LIC receives highest premium ever of Rs 1.84 trillion in FY21
MUMBAI : India’s largest life insurer Life Insurance Corporation of India or LIC said it collected highest premium ever ₹1.84 trillion for the fiscal year ending March 2021, according to provisional figures.
LIC continued to perform in new business despite a very difficult business environment due to the covid-19 pandemic for the entire previous year and paid 1.34 trillion rupees as policyholder claims.
According to data from the Life Insurance Council, the first year premium for March 2021 increased by 64.7% to ₹28,105.92 crore compared to ₹17,066.57 crore in March 2020. His premium for the whole year 2020-21 increased by 3.5% to ₹1.84 trillion.
“LIC has also purchased impressive policies of 2.10 crore, of which 46.72 lakhs were purchased in the month of March alone, with growth of 298.82% over last year for the corresponding month” the state-run life insurer said in a statement.
In fiscal year 2020-2021, he settled 9.59 lakh death claims for an amount of ₹18,137.34 crores. Annuity payments due in March 2021 have also been settled on the due dates.
Its market share was 81.04% in number of policies for the month of March 2021 and 74.58% for the year. For the first year bonus, the market share was 64.74% in March and 66.18% for the whole year.
In the fiscal year 2020-21 which has just ended, LIC achieved its highest premium turnover of Rs 56,406 crores on record for the first year in the individual insurance business with a growth of 10.11% compared to last year.
Its retirement and collective retirement activity has garnered a record ₹1.28 trillion in new business premium income compared to ₹1.27 trillion the year before.
“On the claims front, despite the severe constraints due to the covid-19 pandemic, LIC paid 2.19 crore in claims at maturity, reimbursement and annuities, or an amount of ₹$ 1.16 trillion, ”he added.
With the addition of 3,459,469 agents, LIC has a strong sales force of 13.53,808 agents and has created 26,997 centurion agents.