LIC sells record 2.19 crore new policies in FY20

Insurance behemoth Life Insurance Corporation (LIC) sold 2.19 crore policies in FY 2019-20, the maximum in the last six years, despite disruptions caused by COVID-19 towards the fiscal-end.

During 2019-20, LIC registered a growth of 25.17 percent in its 'New Business' in terms of first year premium. Its total first year premium amounted to Rs 1.78 Lakh crore at the end of March 31, 2020, capturing 68.74 percent of market share, the insurer said in a statement.

"As on March 31, 2020, LIC's market share in terms of number of policies was 75.90 percent, garnering 2.19 crore new policies, highest in six years in spite of major Corona impact at year end," it said on the eve of its foundation day.

Starting with an initial capital of Rs 5 crore in 1956, today LIC has an asset base of Rs 31,96,214.81 crore, with Life Fund to the tune of Rs 31,14,496.05 crore.

"LIC has always been at the forefront in nation building activities by deploying the funds to the best advantage of the policyholders as well as the community as a whole, true to the spirit of nationalisation. National priorities and obligation of reasonable returns to the policyholders are the main criteria of our investments," it said.

Total funds so invested for the benefit of the community at large are Rs 30,69,942 crore as on March 31, 2020, it added.

In 2019-20, LIC settled 215.98 lakh claims amounting to Rs 1,59,770.32 crore. In its 64 years of existence, LIC has spread its wings from being the leading life insurance company into an internationally recognised financial conglomerate with presence in 14 countries, it said.

LIC offers a bouquet of 28 plans for sale under individual business, each catering to the needs of various segments of the society. LIC has leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers, it said.