Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for the year ended March 2020.
New Business performance by the Corporation for the year ending March 2020 has shown a growth of 25.17 % in its first year premium by posting a highest ever figure of Rs 1,77,977.07 cr.
Pension & Group Superannuation Business created history, crossing one lac crore
and collected Rs 1,26,696.21 cr as New Business Premium Income as against Rs 90848.86 cr in the previous year corresponding period showing a growth of 39.46%.
The Corporation as at March end 2020 collected Rs 3,79,062.56 cr of Total Premium Income as compared to Rs 3,37,185.40 cr collected during the corresponding period last year showing a very robust growth of 12.42%.
Total policy payouts amounted to Rs 2,54,222.27 cr for the period ending 31.3.2020 as compared to Rs 2,50,936.23 cr for the corresponding period last year, showing an increase of 1.31%.
The Corporations Gross Total Income grew to Rs 6, 15,882.94 cr for the period ending 31.3.2020 from Rs 5, 60,784.39 cr as at the last corresponding period, showing a handsome growth of over 9.83 %.
Total Assets of the Corporation stood at Rs 31,96,214.81 cr as compared to Rs 31,11,847.28 cr for the corresponding period last year thus posting a growth of over 2.71%.
LIC has also been granting huge facilities for easy premium payments to its customers. It waived convenience fee on all policy related digital transactions using credit cards with effect from December 1, 2019. This facility is available up to November
LIC took every possible step to ensure that people stay covered through insurance during pandemic. For collection of premium all Digital channels were available 24X7 during the lockdown period.
For the FY 2019-20, the digital transactions for LIC policies initiated by customers clocked a growth
of 36 %.