Life Insurance Corporation of India’s resilient and quick response in meeting the expectations of the market and the people has brought it exemplary results in the current financial year.
In the half year of 2020-21, LIC has achieved more than Rs 25000 crore in first year premium income in Individual New Business performance as on September 30, 2020 as compared to Rs 24867.70 crore as on Sept 30 last year. Under its Jeevan Shanti plan, LIC collected Rs 11456.41 crore as first year premium as on Sept 30, 2020. ULIP Business of LIC is also doing well this year.
As on Sept 30, 2020 the company sold 16844 policies with a premium of Rs 128.63 crore as compared to 12940 policies sold during the same period last year.
LIC Pension and Group Schemes Vertical collected Rs 62,112.27 crore as Group Schemes New Business Premium Income as on Sept 30, 2020.
The corporation’s composite market share in number of policies and first year premium is 67.82 per cent and 70.57 per cent respectively for Q2.
It has also declared a bonus of more than Rs 51,000 crore for its policyholders.
Due to heightened awareness about need of risk cover the policy surrenders have reduced drastically.
The company had invested more than Rs 2,60,000 crore this year in debt and equity (as on Sept 30 as compared to Rs 244931 crore invested last year during the same period. It has already booked more than Rs 15000 crore as profits in the capital market this fiscal so far.