PANAJI
India’s largest life insurer, LIC, continues its impressive New Business performance despite a highly challenging business environment due to the pandemic for the entire previous year.
In the just-concluded financial year 2020-21, LIC has achieved its highest-ever first-year premium income of Rs 56,406 crore under Individual Assurance Business with a 10.11% growth over last year. LIC 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% over last year for the corresponding month.
The Market Share garnered by LIC comes to 81.04% in the number of policies for the month of March 2021 and 74.58% for the year. For first year premium, the market share is 64.74% for March and 66.18% 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. The number of new schemes is also a new record of 31,795.
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 crores premium in 2020-21, with a growth of 0.58% & 23.46%, respectively.
