Excelsior Correspondent
NEW DELHI, Apr 27: Despite country wide lockdown due to Covid-19 and business distress all over, Life Insurance Corporation of India, country’s largest life insurer, continues to perform better and has registered an over all business growth of 25.17 per cent.
A spokesman of the company (LIC) disclosed that in the just concluded Financial Year 2019-20, the LIC has achieved its highest number of policies for the last six years. Individual new business performance of the Corporation as on March 31, 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, the corporation has achieved a healthy business mix. It 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.
He said the LIC Pension and Group Schemes vertical created a new record by clocking more than one trillion rupees premium income during the Financial Year 2019– 20. LIC collected Rs 126,749 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% as compared to 77.94% last year.
Overall, the LIC has achieved an impressive growth rate of 25.17% in first year new business premium as compared to private players who have collectively achieved a premium growth rate of 11.64.%. The industry’s positive growth in policies is also due to LIC’s superlative performance. The Corporation’s composite market share in number of policies and first year premium as on March 31, 2020 is 75. 90% and 68.74% respectively which is an increase of 1.19% in number of policies and 2.50% in first year premium.
The spokesman added that in spite of severe constraints of lockdown, up to March 31, 2020, 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.
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