LIC earns highest ever premium in FY21

Hyderabad: LIC has closed its last fiscal with a new business premium of Rs 1.84 lakh crore as per provisional figures. The insurer also paid Rs. 1.34 lakh crore as claims to policyholders.

LIC said that it has achieve its highest ever first year premium income of Rs.56,406 crore under individual assurance business with a 10.11 per cent growth over last year and 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 per cent over last year for the corresponding month.

The market share garnered by LIC comes to 81.04 per cent in number of policies for the month of March 2021 and 74.58 per cent for the year. For first year premium, the market share is 64.74 per cent for March and 66.18 per cent 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. 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.