There is great news for policy holders of Life Insurance Corporation of India. The rules of LIC are changing from today. LIC had said on May 10 that now its offices would open only five days a week. Earlier, LIC employees used to get leave on the second and fourth Saturdays of the month except Sundays. While LIC offices will be closed for one more day in a week, on the other hand, now they have to work more than five days a week.
In a notification dated 15 April 2021 in which the Government of India declared a public holiday for the Life Insurance Corporation of India every Saturday. Along with this, their working hours have also been increased. Now LIC offices will open from 10 am to 5:30 pm. Also, their 45-minute lunch break has also been reduced to 15 minutes. The notice stated, “From 10 May 2021, the working hours in LIC’s office will be from 10 AM to 5:30 PM Monday to Friday.” Please tell that LIC currently has more than 29 crore policy holders.
Record earnings from LIC premium during Corona period
LIC earned a premium of Rs 1.84 lakh crore from the new business in the financial year ended 31 March 2021, the highest ever. Public sector Life Insurance Corporation of India (LIC) said the figure is provisional. The company’s market share in March 2021 stood at 81.04 per cent by policy number. The share stood at 74.58 per cent for the entire financial year. During the financial year 2020-21, the insurance company received Rs 56,406 crore as premium income for the first year of the personal insurance business. This is 10.11 percent more than in 2019-20. Its market share as a first year premium stood at 64.74 per cent and 66.18 per cent for the entire financial year. The company sold a total of 2.10 crore policies during the year.
