New business (first-year premium) contributed to the 3.5 per cent growth with a collection of Rs 1.8 lakh crore premium from 2.1 crore new policies, according to a report by TOI.
Assets also increased with pension and superannuation collecting Rs 1.3 lakh crore as new business premium. The corporation also settled 2.3 crore lakh claims amounting to Rs.1.5 lakh crore.
Digital channels were used for 75 per cent of payments of the total renewal premium. This was a rise from FY20 where premium collection through the alternate channel was 61.9% in policies and 54.8% in volume out of the total renewal premium collection of LIC.
LIC is the country’s biggest life insurer and is expected to make its Initial Public Offering later this year. As reported by ET, the government may put a cap on overseas investment at 20 per cent, for the same. The IPO is pegged at about Rs 1 lakh crore.