LIC continues its impressive new business performance despite the highly challenging environment due to the pandemic. In the just concluded financial year 2020-21, the company has achieved its highest ever First Year Premium Income of Rs 56,406 crores under Individual Assurance Business with a 10.11 per cent growth over last year. It has also procured an impressive 2.10 crore policies, out of which 46.72 lakh were procured in the month of March alone, with a growth of 298.82 per cent over last year for the corresponding month.
The market share garnered by the company comes to 81.04 per cent in number of policies for the month of March 2021 and 74.58 per cent for the year. For First Year Premium, the market share is 64.74 per cent for March and 66.18 per cent for the whole year.
LIC’s Pension and Group Schemes Vertical also created a new record by clocking its highest ever new business premium income of Rs 1,27,768 crore over a huge base of Rs 1,26,749 crore in the previous year. With the addition of 3,45,469 agents, the corporation now has a strong sales force of 13,53,808 agents. This year, LIC has created 16,564 MDRT qualifiers, the highest ever. Also, the corporation has created 26,997 centurion agents. LIC’s B&AC channel has procured 2,46,910 policies and 1862.73 crore premium in 2020-21 with a growth of 0.58 per cent and 23.46 per cent respectively.
LIC has come back strongly into the ULIP arena with its two new products — SIIP and Nivesh Plus — completing more than 90,000 policies and garnering more than Rs 800 crore premium in the process.
The corporation has adopted various digital initiatives in its continuous endeavour to improve the customer experience. Payment of renewal premium, repayment of loan and loan interest can be done online through internet banking, credit or debit cards, UPI, Paytm, PhonePe, Google Pay, Amazon Pay, Mobikwik etc. All payment channels are free of charge for customers. Premium payment can also be done through NACH, direct debit etc. LIC has also provided online options for applying for loan, address change, NEFT mandate registration, updating details of PAN etc. In addition to physical policy bonds, without any extra cost, e-policies are also being sent to customers who have provided their email ID. Through a mobile application LICdocQ app, the company has introduced a revival facility, which allows revival from satellite offices also.
