LIC registers 27.22% growth

Kolkata: Life Insurance Corporation of India (LIC) has registered a growth of 27.22 per cent in new business in terms of the first year premium.

Stating that they are confident of reaching the target in the current fiscal, the zonal manager K S Nagnyal said: "The premium collection of the eastern zone in the second quarter that is going to end in September crossed 39 per cent of the 40 per cent target."

It has been stated that the total first year premium amounted to 124396.27 crore at the end of the 2016-17 fiscal capturing around 71 per cent of the market share.

The premium income collection of the current fiscal is Rs 5875 crore. The premium income collection in 2016-17 was 55 per cent more than the preceding financial year for the eastern zone.

It had a collection of premium income of Rs 33,100 crore and it includes Rs 5868 crore as first premium income. There were 23 plans for sale under individual business at the end of the 2016-17 fiscal.

Moreover, 215.58 lakh claims amounting to Rs 1,12,700.41 crore has been settled in 2016-17 fiscal. This comes with the success of settlement of 98.34 per cent maturity claims and 99.63 per cent of death claims in the same fiscal.