Mumbai:
The IPO bound Life Insurance Corporation, India’s largest life insurer, has achieved its highest number of policies for the last six years in 2019-20. Individual New Business performance of the corporation as at March 2020 has shown impressive figures of 2.19 crores in number of policies and Rs 51,227 crores in first year premium income.
While ensuring growth in number and premium both, inspite of the truncation of the most productive fortnight of the year, the corporation has achieved a healthy business mix, said the LIC.
On the claims front also,inspite of severe constraints of lockdown, March, 31,20, the LIC settled 2.03 crore maturity and money back claims and annuities. It also settled 7.50 lakhs of death claims. Annuity payments due in March 2020 and April 2020 have also been settled on due dates.
The corporation collected single premium of Rs 21,967 crores and non single premium of Rs 29,260 crores,the ratio being 42.88 for single premium and 57.12 for non single premium.
LIC Pension and Group Schemes(P&GS) vertical created a new record by clocking more than One lakh crore premium income during the FY 2019 – 20.
LIC collected Rs126,749 crores as Group Schemes new Business Premium Income as against Rs 91,179 crores in the previous year with a growth rate of 39.01% and a market share of 80.54 per cent as compared to 77.94 per cent last year.
Overall,LIC has achieved an impressive growth rate of 25.17 per cent in first year new business premium as compared to private players who have collectively achieved a premium growth rate of 11.64 per cent.
The industry’s positive growth in policies is also due to LIC’s superlative performance.
The corporation’s composite market share in no. of policies and first year premium as at 31st March 2020 is 75.90 per cent and 68.74 per cent respectively which is an increase of 1.19 per cent in No. of Policies and 2.50 per cent in First Year Premium.