Mumbai, Jan 03:
The “Pension and Group Schemes Vertical'' of the IPO bound Life Insurance Corporation(LIC) looking after its group Schemes and superannuation business created a record by clocking a premium income of Rs 1 trillion during the first 10 months of the current financial year 2020 – 2021.
This is first time ever any single vertical of the life insurnace behemoth has crossed such a gigantic premium income figure successively for two years.
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 around 80 per cent market share in new business premium post opening of the life insurance industry.
This phenomenal performance holds great Significance since it came amidst mounting challenges and multiplying complexities owing to Pandemic fuelled economic headwinds, said LIC.
This vertical of the corporation manages funds of over Rs.7 lakh crores – through approximate 80,000+ gratuity, superannuation and leave encashment schemes.