LIC shows stertling performance amid COVID-19 lockdown

GUWAHATI: Life Insurance Corporation of India continues to give outstanding performance even in times of business distress. LIC's resilient and quick response in meeting the expectations of the market and the people of the nation has brought it exemplary results in the current financial year.

In the just concluded half year 2020-21, LIC has achieved more than Rs 25000 crore in first year premium income in Individual New Business performance as at September 30, 2020 as compared to Rs 24867.70 crore as on Sept 30, 2019.

Under its Jeevan Shanti plan, LIC collected Rs 11456.41 crore as first year premium as at Sept 30, 2020. ULIP Business of LIC is also doing very well this year. LIC sold 16844 policies with a premium of Rs 128.63 crore as compared to 12940 policies sold during the same period last year for first year premium of Rs 24.24 crore showing a growth rate of more than 500% in premium.

LIC Pension and Group Schemes Vertical collected Rs 62,112.27 Crore as Group Schemes New Business Premium Income. The Corporation's Composite Market Share in no. of policies and First Year Premium is 67.82% and 70.57% respectively for Q2 . On the claims front also, inspite of severe constraints of lockdown, LIC settled more than 82 lakhs claims amounting to more than Rs 48000 crore. It has also declared a bonus of more than Rs 51000 crore for its policyholders, stated a press release.

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