Money & Banking

LIC collects highest-ever premium of ₹1.84-lakh crore in FY21

Our Bureau. Mumbai | Updated on April 20, 2021

LIC headquarters in New Delhi.   -  Bibek Chettri

With 10.11 per cent growth, it achieves the highest-ever first-year premium income of ₹56,406 crore.

 

 

Life Insurance Corporation of India said it has collected the highest-ever premium of ₹1.84-lakh crore in 2020-21, and has paid out ₹1.34-lakh crore as claims to policyholders in the period.

According to Life Insurance Council data, LIC’s first-year premium for March 2021 shot up by 64.7 per cent 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 per cent to ₹1,84,174.57 crore.

“LIC has also procured an impressive 2.1 crore policies, out of which, 46.72 lakh were procured in March alone, with a growth of 298.82 per cent over last year for the corresponding month,” said the state-run life insurer in a statement.

Market share

Its market share stands at 81.04 per cent in terms of number of policies for the month of March and 74.58 per cent for 2020-21.

In the context of first-year premium, LIC’s market share is 64.74 per cent for March and 66.18 per cent for the whole year.

“On the claims front, in spite of severe constraints due to Covid pandemic, LIC settled 2.19 crore maturity claims, money back claims and annuities, amounting to ₹1,16,265.15 crore,” it further said.

During the fiscal year 2020-21, it settled 9.59 lakh death claims amounting to ₹18,137.34 crore.

It said it has achieved its highest-ever first year premium income of ₹56,406 crore under individual assurance business with a 10.11 per cent growth over last year.

LIC said its pension and group schemes vertical also created a new record by clocking its highest-ever new business premium income of ₹1,27,768 crore over a huge base of ₹1,26,749 crore in the previous year.

With the addition of 3,45,469 agents, LIC has a sales force of 13,53,808 agents.

Published on April 20, 2021

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