LIC‘s Growth Story Continues..

by Suman Gupta

Mumbai, February, 2020: Life Insurance Corporation of India (LIC), India’s largest life insurer, continues to better its performance, thereby winning people’s trust  by crossing Rs 1.5 lakh crore New Business Premium first time in its history  and maintaining dominant leadership in this sector.

Individual New Business performance of the Corporation as at January 2020 has shown an impressive growth of 17.48% in its first year premium and 29.42 % in number of policies by posting a figure of Rs. 45,199 Crore and 1,95,85,635 policies respectively.

The Composite Market share in No. of Policies and First Year Premium as at 31^st January 2020 is 77.61% and 70.02% respectively which has increased from 73.54% in No. of Policies and 66.26% in First Year Premium as on 31^st January,2019

LIC’s Pension and Group Schemes Vertical, looking after Group Schemes and Superannuation business of the Corporation, created a new record by clocking more than One Lakh Crore Rupees New Premium Income during the Current Financial Year. P&GS contributed Rs.1,05,566 Crore as New Business Premium Income as against Rs. 66,748 Crore in the previous year corresponding period. The vertical has covered 2.45 crore lives (for 2019-20) under its Social Security Schemes as at 31.01.2020.

During the current FY, LIC has paid 1,42,93,289 Maturity claims amounting to Rs. 69,748 crores as on 31/01/2020. LIC also settled 5,99,881 Death Claims amounting to Rs. 9,866 crores out of which 96.83% Non Early Death Claims were settled within 15 days of intimation.

In order to comply with new IRDAI Regulations, LIC of India has modified the existing products with features such as revised Surrender Value and extension of Revival period from 2 years to 5 years. Further, more optional benefits in the form of Riders, option to take Claim payments in instalments (Settlement Option) are added in most of the products. These modified products are available for sale from 1^st February, 2020.

The Corporation’s Total Income grew to Rs 2, 97,017.28 cr  for the period ending 30.09.2019 from Rs 2,52,149.60 cr as at  the last corresponding period, showing a handsome growth of over 17.79%.

Total Assets of the Corporation stood at Rs 32,25,905.42 cr as at 30.09.2019 as compared to 29,89,276.53 cr for the corresponding period last year thus posting a growth of 7.92% in the six month period.

During the fiscal yr 2018-19, LIC generated the highest ever total Valuation Surplus of Rs. 53214.41 Crore, registering a growth of around 9.9% over the previous year and paid a dividend of Rs. 2610.74  Crore to the Government again highest in the history.

Being the largest insurer in India, LIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders. LIC has a strong online presence and has provided digital platform for new business and servicing operations to both internal and external customers. LIC Customer Portal has 1,33,78,231 users. Premium payments can be made on all available digital channels. The AI driven voice enabled chatbot of LIC  named LIC MITRA was launched on 06^th of January, 2020 on the official website of LIC of India. LIC MITRA is capable of  answering most  queries on LIC’s products and  services such as revival, nomination, assignment, Policy loan, claim procedures and associated forms etc. LIC has implemented Internet based secure Branch Office connectivity solutions to ensure continuous network connectivity for business continuity.