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LIC collects highest ever new premium at Rs 1.84 lakh crore

Even as the COVID-19 pandemic rages on, India’s largest life insurer, Life Insurance Corporation collected its highest ever new business premium at Rs 1.84 lakh crore. It also paid out claims worth Rs 1.34 lakh crore to policyholders.

The insurer grabbed 81% shares of the total policies in March and more than 74% for the full year. In the fiscal year gone by, LIC achieved its highest ever First Year Premium Income of Rs.56,406 crores under Individual Assurance Business with a 10.11% growth over last year.

LIC has also booked 2.10 crore policies, out of which 46.72 lakhs were procured in the month of March alone, with a growth of 298.82% over last year for the corresponding month.

“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 1.17 lakh crore,” the insurer said in a press release. “The Corporation settled 9.59 lakh death claims amounting to Rs 18,137.34 crores.”

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