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Business News/ Insurance / News/  LIC collects highest-ever premium of Rs1.84 trillion in FY21
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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

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. (Photo: Mint)Premium
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. (Photo: Mint)

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.

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Published: 20 Apr 2021, 10:50 PM IST
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