and the rate they should charge if the applicant is eligible. In simpler words, it is a process of risk classification. The purpose of insurance underwriting is to spread risk among a pool of insured in a way that is both profitablefor the insurer and fair to the customer.
"Underwriting enables the company to set aside certain applicants and to charge the remaining applicants premiums that are commensurate with their level of risk". Underwriting is done in a prudent and customer friendly manner, keeping in mind the objectives envisaged in the Board Approved Underwriting Policy. The policy envisages proper selection and classification risk to allow widespread availability and affordability of insurance to meet the basic objectives of the Corporation.
Revision in Underwriting Guidelines
• Underwriting guidelines are reviewed from time to time on account of various factors such as Environmental and Regulatory; Technological and Medical advances; our Mortality experience of Insured lives; Industry practices and feedback etc.
8. CUsTOMER RELaTIOnsHIp ManaGEMEnT settlement of Claims:
As a customer centric organization, it has been our constant endeavor to raise the benchmark in our claims settlement performance. LICs Claims Settlement ratio has been the best in post COVID Era, both in Maturity as well as in Death Claim and there is a declining trend in unclaimed amounts.
During the year, the Corporation has settled 225.51 lakh claims amounting to 2,09,938.63 Crore (Including Individual, Micro Insurance and Pension & Group Schemes).
Maturity Claim |
|||||||
| paid | % paid | ||||||
Year |
number (In Lacs) | amount ( In Crs.) |
number |
amount |
|||
| 2022-23 | 214.80 | 1,85,927.55 |
92.65 |
94.39 |
|||
| 2021-22 | 256.47 | 2,02,083.84 |
91.09 |
92.46 |
|||
| 2020-21 | 222.76 | 1,61,031.20 |
89.83 |
90.86 |
|||
Death Claim |
|||||
| paid | % paid | ||||
Year 2022-23 |
number (In Lacs) | Amount ( In Crs.) |
number | amount | |
| 10.71 | 24,006.09 |
98.60 | 96.13 | ||
| 2021-22 | 15.72 | 36,597.52 |
98.50 | 96.56 | |
| 2020-21 | 11.47 | 24,195.01 |
98.27 | 96.34 | |
| COVID Claims | |||||||||
| payable | paid | % paid | |||||||
Year |
number | Amount ( in Cr) |
number | Amount ( in Cr) |
number | amount |
|||
| 2022-23 | 22,526 | 560.35 |
22,526 | 560.35 |
100.00 | 100.00 |
|||
| 2021-22 | 77,222 | 2,112.43 |
77,222 | 2,112.43 |
100.00 | 100.00 |
|||
| 2020-21 | 4,397 | 151.23 |
4,397 | 151.23 |
100.00 | 100.00 |
|||
annuity payments
Annuity policies serve the purpose of secured and guaranteed returns in old age. We have over 45.64 lakh policies where annuities are being paid. Dedicated Individual Pension Plan (IPP) Cells have been set up in 8 Zonal Headquarters and 3 Divisional Offices namely Ahmedabad, Bengaluru & Kolkata to take care of servicing of these annuity policies. Annuity payments are made through NEFT/ ECS - direct to the Bank account of the annuitants.
Under Group Schemes, 71,01,024 Annuities with a total of 10,428.96 Crores were paid during the year.
Claims Dispute Redressal Committee
The Corporation settles a large number of death claims every year. Only in case of suppression of material information, the claim is repudiated. The percentage of death claims repudiated is small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Claims Dispute Redressal Committees at Zonal Office and the Central Office.
As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Dispute Redressal Committees at the Central and Zonal Offices have among other members a retired High Court / District Court Judge.
Insurance Ombudsman
If claim repudiation is upheld by Claims Review Committee, claimant can approach the Office redressal of the grievance.
policy servicing
Servicing of policies is one of the most important aspects of the life insurance value chain, especially due to the nature of long term contract. In the entire journey, only the promise made at the outset remains unchanged and everything else, including customer profile, insurance industry, regulatory framework, technology space, etc are subjected to change. We are committed to state of the art facilities to improve customer loyalty by revisiting our systems on a continuous basis. The basic framework of our customer service facilities starts with our Branch Offices/ Satellite Offices through which the can avail all the required services like nomination, assignment, change of address, loan, surrender etc. We have also made available a dedicated customer portal and mobile app to reach out to our customers Every year new facilities are getting added on the customer portal with the help of new technologies to enhance customer experience.
Customer service initiatives:
Citizens Charter: Well defined citizens charter with 15 service benchmarks on Turn Around Time (TAT) in sync with the Protection of Policyholders Interest (PPI) Regulations of the IRDAI.
Online Customer portal: Customer portal and mobile applications to facilitate online services.
Customer zones /Call Centers: Powered by trained executives and a comprehensive IVRS respectively
Digitized Documents: Enterprise Document Management System (EDMS) has been enabled.
Grievance Management: Well established grievance management system
CHaTBOT: LIC Mitra to assist customers with information of products and services.
Customer portal
Customers can avail policy related services through our customer portal and mobile applications. Mobile applications are available in both Android and i-OS platforms.
Customers can register on our portal for availing all these services either as a basic service user or as a premier service user by following simple steps. For registering as a premier service customer an additional step of KYC verification needs to be completed online on website www.licindia.in.
Mobile application Users |
||
portal registered customers |
android | i-Os |
| 2.41 Crore | 47.76 lakh | 10.60 lakh |
Online Services available for Basic Service Users
| Payment of Premium in advance | Premium Paid Certificate |
| Policy Status/Loan Status/Claim Status | Revival Quotation |
| Online Receipt printing | View Premium Calendar/Policy Schedule |
| Register request for PAN Registration | Register request for NEFT Registration |
| Payment of Premium/Loan interest/Loan repayment | Unit Statement for ULIP policy holders |
Online Services available for Premier Service Users
| View Policy and Proposal Images | View Claim History |
| Register request for Online Loan | Register request for Online Change of Address |
| Online Switching of fund type - ULIP policies | Online change of mode |
Online Services available for customers without registration
Payment of Premium
Online change of address utilizing offlineAadhaar
Online checking of PAN status
Online Registration of PAN
Registration and authentication of e-NACH mandates
anywhere services
Taking advantage of digitization of documents and advanced networking systems, LIC has made most of our services available from any office in the country.
anywhere services provided to the policyholders
| Premium payment | Loan interest payment |
| Revival of lapsed policies (Spot Revival) | Change of Address |
| Updation of Contact details | Nomination/Change of Nomination |
| NEFT Capture | PAN Capture |
| Providing Premium Paid Certificate | Submission of Life Certificate |
| Providing Loan quotation | Providing Surrender quotation |
| Providing Forms for various services | |
Providing information about requirements for various alterations, Claim payments |
|
| Revival of policies using LIC DocQ App | |
Enterprise Document Management system (EDMs)
Digitization of documents, one of the largest projects in LIC was started in the year 2007. The program is intended to scan and secure all proposals and policy related documents of customers, administrative as well as agency documents. All our online as well as mobile based services are also integrated with EDMS. Customers who are registered as premier service users on our portal can view images of proposal and policy documents pertaining to their policies which are scanned and stored in EDMS.
| Documents scanned | ||
| policy Dockets | Incremental Documents * | |
| Cumulative As at 31.03.2023 | 61.22 Crore | 37.41 Crore |
* Documents submitted for services after issuance of policy.
alternate Channels of premium payment
For the year 2022-23, 76.18% of the total premium payment transactions and 66.89% of the total renewal premium received by the Corporation was collected through Alternate Channels.
• Electronic payment Channels for automated debit: These include National Automated Clearing House (NACH) and
Electronic Bill Presentation and Payment (EBPP) directly through Axis Bank, Union Bank of India, ICICI Bank and Federal Bank or through service providers: Bill Desk and Ingenico ePayments India Pvt. Ltd
• Online premium payment: Payment of premium, Policy loan/loan interest and advance premium is available on our website and our Mobile App through Net Banking, e-Wallets, Debit cards, Credit Cards, UPI/BHIM. This facility is also available on PhonePe, Google Pay, Amazon Pay, Mobikwik, Just Dial, Free Charge, Bajaj Finserv and CRED.
• premium Collection through Banks: Premium can be paid at Axis Bank, City Union Bank and IDBI Bank branches either by cash or cheque.
• Other channels empowered for premium collection: There are over 44,900 Collection Centers manned by Development Officers & Agents available to our customers for payment of premium (Life Plus, Life Point, Premium Points and Bima Connect). Centres authorized to collect renewal premium in cash include APTOnline, MPOnline, Suvidhaa Infoserve Pvt. Ltd., and CSC Centers through CSC e-Governance Service India Ltd.
• services on Whatsapp: LIC launched its services on WhatsApp on 30.11.2022. Any Policyholder who has registered his Policies on LIC Customer Portal (or LIC Digital App ,policies completed under ANANDA and policies completed online) can send "Hi" from his registered mobile number to LICs WhatsApp number +91 89768 62090 & avail the following services through WhatsApp
• Premium Due Information
• Bonus Information
• Policy Status Information
• Loan eligibility quotation
• Loan repayment quotation
• Loan interest due Information
• Premium paid certificate
• ULIP – Statement of Units
More details about digital services are available under the head "Information Technology".
• Call center services
LIC has a centralized call center which is operational 24X7 by calling at 022-68276827. Services are available in eight regional languages (Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Tamil, and Telugu) in addition to English and Hindi.
Automated Voice Message Alerting customer for payment of renewal premium in non-persistent policies are being sent to policyholders in English and Hindi languages as a regular feature.
• Customers Grievance Redressal The Corporation has GrievanceRedressalOfficersat Branch/ Divisional/ Zonal/ Central Office to redress grievances of customers Contact details of GROs are published in newspapers with wide circulation from time to time and also available on our website.
For ensuring quick redressal of customer grievances, the Corporation has in place a robust Integrated Complaint Management
System (ICMS) wherein a policyholder registered under customer portal can register complaint and track its status through ‘LICs e-services on our website www.licindia.in
• Complaints are received from the following sources
• Customer Portal through ‘LICs e-services into ICMS (Integrated Complaint Management System) of LIC of India which is integrated with IRDAIs Grievance Management System-BIMA BHAROSA.
• CPGRAMS (Centralized Public Grievance Redress And Monitoring System) from Government of India.
• MOF (Physical Complaints from Ministry of Finance) received through EDAK and emails.
• NCH (National Consumer Helpline) INGRAM- an initiative by Ministry of Consumer Affairs-LIC has joined from 04.10.2017.
• Physical Complaints addressed to our Chairperson through EDAK- Priority Complaints.
• By Dak, Telephone etc.
Portal wise Statistics of Grievances for the F.Y. 2022-23 (as on 31.03.2023) is as below
| Total Grievances Registered | Total Resolved | pending |
Resolved within 15 days | % of Resolved within 15 days | |
| ICMS | 81,515 | 81,515 | 0 | 80,407 | 98.64% |
| CPGRAMS | 6,000 | 6,000 | 0 | 5,431 | 90.52% |
| NCH | 736 | 736 | 0 | 636 | 86.41% |
| MOF | 2 | 2 | 0 | 2 | 100.00% |
TOTaL |
88,253 | 88,253 | 0 |
86,476 | 97.99% |
9. CORpORaTE COMMUnICaTIOn –
In the year 2022-23, the thrust of the Corporate Communication strategy was to Reinforce Corporate Reputation and strengthen ‘Brand LIC as a Global Financial Conglomerate. The focus was on enhancing Brand Visibility in Outdoor, Social and Digital
Media. print / TV/ Radio ad Creatives
For print media, 61 creative were prepared which includes Product Ads, Special day Ads, Tender Ads and Service Ads.
• 1 new Television Commercial (TVC) was prepared for New Pension Plus in all languages.
• 2 TVCs for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY) and 1 vignette for Dhan Varsha.
• 3 TVCs were prepared in all languages for Pension & Group Schemes (P&GS).
• A 6 minute Corporate Branding video.
• Policyholder Announcement video (for IPO)
Radio creatives for Independence day, LIC anniversary, Azadi Ka Amrit Mahotsav (AKAM), Vigilance Awareness Week, New Pension Plus jingle and Dhan Varsha Jingle were prepared and aired.
Launching of new plans: In the year 2022-23 , 7 new plans were launched and 9 plans were modified during the year. Artwork designs for Print creatives, Sales Brochures, hoardings, posters, banners, standees etc. and Policy Bond format in respect of these plans were prepared.
Media activities: print There have been consistent advertisements in more than 116 publications with 794 editions of newspapers across India in 38 PAN India campaigns. Ad presence was there in 49 magazines, prominent souvenirs and yearbooks throughout the year. Exclusive Advertisements were published on the occasion of Independence Day, LIC Foundation Day, Vigilance Awareness Week, New Year and Republic day. Also advertisements were done for Special Revival campaign, Prompt Claim settlement, Fraud alerts, P&GS campaign etc. Advertisement through Stickers were done in Business Line editions in Mumbai & Delhi Airport and Vertical strip Ads were done in sports page for T-20 last year. Advertisement of products were done using Flyers in the dailies in specific areas for target groups. 4 PAN India Advertisements were done for dissemination of PMJJBY & PMSBY Schemes.
Special advertorial was done in India Today English and Hindi editions in September 2022 during Insurance week and in Grihshoba Hindi magazine regarding Agency career.
TV - During the year, brand presence was visible through 13 FCT (Free Commercial Time) Campaigns, 19 spot buys and 15 sponsorships on top rated National and Regional TV Channels in the genre of News, GEC (General Entertainment Channel), Sports and Infotainment and also in Doordarshan through Sponsorship and spot buys. Important sessions including Budget sessions were also covered. Various television creative were also prepared. Programs were sponsored on radio and television with sizeable listenership/viewership and participation on events attracting huge viewership gave the Corporation wide publicity mileage.
LIC marked its presence on Special days like International Yoga Day and its Foundation Day through Spot Buys/Sponsorships on various channels.
Radio A total 03 programs were sponsored on various channels. 7 FCT campaigns were executed across 191 Markets of 20 FM Channels and 113 rural markets of All India radio. On the occasion of Corporations foundation day, an innovative campaign was done with RJ mentions on 9 leading FM channels, broadcasting promos/teasers/Advertisements simultaneously on all the channels, throughout the day. 6 New Jingles, viz Independence day, LIC anniversary, Akam, Vigilance Awareness Week, New Pension Plus jingle and Dhanvarsha Jingle were prepared during the financial year and aired during the campaigns along with the existing Jingles. 2 FCT campaigns on Doordarshan, TV channels, All India Radio and Radio FM channels were done for PMJJBY and PMSBY. \
Akam (azadi Ka amrit Mahotsav):
LICs AKAM Iconic months are January 2022, August 2022, March 2023 & August 2023. All offices have actively participated in propagating the idea of AKAM through various Jan Bhagidari activities like conducting Nukkad Nataks in public places, Mobile Van activity, Planting of saplings, Health Camps and Walks, Swatch Bharat Abhiyan etc. The National initiative taken on " Har Ghar tiranga campaign" was well taken up by LIC. National flags were purchased and distributed to internal and external customers and also to the Public and motivated them to hoist the flag on their Balconies. The theme of AKAM was also spread through Banners, Standees and Selfie points with the theme " Mein Hoon Azad" and the AKAM logo was popularised through the Sponsorship programmes undertaken by LIC. LIC participated in the TATA Marathon 2023 at Mumbai wearing T Shirts with AKAM logo. Publicity was done through TVCs/ Radio jingles/ Social media handles/ Website banners throughout the Iconic months. TVCs were aired in prominent channels and Radio jingles in English & Hindi aired in 20 FM channels covering 191 markets.
Out of Home (OOH) activities
Ground events were sponsored after taking due care regarding covid 19 protocol issued by the local authorities. Cinema Branding was undertaken across the country. Seatback and Meal Tray Graphic branding undertaken in Air Craft Branding. In Stadia Branding 3 ODI Cricket Matches of India Vs Australia.
Country wide Special initiatives viz. LIC Student of the Year was conducted at 7,612 schools, 2,405 colleges covered under the College Campus Activity, Mobile Van Activities for 17,253 days were organized. There were continuous Nationwide Movement of Swachh Bharat Swasth Bharat Campaign wherein cleaning activities in 5,542 parks/street/offices were undertaken and 4,400 Medical Camps were conducted during the year. These activities made positive impact on the youth of the country.
awards & Recognitions
The Corporation has received various awards and accolades during the year under review in areas of Customer Service, Claim Service, Training including the awards for Most Trusted Brand in insurance, etc. Some of the key ones are listed below :
• National award for leadership & excellence in BFSI under four categories namely Insurance Company of the year-Life, Claims services leader-large, Customer Service Excellence & Best Persistency Award.
• ET Ascent Presents - National Award for Excellence in CSR and Sustainability under two categories namely Excellence Award and Award for Customer Service and Loyalty.
• Berkshire Media – Indias Best Company of the year.
• IBC Infomedia – Indias Most trusted Brand.
• Kantar Most Purposeful Non-FMCG Brand in India.
• ASSOCHAM Moment of Truth (Claims Experience) Life Insurance.
• Navbharat BFSI Awards 2022 Best Life Insurance Company in Claims settlement.
• W orld BFSI Congress and Awards under three categories namely Insurance Company of the year, Excellence in Claims Service and Customer Service Excellence award.
• Golden Peacock National Training Award
LIC of India is the top ranked Indian Firm on latest Fortune Global 500 list- ranked 98th as per August/September 2022 issue.
Digital Desk
During FY 2022-23, Digital Desk has executed 33 campaigns out of which 24 pertained to Media Buy & the remaining 9 pertained to sponsorships.
Advertisement inventory include static ad banners, GIFs & video advertisements on various digital social media platforms.
social Media
Social media statistics is as under:
Category |
as on 31.03.2022 | as on 31.03.2023 |
| Facebook likes | 63,16,174 | 62,56,371 |
| Twitter followers | 79,300+ | 94,400+ |
| Instagram followers | 48,800+ | 97,500+ |
| YouTube subscribers | 54,000+ | 87,200+ |
A dedicated Agency as a Career microsite in 12 languages was prepared, integrated with existing main website & taken LIVE for lead generation of prospective agents. 6 digital video films & 3 static advertisements, each in 12languages,promotingAgencyasaCareerfocussingondifferent segments of prospective agents have been prepared & are being utilised under various Digital and TV campaigns.
10. HUMan REsOURCEs: a) Staff Strength
The number of employees of the Corporation as on 31.03.2023 is 98,463 as against 1,04,036 at the end of the previous financial year.
b) Employees Relations Cordial and harmonious relations amongst employees were maintained throughout the year and the morale of the work force was sustained to combat the challenges faced.
c) Empowerment of Women At every stage in the Corporation, women officers/employees have contributed significantly. The strength of women employees in the various categories as on 31.03.2023 is as under:
Category |
Total number | Female employees |
| Class-I Officers | 30,329 | 7,085 |
| Development Officers | 19,005 | 1,142 |
| Class III/IV employees | 49,129 | 14,930 |
Total |
98,463 | 23,157 |
In the Corporation, Committees for prevention of sexual harassment at workplace are functioning effectively at Central Office, Zonal Office and Divisional Office level.
Reservation-national policy Implementation:- scheduled Castes, scheduled Tribes and Other Backward Classes.
It is the endeavor of the Corporation to implement the instructions related to all reservation matters of SCs /STs / OBCs issued by Government of India and to provide reservation in recruitment and promotions in accordance with the provisions.
In order to discuss issues related to reservation policy and to have effective redressal of the grievances of SC/ST/OBC/ XSM/PWD employees, Welfare Cells are actively functioning at Central Office, Zonal Office and Divisional Office Chief Liaisonofficershave been appointed for SC/ST/PWD/XSM employees and separately for OBC/EWS employees at Central Office level. Zonal Liaison Officers for SC/ST/PWD/XSM and OBC/EWS employees separately have designated in all the eight Zones of the Corporation. Periodical meetings with All India office bearers of SC/ST
Association/s are organized at Central Office levels in presence of all Liaison Officers for SC/ST/XSM/PWD and various issues related to SC/ST employees are being discussed during the said meetings. Periodical meeting with All India office bearers of Welfare Association of OBCs are also held at Central Office.
Pre-recruitment training programmes are being conducted at various levels for desirous SC/ST/OBC candidates and pre-promotional training for SC/ST employees.
persons with Disabilities:- In accordance with the instructions issued by Government of India and with the view to help and support rehabilitation of Persons with Disabilities, the Corporationhasidentifiedjobsforrecruitmentofdifferentlyabled (Physically Challenged) which include orthopedically, hearing and visually handicapped. In case of Direct recruitment, 4% (four percent) of the total number of vacancies to be filled up by Direct Recruitment in the Class I, III and IV shall be reserved for persons with Benchmark Disabilities. Reservation in promotion is provided to the cadres of Record Clerk and Higher Grade Assistants.
Board approved, Equal Opportunity Policy of LIC (prepared as per the provisions of the Rights of Persons with Disabilities Rules, 2017) is displayed on internet & intranet site of LIC.
Ex-Servicemen:-
The Corporation makes provisions for recruitment of Ex-Servicemen as per Government guidelines.
Reservations for Economically Weaker sections (EWss):-
There is a provision for 10% reservation in direct recruitment in respect of vacancies notified on or after 01.02.2019 for EWSs, as per Government rules.
In-house Training:
LIC has In-house training Centres i.e. MDC, ZTCs & ETCs/CTCs at various locations to take care of the training needs of its employees. Each training Centre is well equipped with training infrastructure and facilities like Hostel Rooms, Training Classrooms, Auditorium, Computer Room, LCD facility, Sports and Recreation amenities, etc. MDC, ZTCs are equipped with Video Conferencing facilities along with well-equipped Library with adequate books on various subjects with a constant inflow of latest books.
• Management Development Centre (MDC) situated at Mumbai is an apex level Institute which conducts training for Senior Officers and Middle Level Officers. The Types of training conducted at MDC are on Leadership Development, Strategic Skills, Managerial Inputs, Financial Inputs, Best Global / Industry Practices etc.
• There is one zonal Training Centre (zTC) in each Zone (total 08 Zones). ZTC takes care of the training of the Administrative Staff up to the Cadre of AdministrativeOfficer, as well as, Field Force. The types of training are on various topics like Managerial, Functional, Technical (IT/Digital related), Customer Centricity, Induction Training, Refresher Training, Training for Retiring Officials, etc. ZTC also caters to the training of Field force viz., Agents and Development Officers on Marketing topics.
• There are 113 Divisions having Divisional Training Centres/Employee Training Centre (ETC)/Computer Training Centres (CTC) which cater to the Functional Training Needs of the employees posted in Branches and Divisions. CTCs provide training on Information Technology and hands-on module training to ensure optimum awareness to the e_FEAP (Electronic Front End Application) users.
Our Training Centres offer Online as well as Offline training.
External Training:
In order to provide new insight and perspectives to our Officials regarding emerging trends and innovations across the globe and to imbibe the best practices in various areas of operations, they are nominated to various external training Programs of relevance through External Training Institutes i.e. National Insurance Academy, Pune, Institute of Actuaries, College of Insurance, Institute of Directors, Indian Institute of Management, Jamnalal Bajaj Institute of Management, Symbiosis Law School, K.J.Somaiya Institute of Management, Administrative Staff College of India, Computer Society of India, National Institute of Advance Studies etc. Further, in view to cover large number of employees, during the year 2022-23, various short duration Webinars have been conducted on topics viz; Non-par Life Insurance, Communication Etiquettes, ANANDA, ULIP, Social Media, Marketing, Cyber Security, Digital Innovations, Global Underwriting Practices etc (24,598 employees were covered).
Employees Trained |
||
Training Institute |
2021-22 | 2022-23 |
| Management Development Centre, Mumbai | 3,779 | 3,942 |
| Zonal Training Centre | 63,111 | 59,978 |
| Divisional/Employee Training Centre | 31,564 | 37, 945 |
| National Insurance Academy, Pune | 2,339 | 3,278 |
| (Open programs) by Central Office | 395 | 313 |
| External Training (Customized programs) by Central Office | 232 | 780 |
| External Training by the Zonal HRD Dept. | 1, 095 | 1,450 |
Total administrative personnel Trained |
1,02,515 | 1,07,686 |
| Workshop on IRDAI Regulations | 22,932 | 22,946 |
| Hindi Rajbhasha Karyashala | 11,960 | 41,369 |
During the year 2022-23, HRD/OD Department has won Golden peacock national Training award - 2023 LIC Gyanpeeth – self Learning Management system Module:
LIC Gyanpeeth is Self Learning/Self-Skilling Management System Module through Digital Mode. "LIC Gyanpeeth" was introduced during the year 2020. This has standardized content without dependence on physical infrastructure and facilitators and is available anywhere any time on intranet/internet on Chrome/Firefox web browsers to the employees.
Total 14 Main Modules with 127 Sub-Modules have been created on subjects covering all aspects of administration like New Business, Claims, Marketing, Finance & Accounts, Products, Office Services, CRM, Personnel, Vigilance, Pension and Group Schemes, Health Insurance, LIC Act, 1956, as well as . These Modules are continuously updated as and when there are amendments to the existing /new instructions. sports: LIC hosted All India Public Sector Table Tennis Tournaments at Madgaon, Goa from 07.02.2023 to 10.02.2023 wherein, 13 Public Sector Teams, namely LIC, RBI, FCI, ESIC, ONGC, Bank of Baroda, BHEL, BSNL, CWC, EPF, Coal India, HPCL, NBCC and Oil
India had participated
All India LIC Games were successfully conducted by Central Zone at Bhopal in the month of November, 2022. Western Office got the Chairmans Trophy for all round proficiency in Sports Performances of LIC Team at outside National Level Tournaments during F.Y 2022-23
sl |
Event |
name of the player |
| 1 | Gold Medal at Pune International Marathon, Dec, 2022 | |
| 2 | Gold Medal in 10,000 Mtrs Run at Maharashtra Mini Olympics, | Shri Kalidas Hirawe |
| Jan, 2023 | ||
| 3 | Silver Medal at Kolkata Tata steel 25K Marathon, Dec, 2022 | |
| 4 | Bronze Medal at Tata Mumbai Marathon, Jan, 2023 | |
| 5 | All India Public Sector, Ranchi, June, 2022 | LIC Men Team Volleyball Gold Medal |
| 6 | Inter-Institutional Carrom Tournament, Durgapur, Dec, 2022 | LIC Women Team - Gold Medal in Team championship |
| 7 | Inter Institutional Badminton Tournament, July, 2022 at | Men Singles Siddarth Jakhar - Gold Medal |
| Guwahati | Men Singles K. K. Kishore - Bronze Medal | |
| Women Singles S. Srivastava - Bronze Medal | ||
| Mixed double S. Jakhar & L. Dhapre - Bronze Medal | ||
| 8 | All India Public Sector Table Tennis Tournaments, Feb., 2023 | LIC Men Team - Silver Medal in Team Championship |
| at Madgaon | LIC Men Team - Bronze Medal in Mens Doubles event | |
| Sougata Sarakar - Silver Medal in Mens Singles event | ||
| 9 | All India Inter Institutional Badminton Tournament, Guwahati, | Shri Siddarth Jhakar - Silver Medal |
| July2022 | ||
| 10 | Amity Gurugram Half Marathon, October, 2022 | Ms Monika Athare - Silver Medal |
| 11 | Sr. National Carrom Championship, April, 2022 at Mumbai | LIC Women Team- Bronze Medal in Team championship |
11. OFFICIaL LanGUaGE IMpLEMEnTaTIOn
• The corporation has been awarded the first prize at the All India level for the seventh consecutive time by Literary, Social and Cultural Organization for its excellent work in the field of official language.
• Under sub-rule 10 (4) of the Official Language Rules, 1976, 14 offices of the Corporation were notified Government of India.
• 32 offices of the Corporation were honored with various awards by the Government of India, Ministry of Home Town Official Language Implementation Committees
• Inspection of 8 offices of the Corporation was done by the third sub-committee of the Committee of Parliament on Official Language. In all these inspections, the implementation of the official language of the corporation was appreciated by the committee.
• 799 workshops were organized all over India and a total of 41,369 personnel were trained.
• There is a Hindi Version of Annual report available in this volume itself.
12. FaCILITY ManaGEMEnT anD OFFICE aDMInIsTRaTIOn
• OFFICE sERVICEs:
• Continuing with the Swachh Bharat Initiative of the Government of India and to encourage cleanliness and good ambience in Branches and Divisions, Model Branch and Model Division Competition has been continued for the year 2022-23. Further in response to the directives of the Department of Financial Services, Swachh Bharat Swachhata Pakhwada was organised in the offices of the Corporation, twice this year, from 2.10.2022 to 31.10.2022 & from 16.01.2023 to 31.01.2023, wherein cleanliness activities were undertaken in the offices along with Guest Houses of the Corporation. Other activities like Disposal of scrap, Plantation of saplings, installation of Solar Panel and Ramps for the were also undertaken, Initiatives to spread awareness about hygiene, reductiondifferently in the use of plastic, etc, among the public was also done. Construction of special toilet for Divyanjan in Central office completed. Cleanliness and hygiene in offices is also being monitored and improved through the Ambience Poll which is being held every quarter.
• Central Office, all Zonal Office and all Divisional offices have registered with MSTC (Metal Scrap Trade Corporation Limited) for effective disposal of old and unused items / scrap by using their Platform.
• Continuing with the Government of India initiative of Government e-Marketplace (GeM), all offices of the Corporation are now procuring goods and services on GeM. Toencouragetheefforts offices,Zones are being ranked on the the basis of procurement of Divisions under their jurisdiction on GeM.
• Updated Outsourcing Policy has been approved by the Risk Management Committee of the Board and uploaded on LICs intranet - Jeevan Sanchar. • LIC of India (Stores) Code 1959 and the Manual for Procurement of Goods have been updated as per modifications done by Govt of India, Ministry of Finance, Department of Expenditure in their updated Manuals as on June 2022 and has been approved by the Board. Stores Code and Manual for procurement of Goods have been uploaded on LICs intranet - Jeevan Sanchar.
• As per the CVC recommendations, Shri Rajni Kant Mishra, IPS (Retd) and Shri Arun Chandra Verma, IPS (Retd) have been appointed as Independent External Monitors of the Corporation.
• As per CVC guidelines, quarterly meeting of Independent External Monitors (IEM) were held. Contracts above threshold limit were discussed and reviewed by the Independent External Monitors Two structured meetings were held by the Chairperson with the Independent External Monitors.
• Various steps have been taken to ensure safety against COVID-19 and is being continued. Safety protocols like sanitization of offices, provision of sanitizer, hand wash have been made in all offices and guesthouses of Corporation.
• National Pension System (NPS) has been introduced for Defined Contribution Pension Scheme (DCPS) employees who have joined and confirmed on or after 01.04.2010 and in the service of the Corporation as on 01.04.2021 as per Board approved policy.
• We have introduced a digital application captioned as Jeevan Saakshya for submission of existence certificate online for retired employees.
• Paperless system of leave applications except for sick leave has been introduced PAN India.
• EsTaTEs
• The rental income from the Estate portfolio of the Corporation for the year 2022-23 is Rs. 433.27 crore, which is an increase of 13.17 % over the rental income for the last year.
• In the FY. 2022-23, 3 plots were purchased, of which 1 plot was purchased by the East Central Zonal Office and 2 plots were purchased by the Western Zonal Office. The total area of the plots purchased was 63,976.00 sq. ft. and the total cost involved was Rs. 3.71 crore.
• EnGInEERInG aCTIVITIEs During Financial year 2022-23, the Corporation has completed construction of Divisional Office Building at Bhubaneswar and completed extension of Bhopal Divisional Office building. Corporation has completed new premises for Sales Training Center and Hostel Block at Bareilly(UP) and 9 Branch office buildings at Wadkancherry, Kollam II, New Nileshwaram, Huzurabad, Garberta, shikohabad, Saharanpur, Fategarh and Kopargaon.
Construction of 5 Investment buildings is in progress at Ludhiana, Jaipur, , Gift City Gandhinagar, Scheme 54 Indore and CP-3 Lucknow.
Construction of Sales Training Center, Hostel Block and Officers Quarters is in progress at Bhilai; Construction of 6 Branch office buildings is in progress at Islampur, Dindigul-II, Palasa, CAB & BO-I Berhampur ,Kendrapara and Sultanpur. Construction of Officers Quarters is in progress at Guwahati, Patna ( 2 locations) , Chakradharpur, Siddipet and Lucknow. Corporation has modernized 2 Divisional Offices one at Tirunelveli under South Zone and at Zone. Corporation is modernizing Zonal office & Divisional Office at Kanpur and Divisional offices Visakhapatnam and Thiruvananthapuram.
Corporation has added 765 KWp of Solar roof top Installations during the FY 2022-23, taking the cumulative Solar roof top installations to 4471 KWp.
13. InFORMaTIOn TECHnOLOGY Infrastructure:
• Upgraded intranet and internet network infrastructure including band-width requirements as per business needs.
• Refresh of Hardware done.
• Identifying and plugging the gaps in IT Systems against regulatory requirements on a continuous basis and carrying out configuration audit, vulnerability assessment, penetration testing, secure network architecture review, application security and secure code review.
Also implemented:
• Services of two Network Service Providers, to ensure network level redundancy for connectivity of all its offices
Centres through MPLS Links.
• Management and optimisation of hardware resources with two on-premises private clouds, one for general purpose applications and the other exclusively for ULIP Plans.
• Asset Management Tool (AMT) for life cycle management of assets.
• Dedicated Video Conferencing services for virtual meetings and conferences for Internal as well as external participants.• Internet Perimeter Gateway Network Security through Firewall alongwith DDoS Solution to withstand volumetric attacks.• Security Information & Event Management (SIEM) Solution for management and correlation of Security Logs, alerts pertaining to Security Events and facilitating the SOC operations.
• T wo Factor Fingerprint Biometric Authentication system to ensure secure access controls of the applications.
• Data warehouse for business insights and inputs for regulatory reports.• New De-duplication solution for improved customer level identification.
• All end-points are secured through an enterprise level Anti-virus and access control is managed through Active Directory.
• Secure disposal of Assets.
software Development-
Following are the major initiatives undertaken:
Implementation of eFEAP-Next: eFEAP is an In-House developed Core-Insurance Application of the Corporation that caters to all operations of the Corporation. After the successful consolidation of Hardware Infrastructure as part of eFEAP-Next Phase-I, the software stack up-gradation along with security mechanism is in progress as part of eFEAP-Next Phase– II.
These projects have helped in:
• Reduction of server/data-center related downtimes,
• Optimization of infrastructure through Centralized infrastructure management & backup
Enhanced security features, thus becoming compliant to regulatory needs
Support to Branch & Divisional offices in seamless services to customers
Online sale: Online customer on-boarding for 13 plans are enabled through LICs website www.licindia.in with seamless submission of online data and exchange of information. The end-to-end new-business process has been automated with calling of information, online submission of proposal form, submission of documents, intimation about medical-test (if required), receipt of proposal deposit and end-to-end processing of proposals using an automated underwriting rule engine for completion.
ananDa app for agents - ANANDA stands for "Atma Nirbhar Agents New Business Digital Application", an end-to-end completely digital online platform to enable online proposal introduction and completion. This is a comprehensive digital new business solution introduced by LIC for its sales channels (agents, DSAs, banks, brokers, corporate agents etc), equipped with Aadhar based, e-Sign and online payments, ensuring paperless completion 24 x 7.
Online Micro Insurance platform is an API based platform which has been designed for the Corporate Micro-Insurance agents who want to complete the entire process of micro insurance from their offices, located in the remotest parts of the country.
EDMs: Enterprise Document Management System (EDMS) is primarily policy docket and
agency docket archival system which allows uploading and archiving images of scanned
policy/agency docket and also documents coming from various sources like- eFeap, Portal,
Ananda, LICdocQ app etc. It is integrated with eFeap for docket view, endorsement
capturing, eFeap print files archival, MSP documents, Video MHR etc.
Digital payments: LIC has witnessed multifold increase in the online transactions
from different Digital Platforms like UPI
Payments, Payments via mobile apps and websites of LIC. The partnership with the digital payment providers like Paytm, CSCs, Suvidhaa, APOnline, MPOnline, IDBI Bank, Axis Bank, City Union Bank, BillDesk (Phone Pe, Google Pay, CRED, MobiKwik, Amazon Pay, Bajaj Finserv, FreeCharge, JustDial, InstaPay) has enabled us to quickly expand our services for customer convenience and in omni-channel digital modes.
Customer portal & LIC Digital app: Customer Portal and LIC Digital mobile app provides self-service functionalities for more than 2.16 crores registered users (Premier/ Normal) like creation and updating of profile, viewing policy and proposal images, premium payments and online services. LIC Digital Mobile App rating has improved to 4.1 as at 31.03.2023 as compared to 3.91 in previous year (31.03.2022).
Merchant portal: Online Servicing facilities for customer convenience have been enabled through premium points of 40,309 Empowered Agents, life plus points of 4,874 Senior Business Associates and 654 LIC Associates, and through offices of 117 Chief Organisers, 347 Retired Employees and 1,223 Micro Insurance Agents. Merchants have collected 25.63% of Corporations Renewal Premium Collections during the FY 2022-23 involving 11.04 crores policies and premium amount of 65,930.20 crores.
Whatsapp based services: Digital Services based on WhatsApp messaging was launched in Nov 2022. These services were enabled for Users registered on Customer Portal. This facility enabled Branded Verified Conversation, Automated Messages, Streamlined Customer Services and Ease of Interaction. Services such as Premium due list, Bonus information, Policy Status, Loan eligibility Quotation, Loan Interest due, Loan Repayment Quotation, Premium paid certificate and ULIP fund statement. Bulk WhatsApp Push notifications were sent w.r.t. Special Revival Campaign in Feb-2023.
agents portal / agents Mobile app: Agents/Chief Advisors (CLIAs) have been provided with an information rich portal and mobile application to facilitate performance monitoring and customer service. Agents are also enabled with Sales Automation using Financial Need Analysis, premium quotations, Benefit Illustration and e-Proposal submission. Display of balance of new business to be accomplished, birthdays of customers, financial benefits to Agents/CLIA, Data for MDRT agents, Agent wise Business tracker, Supervised Agents Activation Tracker, Marketing circulars, NB performance for the CLIA year agent wise, Agent-wise Ananda statistics, display of list of customer with specific service requirements extending support and TOTP based login have been implemented during this year.
Jeevan saakshya Mobile application: AI based Digital Existence Certificate submission has been implemented for annuity policy-holders and also for the Retired employees of LIC which is required for processing annuity/pension payments. The Mobile application can be downloaded from Google Play Store/Apple Store. The application facilitates seamless registration and thereafter submission of the Existence certificate using AI based Liveness and Facematch with Aadhar Data. This year the process to generate the Certificate has been simplified by reducing the need for multiple verifications. More than 52,000 Life certificates have been submitted successfully in FY2022-23 through Jeevan Saakshya.
Portal / LIC PRAGATI App:Dev. PRAGATI (stands for "Performance Review Application, Growth And Trend Indicator"), mobile application for Development Officers, to get force in critical areas of business performance like premium collection, agency activisation, prospective outperformers,etc. apart from monitoring their team with customers information required by them to improve their performance and assisting in providing better customer service. The app also provides Development Officers with a calculator to measure their cost ratio Implementation of new GOIBS, Special Revival Campaign provision, Due list for Year 1 and 2 premiums, SB Maturity list, Premium calculator link, 2nd year lapsation list, Gender wise organization performance, Year and month wise appointment of Agents, Growmax option, Club Advisor, Agents NB ranking list on the basis of no. of policies, Single Premium, Non single premium, First and Second year lapse list, SYRP list and TOTP based login have been implemented during this year.
LIC Pratidhi It gives data on various parameters like . app: LICPRATIDHIismobileMISsystemforLICMarketingOfficials
Daily BOC, top performing agents, New Business for the Day, Month etc which help the Branch Managers to grow more on business front and also helps in smooth functioning of branch.
Al enabled Chatbot: LIC Mitra 2.0, based on Conversational ArtificialIntelligence was revamped on 01.11.2022 with new UI/ UX. This is a one stop platform for providing information regarding policy servicing and products of LIC with FAQs alongwith product comparison feature. The Chatbot is available in English & Hindi language. It is proposed to introduce Marathi, Malayalam and Tamil languages shortly.
agents pre-recruitment Mobile app: Agents Recruitment (Android) App facilitates candidate Agents of LIC for Agency
Registration; including document uploads with auto-resizing options. The Sponsors can use the App to give consent to the Agents they have sponsored. Registration link is provided for online training from Insurance Institute of India.
Online pre-recruitment Training: The module provides training to candidates aspiring to join the Agent force of LIC. The candidate has to complete the registration process. A valid mobile number registered in the Online Agents Recruitment
Portal is required to login into the training portal. The candidate has to select the language for training. The candidate has to complete 25 hours training. At present Hindi English and Marathi languages are provided. Recruitment statistics and lead automation have also been provided.
Multi-lingual agents Mock Test: Registered candidates who are willing to become LIC Agents can take a Mock test. Choice of language is available between Hindi, English and Marathi
14. CHECKs anD COnTROLs: aUDIT:
• The Audit of Branch/Divisional /Zonal offices and Central office Departments of the Corporation for the Financial Year 2022-23 has been completed as on 31st March 2023.
• The Financial Year saw an intensive follow up for compliances of the audit queries, which resulted in substantial reduction in the pending special/reports and also excess / wrong payments .There is 99 % reduction in o/s recoveries and reduction of 97% in open reports.
• To bring in professional approach towards the auditing of Offices, during the year 2022-23, 1/3 rd of the Divisions the Branches under the Division including P&GS was audited by CA firms.
• Keeping with our practice of improving our systems and procedures through the use of Information Technology, scope of ‘Offsite Audit has been expanded and also supplemented by increased % of surprise audit. Continuous close coordination with IT/SD team is being done for further improvements in the module access to auditors for conducting ‘Offsite audit to reduce audit tours/movements.
InspECTIOn:
• The Inspection Policy approved by the Board stipulates that every office of the Corporation in India shall be inspected at least once a year by Officers of Inspection department. The exercise of Inspection is a pre-emptive measure against systemic lapses.
• The inspection of allSatelliteOffices,BranchOffices, DivisionalOffices,Zonal Offices and Central Office for the financial year 2022-23 was completed on 15 th March, 2023. year 2022-23, we •Duringthefinancial introduced a Performance Matrix for Branch Offices encompassing the KeyResult Areas of performance aligned to the Corporate goals. The need for such a matrix was felt to sensitize all our units to have equal focus on both marketing & Customer Services which would not only enable them to align their activities with the objectives of the Corporation but at the same time would also enable them to achieve "Excellent" rating in Inspection.
• Keeping with the pace of improving our systems and procedures, with the intervention of technology, further development was made in the Remote Inspection Package, whereby a substantial portion of inspection job can be completed before the commencement of Inspection of Units thereby saving on precious time.
• After the close of Inspection for financial year, a list of Common Irregularities was shared with Heads of Departments of Corporate Office for necessary systematic improvement.
VIGILanCE:
• More focus was on preventive Vigilance through dissemination of information in areas susceptible to fraud.
• Vigilance Awareness Week (VAW) was observed from 31.10.2022 to 06.11.2022 on the theme "Corruption free India for a Developed nation" As per instructions of the Commission a three-month campaign period (16th August, th November, 2022till15 2022) in which six different preventive Vigilance measures were taken up as focus areas by our Corporation viz. Property Management, Management of Assets, Record Management, Technological Initiatives, Up-dation of guidelines/circulars/manuals wherever found necessary, Disposal of complaints outstanding as of 15.08.2022 .Apart from the above internal housekeeping activities, Corporation has conducted activities relevant to the theme and has also conducted different outreach programs to sensitize the public about the need for transparency and integrity in public grievance. Satarkata Darpan and Updated Procurement Manuals (three) were published.
• 8.53 Cr messages with VAW theme and link to e-integrity pledge sent to all the Employees of LIC, Policyholders and agents. Advertisements with CVC message and grievance redressal mechanism in LIC was published through use of electronic media as well as print media PAN India .
• As per guidelines of CVC, Integrity Pact (IP) is being implemented in procurement processes of our organisation regards Stores Purchase and Building Contracts, it is being ensured that CVC guidelines are strictly followed.
• Social media was used for propagating information on Vigilance Awareness Week.
• Proactive and preventive Vigilance measures were taken in identifying systemic issues and suggestions made for corrective action to the respective Controlling Departments of Central Office.
15. nTRIBUTInG TO sOCIETY: CO
• InVEsTMEnTs In sOCIaL sECTOR:
The Corporation has been promoting Social Welfare through investments in Infrastructure and Social Sector which includes:• Projects/Schemes for generation and transmission of Power
• Housing Sector
• Water Supply and Sewerage Projects/Schemes• Development of Roads, Bridges, Road Transport & Railways
The total Investment in these sectors during 2022-23 was 43,732.14 Cr as indicated in Table 7. The investments as at 31.03.2023 by way of Central, State and Other Government Guaranteed Marketable securities, Loans, Debentures & Equity investments in Infrastructure and Social Sector amounts to 31,37,684.08 Cr.
• sOCIaL sECURITY sCHEMEs pradhan Mantri Jeevan Jyoti Bima Yojana
The Central Government launched landmark insurance scheme, namely, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as a part of financialinclusion on the 9th of May 2015. The purpose of this scheme is to provide insurance protection to account holders of Banks at a very reasonable cost. PMJJBY provides Life Insurance Coverage of 2 lakhs for a premium of Rs. 436/- per annum. The premium under this scheme is borne by account holders themselves and amount for the same is deducted from the bank account of subscribers against an auto debit mandate given by account holder.
As at 31.03.2023, a total of 200.34 Lakh Lives have been covered, out of which 71.97 Lakh are New Lives. A total of 28.83 Lakh Premium has been collected, out of which 193.22 Lakh is NBPI.
Since the launch of the scheme we have enrolled 4, 427, 03,790 members and paid claims under 1,73,040 cases amounting to 3460.80 crores as on 31.03.2023
• LIC OLDEn JUBILEE FOUnDaTIOn G
"LIC Golden Jubilee Foundation was established in the year 2006 as a part of LICs Community Service initiatives. The objectives of the Foundation are Relief of Poverty or Distress, Advancement of Education, Medical Relief and Advancement of any other object of General Public Utility. LIC is the sole contributor to the Corpus of the Foundation and contributed 100 Crore during the Financial Year 2022-23. As on 31.03.2023, the Foundation has a Corpus of 360 Crore. Interest earned on the corpus is utilised for funding various charitable projects and scholarships to students.
Since inception, Foundation has supported NGOs pan India which are working towards the above objectives . The total number of sanctioned projects is :-
period |
projects | amount Cr ( ) |
| Since Inception (2006) | 723 | 145.51 |
| 2022-23 | 77 | 18.49 |
LIC Golden Jubilee scholarship scheme is another initiative of the Foundation, which provides scholarships to children from economically weaker sections of the society to pursue higher education till completion of graduation /professional course. GJF provides scholarships amounting to 20,000/- p.a for regular students for pursuing higher education and 10,000/- p.a to special girl child for pursuing 10 + 2 education. The total number of beneficiaries and scholarship amount disbursed is as below:-
period |
scholars | Amount Cr ( ) |
| Since Inception (2006) | 25,103 | 59.03 |
| Year 2022-23 | 2,517 | 10.03 |
16. sUBsIDIaRIEs, assOCIaTEs & JOInT VEnTUREs:
• WITHIn InDIa
Subsidiaries Department was formed in April 2019, to liaison between the Corporation and its Subsidiaries and Associate Companies within India and to facilitate action on identified points of synergy between them.
Life Insurance Corporation of India has the following Subsidiaries and Associate Companies operating in India:
subsidiary Companies
• LIC Pension Fund Limited
• LIC Cards Services Limited associate Companies
• IDBI Bank Limited
• LIC Mutual Fund Trustee Private Ltd
• LIC Housing Finance Limited
• LIC Mutual Fund Asset Management Limited
• IDBI Bank Trusteeship Services Ltd.
• LICHFL Asset Management Company Limited
LIC HOUsInG FInanCE LIMITED
LIC Housing Finance Limited with its Corporate Office in Mumbai has 9 Regional Offices, 24 Back Offices, 281 Offices and 1 Customer Service Point in the country. It also has representative office at Dubai. The Companys are listed on the Bombay Stock Exchange and the National Stock Exchange and its Global Depository Shares (GDS) listed on the Luxembourg Stock Exchange. The Company is rated AAA Stable by CRISIL & CARE. The Companys Fixed Deposit Program has been rated as ‘AAA Stable by CRISIL indicating the highest degree of safety.
| Growth for the year 2022-23 | CaGR - 5 years | |
| Outstanding Loan as on 31.03.2023 - 2,75,047 crore | +9.53% | 9% |
| Total Income for the year 31.03.2023 - 22,674.20 crore | +13.64% | 7% |
| Net Profit for the year 31.03.2023 - 2,891.03 crore | +26.40% | 4% |
| Net worth as on 31.03.2023 | Rs. 24,674.98 Cr | |
| Dividend Recommended by Board | 425% (31.03.2023) | |
LIC MUTUaL FUnD assET ManaGEMEnT LIMITED
LIC Mutual Fund (the "Mutual Fund") has been constituted as a trust on 20.04.1989 in accordance with the provisions of the Indian Trusts Act with LIC of India as the Sponsor, the LIC Mutual Fund Trustee Private Ltd. as the Trustee and LIC
Mutual Fund Asset Management Ltd as the Investment Manager to LIC Mutual Fund. The shareholders of LIC Mutual Fund Asset Management are LIC of India, LIC Housing Finance Ltd., GIC Housing Finance Ltd., and Union Bank of India.
As of 31st March 2023, LIC Mutual Fund was managing 28 schemes. During the year 2022-23, the AMC has mobilized gross sales of 85,188 Crores from all live schemes. The total number of investors as on 31.03.2023 stood at 5,80,842.
Average Assets under Management (AAUM) was 17,644 Crores for the last quarter of 2022-23 and it ranked 24th in terms of AAUM in the Industry.
With a network of 181 Investor service centers, 31 Area Offices and 183 Sales Team member, LIC MF is present in more than 200 locations spread over length and breadth of the country. LIC MF has one of the widest distribution networks comprising MFDs, National Distributors, Wealth Managements Firms, Banks, and Key Business Partners.
LIC MF has an innovative product feature called "APPS" (Auto Premium Payment System) whereby the customers invest their money in liquid or short term schemes and their LIC premium is paid from the Mutual Fund account. This is an unique feature offered only by LIC MF in the industry. Similarly, LIC Mutual Fund is among the 1st Mutual Fund to offer ETF in debt space with LIC MF GSEC Long Term ETF. The product allows retail investors to invest in GSECs with a very small ticket size at a very competitive cost. During the year 2022-23, LIC MF Launched 2 new schemes i.e., LIC MF Money Market Fund and LICMF Multicap Fund.
Schemes of LIC MF have been consistently performing well and the performance of LIC MF Schemes have been well covered by Rating Agencies.
LIC pEnsIOn FUnD LIMITED
LIC Pension Fund Limited was incorporated in 2007 under the Companies Act 1956 by Life Insurance Corporation of India, the sponsor, with the main objective to act as a Fund Manager for managing the funds received from NPS
Trust. The Company manages the Investment portfolio as prescribed in the Investment Management Agreement (IMA) signed between NPS Trust and LIC Pension Fund Limited as well as according to Investment guidelines issued by Pension Fund Regulatory & Development Authority (PFRDA) from time to time.
The total Assets under Management (AUM) was 2,09,386.28 crore as on 31st March 2022 which rose to 2,53,248.85 crore as on 31st March 2023 which is an increase of 20.95%. Out of the total AUM, 96.22% are managed under six Government Pattern Schemes and 3.78% are managed under Eight Private Sector Schemes. During the year 2022-23, LIC Pension Fund Ltd received an amount of 33,777.79 crore under Fourteen Schemes till 31st March 2023. Total AUM in NPS industry as on 31.03.2023 is 8,98,865.74 cr out of which LICPFL holds 2,53,248.85 cr. which is approximately 28.17% market share. Further as on 31.03.2023, in terms of one year and three years returns, LICPFL secured first position in 6 (six) schemes and first position in 8 (eight) schemes respectively. Details of Scheme AUM and return since inception are given below:
scheme |
aUM ( in crore) | Return since inception |
| Central Gove Scheme (01) | 81,514.17 | 9.2929% |
| State Gove Scheme (02) | 1,48,680.29 | 9.2403% |
| NPS Lite Scheme (03) | 1,439.19 | 9.6382% |
| Corp CG (04) | 2,936.13 | 9.2334% |
| E Tier -I (05) | 3,297.20 | 11.9222% |
| C Tier -I (06) | 2,103.46 | 9.1237% |
| G Tier -I (07) | 3,835.15 | 9.8643% |
| E Tier -II (08) | 109.98 | 9.9665% |
| C Tier -II (09) | 66.34 | 8.5918% |
| G Tier -II (10) | 152.81 | 10.1018% |
| ATAL Pension Yojana (11) | 8,917.03 | 8.8092% |
| A Tier -I (12) | 12.70 | 7.4726% |
| Tax Saver Scheme (14) | 1.43 | 6.1033% |
| APY Fund Scheme (15) | 182.97 | 6.8829% |
Grand Total |
2,53,248.85 |
The total income of LIC Pension Fund Ltd. increased to 113.02 crore in 2022-23 from 98.13 crore in the previous year mainly due to increase in Assets Under Management. The Company has recorded a Profit after Tax of 51.83 crore for the year 2022-23 as against 46.32 cr previous year.
LIC CaRDs sERVICEs LIMITED
LIC Cards Services Ltd., (LIC CSL) was incorporated on 11th November 2008 as a wholly owned subsidiary of LIC of India with the capital of 1 crore. LIC CSL is having its Corporate Office at Delhi.
Presently the Company has tie ups with Axis Bank and IDBI Bank for issuance of Credit Cards under Co-branded / White Label Agreement to Employees, Club Member Agents, Policyholders of LIC and its Subsidiaries/Associates and public at large. Also, the Company has finalized its third Partner Bank i.e IDFC First Bank.
LIC CSL is also co-branded partner with Axis Bank and IDBI bank for issuing Gift Cards to the Employees, Agents, Subsidiaries, Group Insurance Master Policyholders of LIC. The Company has also entered into an Agreement with M/s Sodexo SVC India Pvt Ltd (SSVC) for issuing Meal Cards to employees of LIC and proposes to extend the similar arrangements to the other Public Sector Undertakings and Banks.
Presently LIC CSL is operational in 12 Area Offices at Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Delhi (Outside), Delhi (Local), Hyderabad, Kolkata, Mumbai, Lucknow and Patna. 258 City Sales Managers, 519 Chief Cards Service Advisor and 29580 Sales Representatives are engaged in providing Credit Card services to our customers. As on 31.03.2023, the total Credit Card portfolio has increased to 4,79,182 from 4,07,957 as on 31.03.2022. As on 31.03.2023, the Company has issued 71,225 Credit Cards. Total Income earned as on 31.03.2023 is 23.00 crores and Net Profit before tax (audited) is 7.51 crores.
IDBI BanK LIMITED
Headquartered in Mumbai, Maharashtra, India, IDBI Bank is a full service universal bank. Life Insurance Corporation of India (LIC) is having a majority shareholding of 49.24% as at end-March 2023 and the Government of India (GoI) is having 45.48% shareholding in the Bank as at end-March 2023. Balance shareholding in the Bank at 5.28% is held by Public. The Bank has a pan-India presence of over 1,900 branches and over 3,300 ATMs.
In line with its intended positioning as a one-stop solution for all financial needs of its customers, the Bank collaborates with its five subsidiaries, viz. (i) IDBI Capital Markets & Securities Ltd. (ICMS) a Broking and Distribution company; (ii) IDBI Asset Management Ltd. (IAML) the investment manager of schemes launched by IDBI Mutual Fund; (iii) IDBI
MF Trustee Company Ltd. (IMTCL) - the Trustee of IDBI Mutual Fund; (iv) IDBI Trusteeship Services Ltd. (ITSL) a company to carry out trusteeship and other related business and (v) IDBI Intech Ltd. (IIL) an IT company. The Bank has also entered into agreement with various insurance companies and Asset Management Companies (AMCs) to offer general insurance products and mutual funds, respectively, to cater to the investment goals of its customers. The
Bank is the largest Bancassurance partner of LIC.
Major highlights of IDBI Banks performance in FY 2022-23 are as under:
As on 31st March 2023, IDBI Banks (standalone) balance sheet size was at 3,30,502 crore and had a total business of 4,18,067 crore. The Banks key financial highlights are presented below:
Business Highlights |
|
( in crore) |
|
| as on March 31, 2023 | |
| Deposits | 2,55,499 |
| CASA Deposits | 1,35,455 |
| CASA Share (%) | 53.02% |
| Advances (Gross) | 1,72,042 |
| Corporate | 53,442 |
| Retail | 1,18,600 |
| Corporate: Retail (%) | 31:69 |
Profit & Loss |
|
( in crore) |
|
For the period |
FY 2022-23 |
| Total Income | 24,942 |
| Interest Income | 20,570 |
| Other Income | 4,372 |
| Total Expenses (excl. provisions & contingencies) | 16,206 |
| Interest Expenses | 9,139 |
| Operating Expenses | 7,067 |
| Net Interest Income | 11,431 |
| Operating Profit | 8,736 |
| Provisions & Contingencies | 3,498 |
| Tax | 1,593 |
| Profit/ (Loss) After Tax | 3,645 |
Capital Ratios |
|
| as on March 31, 2023 | |
| CRAR | 20.44% |
| Tier 1 Ratio | 18.08% |
• OVERsEas OpERaTIOns Overseas Branches:
The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). During the year 2022-23, the Overseas Branches put together issued 9,443 policies with a First Premium Income of 107.68 Cr.
Overseas subsidiaries:
Life Insurance Corporation (International) B.s.C. (c):
Life Insurance Corporation (International) B.S.C. (c) was established in Bahrain as a subsidiary of Life Insurance Corporation of India. Share holding of LIC of India in the Company is 99.66%. The operations commenced on 23rd of July 1989 and initially catered to the life insurance needs of Non-Resident Indians (NRIs) and later extended to the local population in the Gulf by issuing life insurance policies in US Dollars The Company operates in 5 GCC countries of Bahrain, Kuwait, UAE
(Dubai & Abu Dhabi), Qatar and Oman. The Company sold 2,069 policies during Financial Year ending 31.12.2022 with a
First Premium Income of 494.44 Cr.
Life Insurance Corporation (nepal) Limited:
Life Insurance Corporation (Nepal) Limited is a subsidiary of LIC of India partnering with Vishal Group alongwith public share holding and was established on 1st of Sep 2001. It is a listed Company whose shares are traded on the Nepal Stock Exchange. Share holding of LIC of India in the Company is 55.00%. The Company sold 1,02,456 policies during Financial Year ending on 15.07.2022 with a First Premium Income of 195.06 Cr.
Life Insurance Corporation (Lanka) Limited:
Life Insurance Corporation (Lanka) Limited is a subsidiary of LIC of India partnering with Bartleet Transcapital Ltd. and was established on 7th of Oct. 2002. Share holding of LIC of India in the Company is 86.49%. The Company sold 4,925 policies during Financial Year ending on 31.12.2022 with a First Premium Income of 6.30 Cr.
Life Insurance Corporation (LIC) of Bangladesh Limited:
Life Insurance Corporation (LIC) of Bangladesh Limited is a subsidiary of LIC of India partnering with Strategic Equity Management Ltd. and Mutual Trust Bank Ltd. and is incorporated under the Companies Act (Act XVIII) of 1994 of Bangladesh on 14.12.2015. Share holding of LIC of India in the Company is 83.33% The Company sold 3,254 policies during the Financial Year ending 31.12.2022 with a First Premium Income of 4.60 Cr.
FOREIGn WHOLLY OWnED sUBsIDIaRY : Life Insurance Corporation (singapore) pte. Limited
Life Insurance Corporation (Singapore) Pte.Limited, a Wholly Owned Subsidiary was incorporated on 30th of April, 2012 in Singapore. The Company sold 99 policies during the Financial Year ending 31.12.2022 with a First Premium Income of 36.40 Cr.
OVERsEas pREsEnCE BY WaY OF EQUITY paRTICIpaTIOn: Kenindia assurance Company Limited:
Kenindia Assurance Company Limited, formed with Equity participation by LIC of India, General Insurance Corporation of India and others, was established on 6th of December 1978 in Kenya. Share holding of LIC of India in the Company is 10.21%. The Company transacts both life and non-life business. The Company sold 7,423 Individual Life Insurance policies during Financial Year ending on 31.12.2022 with a First Premium Income of 369.22 Cr.
saudi Indian Company for Co-operative Insurance: Saudi Indian Company for Co-operative Insurance (SICCI) (Wafa Insurance) is a Saudi Joint Stock Company established on 7th of August, 2007 with Equity participation by LIC of India wherein the current Share holding is 4.98%
17. EnTERpRIsE RIsK ManaGEMEnT
Life Insurance Corporation has robust Enterprise Risk Management framework to conduct its business in an orderly fashion, taking into account the risks faced by the Corporation and ensuring adequate risk management procedures.
Risk Governance Frame Work:
Board of Directors provide the overall guidance on Risk Management function, which includes providing necessary oversight on key risks and measures, approving the Enterprise Risk Management Policy, Risk Appetite statement, ALM Policy and Business
Continuity Plan of the Corporation on an annual basis.
In line with the IRDAI corporate governance regulations, 2016, Risk Management Committee of the Board (RMCB) is formed. An internal committee, named as Committee of Executives on Risk Management (CERM) has been constituted consisting of Heads of key functional departments, to monitor the implementation of Enterprise Risk Management policy.
Key Risk Management Tools: • Risk appetite statements:
Risk appetite is the amount and type of risk that the Corporation is willing to take in order to meet its strategic objectives. A range of appetites exist for different risks and which may change over time. The Risk appetite statements are reviewed on an annual basis by the Risk Management Committee of the Board (RMCB) and approved by the Board at a broad level which includes the tolerance / thresholds. The risks are monitored vis-a-vis the limits set by the Corporation and reporting is done to the Top Management and to the
Risk Management Committee of the Board.
• Risk Registers:
Corporation maintains Risk Register at each functional level wherein risks relating to that function along with the control measures are documented. This risks identified in the registers are assessed half-yearly. The Risk register is updated every quarter for inclusion of emerging risks to ensure that all the emerging risks are being identified and taken care of.
• Incident Management & Operational Loss database: The Incident Management aims to implement procedures for identification, monitoring, mitigation and reporting of incidents (including frauds) within the Corporation. Incident Management process is defined to ensure any operational losses including frauds, regulatory / policy breaches and potential losses are systematically identified, reported, escalated, analysed and resolved to prevent recurrence in future.
• T op Risks and Key Risk Indicators:
The top risks for the Corporation are identifiedby analysing the materiality / impact of key risks faced by the Corporation. The assessment of Key Risk Indicators is done every quarter. The Top Risks and associated Key Risk Indicators are updated on annual basis.
The mitigation strategies for various risks under Enterprise Risk Management framework:
LIC is a premier institutional investor in the Indian Financial Markets. Its funds are invested in asset classes in line with the IRDAI (Investment) Regulations and are exposed to various risks like market risk, credit risk, interest rate risk, liquidity risk and counterparty risk, to name a few. A robust Risk Management Structure is required to continuously monitor measure and mitigate these risks emanating from such a diverse exposure in the financial markets. The investment risks are systematically identified and systems & procedures have been implemented to address these risks so that not only the policyholders funds are protected but also their reasonable expectations are met.
• Market Risk: Market risk refers to the uncertainty of future earnings resulting from changes in interest rates, exchange rates and the market prices of securities. Corporation attempts to minimise the effects of market risk by primarily investing in securities that are part of major indices and in highly rated debt instruments.
Market risk is further mitigated by matching assets and liabilities by type and duration and matching cash flows to the extent commercially practicable. The applicable investment strategy for each type of business is set out clearly to ensure that liabilities are appropriately matched by the nature and duration of assets.
• Liquidity Risk:
Liquidity risk is the risk of not being able to make payments as and when they fall due, because of insufficient liquid assets in cash or cash equivalent, thereby requiring redemption of long term assets. Corporation faces limited liquidity risk due to the nature of its liabilities. The cash investments along with expected future premium from existing business are usually sufficient to cover expected pay-outs. Corporation manages liquidity risk by monitoring the asset-liability cash flow matching positions on monthly basis. The cash flow matching is also analysed under various stress scenarios. LIC has Board approved Asset Liability Management policy.
• Credit risk: Credit risk is the risk resulting from the failure of our obligors or our counterparties to perform or timely perform their contractual obligations or the deterioration in the credit profile of relevant parties. Corporation faces limited credit risk as major portion of the investments are made in Govt. securities. Credit risk related to investment in other debt securities is mitigated by, restricting investments primarily to securities rated AA and above by domestic rating agencies and monitoring the quarterly performances of our portfolio companies, their ratings and their track record of servicing of their obligations on the due dates.
• Insurance Risk: Due to its inherent nature of business, Corporation exposes itself to a large number of risks. The risks may relate to expenses it incurs in carrying on its business, mortality & morbidity rates and persistency of its policyholders. The insurance risk is managed through proper monitoring of Expenses Risk, Mortality & Morbidity risk and Persistency risk. The Corporation reinsures its higher Sum Assured business and has treaties with reinsurers for specific products. The Corporation has Board approved reinsurance policy in place.
• Operational Risk: Corporation is exposed to various types of operational risk, which arise from various sources including inadequate record keeping, failures of systems & established controls, employee error, and internal/external frauds. Corporation seeks to minimize the impact of the operational risks by regular monitoring of processes, systems & procedures, implementation of controls for frauds and ensuring that back-ups for both systems / data are maintained. Necessary insurance covers taken for all identified operational risk of the Corporation are reviewed at regular intervals.
Business Continuity Measures (BCM):
The Corporation has business continuity and disaster management plan. Business interruption risk forms an integral part of operational risk. The Corporation may face a host of disasters that range from minor to catastrophic which can impact day-to-day operations.
The Corporation has Board approved plan for business continuity. It provides overall guidelines to implement and manage the Business Continuity framework. The Business Continuity framework is in place, which provides instructions / guidelines to respond to disaster situation and also includes measures for – safety of human life and minimum down time. The continuity plan has been formalized to provide measures to be taken to respond to events such as natural disasters, pandemic and technical disruptions etc.
Disaster recovery site has been set up to carry out critical processes in adverse scenario. Business continuity drills are carried on a regular basis for critical processes and also to manage business interruption risks.
As a part of Business Continuity Plan, Corporation has formed Crisis Management Teams at Central Office and all the eight Zonal Offices of the Corporation, mainly to respond to any disastrous situation. Emergency Response Teams are also formed in all offices of the Corporation to oversee the implementation of guidelines issued by Crisis ManagementTeam during disaster.
18. RIGHT TO InFORMaTIOn (RTI) aCT, 2005
To ensure easy access to information under the RTI Act, 2005, LIC of India has appointed CPIOs and Appellate Authorities at all itsDivisionalandZonalOffices Office apartfrom the Central Total number of CPIOs: 130 Total number of Appellate Authorities: 130 The Details of CPIOs and Appellate Authorities Pan India are available on LIC website at www.licindia.in - RTI Centre - RTI Page Disclosures Sr. No. XIII
9371 Applications & 1552 appeals were received and suitably dealt with.
RTI Disclosures:
LIC is compliant with section 4(1)(b) of the RTI Act, 2005 as regards to the Suo-Motu disclosures and as prescribed under the RTI Act, information is placed on the website at www.licindia.in under Bottom links -> RTI Centre -> RTI Page -> Disclosures. In addition to this, a wide range of information is also available in the Annual Report and IRDAI Public Disclosures which are available on the website www.licindia.in under Investor Relations.
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