LIC eyes sale of 25 mn individual policies, Rs 55k cr in premiums for FY20

State-run life insurer LIC is hopeful of crossing its fiscal target of selling over 25 million individual policies and a premium collection of more than Rs 55,000 crore before March 31, 2020.

This is 17 per cent growth in terms of number of individual policies sold compared to the number of policies sold in FY19.

"We have created a new record by selling 2,17,00,000 individual policies and a premium collection ofRs 50,500 crore as on March 21, 2020," the Life Insurance Corporation (LIC) said.

The life insurer said it is confident of crossing its target of 25 million individual policies well before March-end.

In the previous fiscal, the corporation had sold 2,14,03,905 individual policies.

Typically, March is considered an important month for insurance companies when they witness maximum sale of policies.

In the group insurance policies, LIC has collected a premium of Rs 1.15 trillion, so far, against a target of Rs 60,000 crore it had set in the beginning of the year.

As of end February 2020, the new business performance of LICshowed an impressive growth of 12.85 per cent in its first-year premium income and 21.84 per cent in number of policies.