'LIC has registered a significant increase in market share'
New Delhi: Anoop Kumar, Zonal Manager, North Zone, Life Insurance Corporation of India addressed a Press Conference in New Delhi on December 27, 2019.
While addressing the Conference Anoop Kumar, Zonal Manager said that LIC has registered a significant increase in market share in the current financial year. LIC's market share during November, 2019 is 84.82% in number of policies and 71.59% in first year premium income.
During November'19 LIC has registered a growth of 138% in no. of policies sold as against the industry growth of 102% and private players' growth at 9%. First year premium income growth for November'2019 is 97% as against the industry growth of 76% and 39% in respect of private players. During the financial year, upto November' 2019 market share of LIC, in no. of policies stands at 76.28% which has increased from 74.41% as at March' 2019. In respect of First Year Premium Income the market share of LIC is 71.10% up from 66.24% in March'2019.
Anoop Kumar, Zonal Manager informed that LIC's North Zone comprises of States of Delhi, Haryana, Punjab, Rajasthan, Himachal Pradesh, J&K and Leh and as on 15th December 2019 the Zone has sold over 20,55,077 policies and collected First Year Premium Income of Rs.4657.10 Crores. He said, LIC is aware that creating awareness and emphasizing the importance of insurance among millennials is an opportunity as well as challenge. LIC's trustworthiness, reliability and high servicing benchmarks have resulted in having more than 44% share of the total policies sold to the millennials.
LIC has recruited more than one lac new Agents with focus on adding millennial Agents during the year. Agencies