Mumbai:
LIC Pension and Group Schemes Vertical, looking after Group Schemes and Superannuation business of the Corporation created a new record by clocking more than Rs 1 trillion premium Income during the current FY 2019 – 20.
This is first time ever any single vertical of the insurer has crossed such a gigantic premium income figure.LIC P&GS aims to reach more than 1.5 lakh crores New Business Premium Income during the Current Financial Year
Pension and Group Schemes Vertical of LIC provides Employees Retiral Funds’ Management Solution to the Who’s Who of India Inc and has been steadily holding more than 80 per cent market share in new business premium income (NBPI) post opening of the life insurance industry.
The vertical of the corporation manages funds of well over Rs.7 lakh crores managing through approximate 80,000+ Gratuity, Superannuation and Leave Encashment Schemes.