New premium business of LIC rises 25% in FY20, market share up 1.2%

Life Insurance Corporation (LIC) on Monday reported 25 per cent growth in new business premium in FY20, which is higher than the growth reported by the private insurers. The national insurer’s performance has propelled the industry’s growth in new business premium for FY20 to 20 per cent.
 

LIC’s composite market share in terms of number of policies and the first-year premium stood at 75.9 per cent and 68.74 per cent, respectively, recording a respective increase of 1.19 per cent and 2.5 per cent, LIC said.

In FY20, LIC said, the number of policies it sold was the highest in the last six years. Moreover, as of March 2020, it has settled 20.3 million maturity and money back claims and annuities. It has also settled 750,000 death claims.

Annuity payments due in March and April have also been settled on due dates.  In FY20, premiums from LIC’s pension and group schemes clocked Rs 1-trillion-mark.