LIC collects Rs 1.84 trillion new premium

GUWAHATI: LIC continues its impressive new business performance despite a highly challenging business environment due to the corona 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 crores 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 lakhs 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 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 crores over a huge base of Rs 1,26,749 crores 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, stated a press release.

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