LIC collects highest-ever premium of Rs1.84 trillion in FY21
LIC continued its performance in new business, despite a highly challenging business environment due to the covid-19 pandemic for the entire previous year and paid Rs1.34 trillion as claims to policyholders
MUMBAI : India's largest life insurer Life Insurance Corporation of India or LIC said it has collected highest ever first year premium of ₹1.84 trillion for fiscal year ending March 2021, as per provisional figures.
LIC continued its performance in new business, despite a highly challenging business environment due to the covid-19 pandemic for the entire previous year and paid Rs.1.34 trillion as claims to policyholders.
According to Life Insurance Council data, first-year premium for March 2021 rose 64.7% to ₹28,105.92 crore compared to ₹17,066.57 crore in March 2020. Its premium for the full year 2020-21 increased by 3.5% to ₹1.84 trillion.
"LIC also procured an impressive 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" said the state-run life insurer in a release.
During the FY 2020-21, it settled 9.59 lakh death claims amounting to ₹18,137.34 crores. Annuity payments due in March 2021 have also been settled on due dates.
Its market share stood at 81.04% in number of policies for the month of March 2021 and 74.58% for the year. For first year premium, the market share was 64.74% in March and 66.18% for the whole year.
In the just concluded financial year 2020-21, LIC has 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.
Its pension and group superannuation business collected a record ₹1.28 trillion as new business premium income as against ₹1.27 trillion in the previous year.
“On the claims front, in spite of severe constraints due to covid-19 pandemic, LIC settled 2.19 crore maturity claims, money back claims and annuities, amounting to ₹1.16 trillion," it further said.
With the addition of 3,45,469 agents, LIC has a strong sales force of 13,53,808 agents and has created 26,997 centurion agents.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!