LIC gets bumper earnings despite lockdown, 25.2% increase in income from new policy

Mumbai: The income from the new policy of LIC has seen a very good increase of 25.2 percent in the financial year 2019-20. LIC has achieved this impressive growth despite the fact that Kovid-19 pandemic did not generate encouraging business in the last fortnight of the financial year. With this increase, the market share of Life Insurance Corporation of India (LIC) has also increased. In terms of the number of policies, the share of LIC has increased by 1.19 per cent to 75.90 per cent.

At the same time, in the context of the new policy, the market share of LIC has increased by 2.50 percent to 68.74 percent. In the financial year 2019-20, a new policy of private insurance companies registered an increase of 11.64 per cent in income. 

LIC has performed the best in the last six years in terms of sales of the new policy. The company sold 2.19 crore new policies in the financial year 2019-20. At the same time, the company’s income from the premium of new policies increased to Rs 51,227 crore. LIC has stated that it has achieved these figures despite losing the most productive fortnight of the financial year.  

LIC has stated that the insurance corporation disposed of 2.03 crore maturity and money back claims and annuity during the financial year despite several challenges due to the lockdown. Life Insurance Corporation of India also disposed of 7.50 lakh death claims during the period under review.