Page 36 - Life Insurance Today February 2018

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LIC continues to be in top LIC Mutual Fund's new SIP plan offers option to invest
position in claim settle- with Rs 300 a day
State-owned insurance group LIC (Life Insurance Corporation) has launched a
ments
daily SIP scheme that can be started with an in-
Life Insurance Corporation continues vestment of amount as low as Rs 300 per day.
to maintain its The scheme has been launched to expand LIC's
lead ahead of Systematic Investment Plan portfolio to 30 per
private life cent. Mutual Fund SIP (Systematic Investment
companies in Plan) is a safer way to invest in equity without
paying out even worrying about market conditions. In SIP,
claims with a you can invest a pre-determined amount in mutual funds for a specific time
settlement ra- and get a return.
tio of 98.31%
for FY 2017. Private life insurers also LIC Mutual Fund chief marketing officer Rajesh Patwardhan said the current fi-
have improved their claim settle- nancial year has seen a surge of 56 per cent in mutual funds through SIP invest-
ments. "Mutual Fund SIP is gaining recognition among the investors as it encour-
ment ratio to 93.72% compared to
ages investing in a disciplined manner without worrying about market volatility
91.48% during the previous year.
and timing the market," Patwardhan said. "We believe that while SIP is a better
During 2016-17, private life insurers route to invest in equity, daily SIP will further help in beating the market volatil-
resolved 99.73% of complaints re- ity and benefit our investors from rupee cost averaging," he added.
ported, while LIC resolved 100% of
the complaints - as a result of which LIC not to seek Aadhaar for online access
there were no pending complaints The Life Insurance Corporation of India said it will remove the mandatory re-
of LIC as of March 31, 2017. quirement of providing Aadhaar number for custom-
ers to access their policy pages, saying it was "inadvert-
The statistics are based on com-
plaints registered with the IRDAI's ently done".
Integrated Grievance Management "Subsequent to the migration to a new portal, the LIC
System (IGMS). has planned to extend the range of facilities offered to
our customers online," the executive director said.
IRDAI member (life) Nilesh Sathe said
"Keeping in mind that data security and privacy are of paramount importance
that while claim-settlement ratio had
and also abiding by the regulator's directives, we have sought additional infor-
improved for the industry, com- mation from the customer to establish his online credentials.
plaints had gone down and persis-
tency (renewal) of policies had in- In the process, seeking of Aadhaar number, PAN details mandatorily was inad-
creased. "This is a reflection that mis- vertently done," the official said. The official added that the issue had been
selling has gone down and industry escalated to their technical team and "we will be removing the requirements
players are serious in looking at per- of the mandatory providing of Aadhaar number and PAN". However, the offi-
formance parameters," said Sathe. cial did not specify a date by which this would be done. Many customers had
raised objections regarding this move of LIC on Twitter.

36 February 2018 Life Insurance Today

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