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Saturday, February 4, 2023

LIC Triggers 300% Growth In 12 Months; Collects Rs 1.84 Lakh Crore Premium, Their Highest Ever!

LIC declared on Tuesday that it has collected Rs 1.84 lakh crore as of March 31, 2021, making it the highest ever new business premium collection.

Growth In Market Share
The market share of India’s largest insurance company is 81.04% in terms of numbers of policies for March 2021.

The figure stands at 74.58% for the full year.

LIC earned Rs 56,406 crore of first year premium income during fiscal 2020-21. The figure reflects a growth of 10.11% over what it was in FY20.

Its market share in the first year premium is at 64.74% for March.

The figure stands at 66.18% for the full fiscal.

Record Number Of Schemes Sold
A total of 2.10 crore policies were procured by LIC from which 46.72 lakh were procured in March, a growth of 298.82 per cent over the previous year.

Its pension and group schemes vertical clocked in Rs 1.27 lakh crore of new business premium income, setting a new record.

31,795 was the new record set with regards to the quantity of new schemes sold.

Workforce Is Growing Stronger
LIC also added 3,45,469 agents to its workforce which is now 13,53,808 agents strong.

In what is LIC’s highest ever figure it has created 16,564 MDRT (Million Dollar Round Table) qualifiers, meaning agents that have crossed the $ 1 million mark in a calendar year of insurance business procured.

26,997 centurion agents were inducted in the year.

2, 46,910 policies (growth of 0.58%) were procured along with Rs 1,862.73 crore (growth of 23.46%) premium in 2020-21 via the corporation’s B&AC (bancassurance & alternate) channel.

Moving over to claims, despite obstacles put forth by the ongoing pandemic, 2.19 crore maturity claims, money back claims and annuities were settled.

The settlements all amounted to Rs 1.16 lakh crore.

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