Despite the Covid crisis, the LIC of India is doing well in the current financial year. In the just concluded half year 2020-21, LIC has garnered more than Rs 25,000 crore as first year premium income in Individual New Business performance as on 30 Sept 2020 as compared to Rs 24867.70 crore as on 30 Sept.2019.
Under its Jeevan Shanti plan, LIC collected Rs 11,456 crore as first year premium. LIC Pension and Group Schemes vertical collected Rs 62,112 crore. The Corporation’s composite market share in number of policies and first year premium is 67.82% and 70.57% respectively for Q2. It has also declared a bonus of more than Rs 51,000 crore for its policyholders.
LIC, a contrarian investor, took every available opportunity in the market investing more than Rs 2,60,000 crore this year in Debt and Equity (as at 30.09.2020) as compared to Rs 2,44,931 crore invested last year during the same period. It has already booked more than Rs 15,000 crore as profits in the capital market this fiscal so far. With current trends, LIC is expected to do exceptionally well in the financial year 2020-21.