LIC collects highest ever new premium worth `1.84 lakh cr
Mumbai: India's largest life insurer, LIC, continues its impressive New Business performance despite a highly challenging Business environment due to the Corona pandemic for the entire previous year.
In the just concluded financial year 2020-21, LIC has achieved its highest ever First Year Premium Income of Rs 56,406 crore under Individual Assurance Business with a 10.11 per cent growth over last year. LIC has also procured an impressive 2.10 crore policies, out of which 46.72 lakhs were procured in the month of March alone, with a growth of 298.82 per cent over last year for the corresponding month.
The Market Share garnered by LIC comes to 81.04 per cent in number of Policies for the month of March 2021 and 74.58 per cent for the year. For First Year Premium, the Market share is 64.74 per cent for March and 66.18 per cent for the whole year.
LIC's Pension and Group Schemes Vertical also created a new record by clocking its highest ever New Business Premium Income of Rs 1,27,768 crore over a huge base of Rs 1,26,749 crore in the previous year. Number of new Schemes is also a new record of 31,795.
With the addition of 3,45,469 agents, the Corporation now has a strong sales force of 13,53,808 agents. This year LIC has created 16,564 MDRT qualifiers, the highest ever. Also, the Corporation has created 26,997 Centurion agents.
LIC's B&AC channel has procured 2,46,910 policies & 1862.73 crore premium in 2020-21, with a growth of 0.58 per cent and 23.46 per cent respectively.
LIC has come back strongly into the ULIP arena with its two new products SIIP and Nivesh Plus, completing more than 90,000 policies and garnering more than Rs 800 crore premium in the process. The product NAV, portfolio and switching options are now available online.
On the Claims front, inspite of severe constraints due to Covid pandemic, LIC settled 2.19 crore Maturity claims, Money Back Claims and Annuities,amounting to Rs 1,16,265.15 crore. During the FY 2020-21, the Corporation settled 9.59 lakh Death claims amounting to Rs 18,137.34 crore. Annuity payments due in March 2021 have also been settled on due dates.
