LIC launched Mobile App for agents

Life Insurance Corporation of India (LIC) launched a mobile app called “Ananda mobile app” for its agents and intermediaries in order to onboard the prospective customers.

Key facts

• ANANDA stands for Atma Nirbhar Agents New Business Digital Application.
• ANANDA is the paperless solution for new business processes.
• This digital application will help in onboarding process to get insurance policy by a paperless module with the help of agent or intermediary.
• The app comprises of all distinctive features of the digital app.
• App could be developed as a result of high-level usage of ANANDA module.
• It was built on paperless KYC process by using Aadhaar based e-authentication.
• It provides an easy access to the field force in reaching out the prospective customers by means of latest technology.

Features of ANANDA App

Key features of the app are:

• It was launched for LIC Agent only.
• It will be used for New LIC Policy registration.
• Though this app, only non-medical cases can be passed.
• No Child and ULIP Policy is allowed on it.
• No monthly mode (NACH) LIC policy can be issued.
• Maximum SA has been limited to Rs15 Lakh Only.
• Maximum Premium has been limited to Rs 1 lakh.

Life Insurance Corporation of India (LIC)

LIC is the statutory insurance and investment corporation of India, under the Ministry of Finance. It was established on September 1, 1956 by the Life Insurance of India Act. This act nationalized the insurance industries in India. It had total life fund of Rs 28.3 trillion, as of 2019. During 2018-19, it settled 26 million claims. It currently has 290 million policyholders.

Month: Current Affairs - August, 2021