Life Insurance Corporation of India (LIC) has created a platform where policyholders may avail of electronic know your customer (eKYC) norms linked to the Aadhar card.
Integration of eKYC with Aadhaar would provide linkage to policy operations and in the coming years, the focus would be on enabling eKYC in various in-house applications, an LIC statement issued here said.
Also, the insurance behemoth, which lost market share in terms of premium by five per cent to 69.21 per cent in fiscal year 2014-15 to its 23 peers in the private sector in the absence of Unit Linked Insurance Policy (ULIP), claimed that it continues to be the frontrunner in the industry in terms of market share.
Incidentally, the LIC launched its ULIP after a gap of more than two years in August 2015.
"LIC plans to launch six to seven traditional products during the current fiscal," LIC Chairman S K Roy had told PTI earlier, adding that, "LIC was looking at gaining market share of 75 per cent to 80 per cent in terms of premium and 80 per cent to 85 per cent in terms of policies by the end of the current fiscal".
Presently, LIC has over 30 crore plus policies in force, with life fund to the tune of Rs 18,24,195 crore and has assets of over Rs 20 lakh crore. During 2014-15, 201.71 lakh policies were sold commanding 77.85 per cent of the market share of new policies issued and its total first year premium income was pegged at more than Rs 78,303 crore or 69.21 per cent of the market share, the statement said.
In pension and group schemes (P&GS), new lives insured were 316.74 lakh under conventional pension and group schemes (P&GS) business and 2067 lakh lives under social security schemes, the statement said.
