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LIC undoubtedly.
According to Economic Times dated 14 January 2003 'LIC still remains the largest operator in the business by miles, both in terms of policies sold and premium collected.'
As per a report that appeared in Business Standard a reputed financial daily, on 10 December 2003, the IRDA chairman N Rangachary said that "LIC's business will not suffer, and that it has not lost market share", looking at how the market has expanded. The Business Standard report added that, 'LIC is strutting tall again, with a four-fold increase in its new business income at Rs 3,697 crore in the second quarter of the fiscal. This represents an industry share of 91.5 per cent of the new business that amounts to Rs 4,039 crore.
According to figures given by the Insurance Regulatory and Development Authority (IRDA), LIC's first premium income rose four-fold to Rs 3,697 crore in the second quarter against a three-fold rise by the private insurance players in first premium income to Rs 332 crore during the same period under review.
Be it known that private insurers invested heavily in large-scale marketing and publicity campaigns but all that, helped increase the awareness levels of insurance. And it has benefited LIC immensely.
While earlier insurance buying was only considered to be for tax benefits today a time has come where thanks to private insurers, individuals now know that insurance is an important aspect of life that cannot be ignored at all. More and more people are buying LIC policies not only for tax benefits but to also have a financially secure tomorrow.
Know these facts about LIC:
- As per statistics LIC marketed 2.32 crore policies last year with premium
income of Rs 14,844 crore - a growth of 137 per cent.
- After the entry of private insurers during the last two years, LIC was able
to retain 98 per cent of the expanded market share, while the combined performance
of the private companies was just two per cent.
- LIC policies come with government guarantee.
Need we say more about who the leader is?