Life Insurance Corporation of India (LIC of India)’s New Business efficiency reported a 25.17 % growth in its first 12 months premium by posting a highest-ever determine of Rs 1,77,977.07 crore for the 12 months ended March 2020, the corporate has mentioned in assertion.
The firm’s Pension and Group Superannuation Business confirmed a growth of 39.46% and crossed one lac crore in the identical interval, gathering Rs 1,26,696.21 cr as New Business Premium Income as in opposition to Rs 90848.86 cr within the earlier 12 months corresponding interval.
A growth of 12.42 % within the nation’s largest life insurer’s complete premium revenue netted LIC Rs 3,79,062.56 cr of Total Premium Income as at March finish 2020 in comparison with Rs 3,37,185.40 cr collected through the corresponding interval final 12 months.
Total coverage payouts amounted to Rs 2,54,222.27 cr for the interval ending 31.3.2020 as in comparison with Rs 2,50,936.23 cr for the corresponding interval final 12 months, exhibiting a rise of 1.31%.
Overall, LIC’s gross complete revenue grew 9.83 % at Rs 6, 15,882.94 cr for the interval ended March 2020, up from Rs 5, 60,784.39 cr as on the final corresponding interval.
The insurance coverage firm posted a growth of over 2.71 % when it comes to its complete belongings which stood at Rs 31,96,214.81 cr as in comparison with Rs 31,11,847.28 cr for the corresponding interval final 12 months.
Reaching out to its prospects , LIC waived comfort charge on all policy-related digital transactions utilizing bank cards w.e.f December 1, 2019 and the power might be out there until November 30, 2020.
It additionally ensured that every one digital channels had been out there 24X7 for the fee of premium through the Covid-19 lockdown interval.
LIC took each attainable step to make sure that folks keep coated by insurance coverage throughout pandemic. For assortment of premium all Digital channels had been out there 24X7 through the lockdown interval.
The firm dominated the insurance coverage sector with a market share of 75.90% in insurance policies and 68.74 % in first 12 months premium for the 12 months ended March 2020.