LIC’s ‘Yogakshemam Vahamyaham’ Philosophy Delivers Customer Delight And Powers Nation Building
*This is in partnership with BQ Brand Studio
The Life Insurance Corporation of India (LIC) is not just India's No 1 insurance company, it is also one of the world's largest insurance companies in terms of customer base. More than 250 million lives are part of the LIC family, and the company holds a composite market share of 70.86% in number of policies, with a 68.05% share in first-year premiums at the end of December 2020. LIC is reputed for the highest claim settlement ratios and is considered among the most trusted brands in the Indian market. Over 130 lakh claims amounting to over Rs 67,993 crore were settled by the end of 2020, an enviable track record by any standard. For LIC, life insurance is not merely a business, but a service to each Indian and the nation. The company's propagation of the message of life insurance is unparalleled.
At the same time, LIC as a premier financial institution is the single largest investor in government securities and is thus the backbone of the Indian economy. What powers this incredible size of operations, massive net worth, deep commitment to customers as well as phenomenal support for nation building? ‘Yogakshemam Vahamyaham,’ Sanskrit for 'your welfare is our responsibility,' is LIC’s guiding philosophy. When a business focuses on welfare above mere profits and growth, size, growth and profits are achieved, customer commitment becomes a priority, and this ultimately empowers the nation. LIC is the perfect example of this truth.
As part of its commitment to customers, LIC’s bouquet of 28 plans are designed to meet the changing as well as comprehensive needs of all kinds of customers and any kind of insurance related to individuals, whether it is endowment, term assurance, insurance for children, pension products, micro insurance, health insurance and unit-linked products.
Thanks to this deep customer focus, LIC went from strength to strength despite the COVID-19 pandemic that severely affected businesses and economies across the world. LIC’s strong online presence and innovative digital platforms supported new business and servicing operations for both internal and external customers, as well as channel partners like banks and other agencies. LIC’s chatbot LIC Mitra answered customer queries related to available plans, servicing related queries and premium payment enquiries on LIC’s official website.
LIC’s Customer Portal system enhanced the digital experience and the Customer Mobile App now has over 34 lakh users. The insurer's technology backbone also ensured MPIN-based access to mobile applications place for secure ease of use. LIC was also able to beat the business downturn due to the pandemic because it leveraged various leading digital platforms to provide a seamless experience for electronic premium payments, whether it was through Paytm, PhonePe or Google Pay (through BillDesk).
While touching millions of lives with the gospel of insurance, LIC also fulfils considerable social responsibilities and obligations in the corporate sector through participation in numerous nation-building projects. These include investments geared towards industrial and infrastructure growth and projects/schemes for power generation and transmission, the housing sector, water supply and sewerage projects, as well as development of roads, bridges and transport infrastructure.
The LIC Golden Jubilee Foundation Trust works on a variety of projects across the country, including in remote pockets. LIC's approach here is also very unique. Unlike other community development activities which are one-time or in a single cluster, the LIC Golden Jubilee Foundation Trust works in multiple clusters and works round-the-year with long-term nation-building aims in mind.
The strong customer focus and nation-building is backed by one of India's largest service networks with eight zonal offices, 113 divisional offices, 2048 branches, 1526 satellite offices, 74 customer zones, 31556 premium acceptance points, 3354 Life Plus offices, over 1 lakh employees and 13.08 lakh agents. The company also serves customers across the world through branch offices in the UK, Fiji and Mauritius, joint ventures in Bahrain, Nepal, Sri Lanka, Kenya and Bangladesh, and a representative office in Singapore. Other financial services are provided through subsidiaries. Pension services are provided through LIC Pension Fund, housing finance through LIC HFL, mutual fund services through LIC Mutual Fund, credit cards are offered through LIC Cards and financial products are distributed through LIC HFL Financial Services and LIC HFL Care Homes.
LIC's slogan, 'Har Pal Aapke Saath,' Hindi for 'With you every moment of life' is fulfilled through the ‘Yogakshemam Vahamyaham’ philosophy and supported through commitment to customers, innovative products, powerful technology-driven tools and a massive network of support offices and allied business not just in India, but across the world.