Page 11 - Insurance Times Janaury 2021

LIC of India News

LIC launches digital app for higher than the previous record of $84 "Online facility for switching of funds
billion in March 2018. In March 2020, under ULIP policies has been
agents when the markets were at a low, the introduced through LIC's customer
Life Insurance Corporation of India has value of LIC equity holdings had portal for policyholders registered for
launched a digital application for plunged to $55 billion - the lowest in premier services, on policies on their
agents for onboarding to get a life in- six years - data provided by Kotak own life and on the lives of their minor
surance policy. The Digital Application Institutional Equities showed. This was child and children from December 7,
is called "ANANDA", which is an acro- the value of LIC's stake in companies 2020," it said in a statement.
nym for Atma Nirbhar Agents from the BSE200 index, where it held
NewBusiness Digital Application. "The at least one per cent. The BSE 200 The facility is available for LIC's New
Digital application is a tool for the universe accounts for 84 per cent of Endowment Plus (Plan 935), LIC's
onboarding process to get the life India's total market capitalisation. Nivesh Plus (Plan 849) and LIC's SIIP
insurance policy through a paperless During the first half of 2020-21, the (Plan 852), the three plans currently
module with the help of the agent or being sold.
value of LIC's holding surged by 40 per
intermediary," LIC said in a statement, cent, or $22 billion (Rs. 1.63 trillion) to "This facility of online switching of funds
adding that it is built on paperless KYC
$77 billion (Rs. 5.7 trilion). This was on is free of cost and no charges are
process using Aadhaar-based e- account of both application in the price required to be paid for availing this
authentication of the life proposed.
of underlying securities and incremen- facility," it said, adding that only one
tal investments by the state-owned switch is allowed per day per policy
LIC's equity portfolio value firm. The BSE 200 index gained just 9 through an OTP based Authentication

touches an all-time high of per cent during the three months system.
ended September 2020.
$86 bn Further, the life insurance behemoth
The value of equity holdings of LIC has LIC launches digital has also extended the bi-lingual
customer care through call centre
climbed to record levels. At the end of initiatives, online switching
the September quarter, the insurance support to regional content and the
behemoth's holding in companies from of funds under ULIP services are now available in Marathi,
the top 200 universe stood at $77 policies Tamil and Bengali as well.
billion. Moving to digital initiatives for It also has a conversational Artificial
Since then, the market has climbed improved customer servicing in the Intelligence/Machine Learning
another 12 per cent. Assuming that ongoing pandemic, LIC said it has enabled bi-lingual Chatbot, LIC MITRA
the value of LIC's holding has risen in introduced an online facility for on its website. The Chatbot has
line with the markets, its portfolio size switching of funds under unit-linked answered 1.2 crore queries since its
today could be around $86 billion, policies. launch in January this year. T

The Insurance Times, January 2021 11