The Life Insurance Corporation of India (LIC) celebrates its 65th Anniversary on this 1st September 2021. On this special occasion, a small ceremony took place at the LIC Centre in Port-Louis with the presence of special guests, namely the Minister of Finance, Economic Planning and Development, Dr. Renganaden Padayachy; the Minister of Financial Services and Good Governance, Mahen Kumar Seeruttun; the High Commissioner of India, H. E., Mrs Nandini Singla and the Chief Executive of the Financial Services Commission, Mr Dhanesswurnath Thakoor.
The event started with the auspicious lamp lighting ceremony by all guests followed by the welcome speech given by Mr Anil Kumar, the Chief Manager of the LIC in Mauritius. In his speech, he spoke about the foundation of the LIC and its history.
With the headquarters in India, the mauritian branch of the LIC was formed by the merger of five Indian based private companies. Established on the 1st September 1956, the LIC is celebrating 65 years in the Insurance Sector. Being a global Life Insurance company, it operates in over 14 countries in Asia, Europe, Africa and Oceania (Pacific). Fully owned by the Government of India, the company was set up in 1956 by an Act of the Indian Parliament. Known to be the largest life insurer in the world in terms of the number of customers, the LIC covers more than 300 million clients worldwide. It should also be noted that LIC’s global assets has an estimation of US$ 447 billion and offers its services through more than 1,14,498 employees and more than 1.21 million agents.
Despite severe constraints due to Covid-19, LIC has settled more than 21.59 million number of claims, which is an average of 2 claims every 3 seconds, round the clock which is why the LIC’s claim settlement operation has always been considered as a landmark performance.
The total assets of the corporation in Mauritius is worth around MUR 4.58 billion. The customer service has always been a priority in all its operations and has settled claims amounting to MUR 485.24 million during 2020-21, which translates to a claim settlement of around MUR 2 million every working day.
LIC Mauritius puts lot of emphasis on its social responsibilities and contributes to the Mauritian society through CSR activities, with MUR 4.4 million in 2020-21 and about Rs 23.5 million in last five years. LIC’s motto has always been “People’s money for people’s welfare”. Through its presence in Mauritius, LIC has been investing its funds and has immensely been contributing to the nation’s building activities and infrastructural development of the country by investing predominantly in long term Government bonds. LIC Mauritius has already invested more than Rs. 3.5 billion in GoM bonds.
On his side, Mr. Thakoor congratulated the LIC for its 65 years of continuous working and achievements, and which surely calls for some celebrations. He also mentioned the fact about how the Insurance sector contributes approximately 2.6% in the development and growth of the country for the current year and around 2.8% in previous years. Ranked among the top insurance in Mauritius, the LIC is prone to explore new avenues in the future. Giving a forecast of 5.1% growth in the sector, FSC prioritize the Commitment, Innovation and Growth among others. The FSC is considering the Insurance sector as a medium after visiting 21 Insurance companies where a wide improvement has been noticed. The FSC is also coming up with guidelines for the setup of an insurance company, Insurance rappers, guidelines of stress testing to meet all requirements needed for an insurance company.
Considering herself to be an ‘LIC’ girl, H. E. Mrs Nandini Singla said that this event is the most special event she has taken part in ever since she has been posted in Mauritius. The LIC is close to her heart as her father worked for 35 years in the company and she grew up singing the Company’s rhythm. She also mentioned that the LIC is a good ambassador of India in Mauritius in the growth and development of the country with an investment of MUR 24 Billion, which comes around 35% of the surplus given back. She also mentioned that the LIC grew by 22% despite the pandemic of COVID-19.
Mahen Seeruttun said that the LIC is an Integrate part of our economy. It has a major contribution in the development of Mauritius with the various investments made by the company. It is one of the very first Insurance companies to grant its customers with a policy of Life Insurance protecting their life and their families allowing them to sleep peacefully every night. He also mentioned that the LIC plays an important role in the relationship that exists between Mauritius and India. Leading in the consumer education process and enhancing the employment sector, the LIC is contributing a lot in the growth of the country.
Started days back before our Independence, the LIC has been investing solely in Mauritius in terms of assets as mentioned by Dr. Renganaden Padayachy. He also talked about the special relationship that Mauritius and India have being part of a distinctive partnership, which contributes to the development of the Country. He emphasized about how the Prime Minister of India and Mauritius are working hand in hand to strengthen the relationship between both countries. ‘Our Relationship travels from the past and looks forward…’ were the words of the finance minister when he speaks about the special place that holds the socio-economic partnership of both countries. Holding home to more than 300 Indian Companies contributing into the economy including the LIC.
The ceremony ended with honoring employees and agents closing with a vote of thanks and cake cutting.