Amid Pandemic, LIC Made New Biz Premium Worth Rs.1.84 Tn Last Fiscal

Insurance giants, Life Insurance Corporation of India (LIC) has closed last fiscal with a new business premium or first year premium of ₹1.84 trillion, claims the company.

Furthermore, the insurer has also paid ₹1.34 trillion states the firm. LIC claims that it has earned a new business or first year premium of close to ₹1.84 trillion last fiscal up from about ₹1.77 trillion earned the previous year.

However, it states that it had earned nearly ₹564 billion of fresh premium or new business premium last fiscal selling that makes 2.10 crore policies commanding a market share of 66.18 percent.

The insurer has made around ₹1.27 trillion under pension and group insurance schemes last year.

But, LIC is silent on the total premium earned - new business plus renewal premium- for last year.Last year LIC added 345,469 agents, taking the total to about 13.53 lakh agents. On the claims front, last year the company paid out about ₹1.34 trillion.

LIC settled about 2.19 crore maturity claims, money back policy claims and annuities, amounting to about ₹1.16 trillion.
The firm also settled about 9.59 lakh death claims amounting to about ₹181 billion. Annuity payments due in March 2021 have also been settled on due dates.