The insurer also paid 1.34 trillion rupees as last year’s claims.
According to LIC, he earned a new business or freshman bonus of around Rs 1.84 trillion in the past fiscal year, up from Rs 1.77 trillion the year before.
LIC said it had earned around Rs 564 billion in fresh premiums or new business premiums over the past fiscal year, selling around 2.10 crore in policies for a 66.18 percent market share.
The insurer earned around 1.27 trillion rupees last year from pension and group insurance plans.
However, LIC is silent on the total earned premium – new business plus renewal premium – for last year.
Last year, LIC added 345,469 agents, bringing the total to around 13.53 lakh agents.
On the claims front, LIC last year paid around 1.34 trillion rupees.
The company has settled about 2.19 crore in maturity claims, refund policy claims and annuities, amounting to approximately 1.16 trillion rupees.
LIC also settled around 9.59 lakh death claims amounting to around Rs 181 billion. Annuity payments due in March 2021 have also been settled on the due dates.
vj / rs
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
Business Standard has always strived to provide up-to-date information and commentary on developments that are of interest to you and which have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times stemming from Covid-19, we continue to remain committed to keeping you informed and up to date with credible news, authoritative opinions and cutting-edge commentary on relevant current issues. However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with higher quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscribing to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.
Support quality journalism and subscribe to Business Standard.