New Delhi: Despite the distress caused by Covid-19, Life Insurance Corporation of India (LIC), India’s largest life insurer, continues to better its performance. In the just concluded financial year 2019-20, LIC has achieved its highest number of policies for the last six years.
Individual New Business performance of the Corporation as at March 2020 has shown impressive figures of 2.19 crores in number of policies and Rs 51,227 crores in first year premium income.
While ensuring growth in Number and Premium both, in spite of the truncation of the most productive fortnight of the year, the Corporation has achieved a healthy business mix. It collected Single premium of Rs 21,967 crores and Non-Single premium of Rs 29260 crores , the ratio being 42.88 for single premium and 57.12 for non-single premium.
LIC Pension and Group Schemes Vertical created a new record by clocking more than One Trillion Rupees Premium Income during the Financial Year 2019 – 20. LIC collected Rs 126,749 Crores as Group Schemes New Business Premium Income as against Rs 91,179 crores in the previous year with a growth rate of 39.01% and a market share of 80.54% as compared to 77.94% last year.
Overall, LIC has achieved an impressive growth rate of 25.17% in first year new business premium as compared to private players who have collectively achieved a premium growth rate of 11.64.%.