Life insurance giant LIC earns Rs 1.84 trillion in new premium in FY21


One of the life insurance giants in Asia,

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.

–IANS

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.)

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