Close Menu
  • Home
  • News & Updates
  • Startup Stories
  • Funding News
  • CEO Story
  • Interviews
  • Magazine
Facebook X (Twitter) Instagram
StartUp InsiderStartUp Insider
  • Home
  • News & Updates
  • Startup Stories
  • Funding News
  • CEO Story
  • Interviews
  • Magazine
StartUp InsiderStartUp Insider
Home - News & Updates - LIC Witnesses 25.17 per cent growth in New business premium in FY 20
News & Updates

LIC Witnesses 25.17 per cent growth in New business premium in FY 20

Harsh VermaBy Harsh Verma28/04/2020Updated:28/04/20201 Comment2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
LIC
Share
Facebook Twitter LinkedIn Pinterest Email

In the financial year, 2019-20, LIC, the country’s largest life insurance company, has achieved success in terms of new business. India is currently under lockdown, and businesses got shut, despite this, LIC has made a 25.2 percent increase in the first year’s premium amount from the new insurance policy.

LIC

The last week of the month of March in every financial year is very crucial for the insurance companies in terms of business. But this time, the financial year fell due to the lockdown due to COVID-19 epidemic. Despite this, LIC made huge profits. During this period, LIC sold 2.19 crore insurance policies, and its first-year premium income for these policies increased to Rs 51,227 crore.

Moreover, the stake of LIC in the insurance sector has also increased. Its market share increased by 1.19 percent to 75.90% as this figure is according to the number of policies. Furthermore, its share increased to 2.50 percent to 68.74 percent for the first year premium amount.

LIC

LIC gave a statement that it has set a new record in its category of pension and group plans by raising a premium of one lakh crore rupees during 2019-20. LIC raised a totally new premium of Rs 1,26,749 crore during the year under the group plans as compared to Rs 91,179 crore collected last year. The company’s market share in this category increased from 78 percent to 80.54 percent.

Read More : SWAN Empowering Youth towards a Sustainable Future

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. The company also distributed 7.50 lakh death claims during the period under review.

LIC

A few days ago, LIC also granted a 30-day extension to deposit the premium payable in March and April 2020, in view of the difficulties faced by policyholders due to the lockdown. Policyholders of LIC can also pay the premium through the digital payment options of the insurance company. For this, they will not have to pay any kind of service charge.

covid 19 lic Lockdown policyholders premium
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Harsh Verma

Related Posts

10 Common Credit Card Mistakes and How to Avoid Them?

16/02/2024

How to manage your debts effectively with a Personal Loan?

17/01/2024

Startup Efforts: Promoting Sustainability In The World Of Business

26/10/2023

According to a report, Tata Group may explore investing $1 billion in a super app business

21/10/2023
What's Hot

The Financial Aspects of Medical Practitioners: How Businesses Are Focusing on Healthcare

22/06/2025

A Fair Car Accident Settlement Includes These 6 Losses

29/04/2025

NUOS: Innovating Smart Home Automation with Touch and Intelligence

16/04/2025
Follow Us on Google News


Tech magazine

Subscribe to Updates

Get the latest Business news from StartUp Insider about startup stories, funding news, CEO stories.

Welcome to StartupInsider, your go-to source for the latest news, insights, and analysis on startups and businesses in india. We are dedicated to providing you with accurate and up-to-date information that can help you navigate the ever-evolving landscape of entrepreneurship.

Content Us : media@startupinsider.in

Facebook X (Twitter) Instagram Pinterest YouTube Tumblr LinkedIn
Editors Picks

Mangal Paper Pvt. Ltd. (Mangal Group) Sets Industry Benchmark with Exceptional Sales Achievement

10/05/2024

Fueling the Future: Chennai based AI EdTech Startup KambGeeks Raises Pre-Seed Funding

30/04/2024

VedaOils – Emerging Brand In The Essential Oils Industries

04/04/2024

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2025 StartUp Insider.
  • Home
  • About Us
  • Terms of Use
  • Privacy
  • Contact Us
  • Disclaimer

Type above and press Enter to search. Press Esc to cancel.