LIC’s Bumper Earning Despite Lockdown, Company’s Premium Increases by 25.2%

New Delhi : LIC, the country’s largest life insurance company, has achieved good success in terms of new business in FY 2019-20. During the year, the new insurance premium for the first year of this public sector company increased by 25.2 per cent, while the private sector companies achieved an overall growth of 11.64 per cent in this case. With this increase, the market share of Life Insurance Corporation of India 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.

The last fortnight of the month of March in the financial year is very important for the insurance companies in terms of business, but in the last financial year, this fortnight fell due to the lockdown imposed due to the COVID-19 epidemic. Despite this, the Life Insurance Corporation of India (LIC) has achieved a 25.2 per cent increase in the first year’s premium amount from the new insurance policy. 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.