LIC shows exemplary performance during H1 FY21 amid COVID-19 pandemic
Mumbai: Life Insurance Corporation of India, India's largest life insurer, continues to give outstanding performance even in times of business distress. LIC's resilient and quick response in meeting the expectations of the market and the people of the nation has brought it exemplary results in the current financial year.
In the just concluded first half of financial year 2020-21, LIC has achieved more than Rs 25,000 crore in first year premium income in Individual New Business performance as on September 30, 2020 as compared to Rs 24,867.70 crore as on September 30, 2019.
Under its Jeevan Shanti plan, LIC collected Rs 11,456.41 Crore as first year premium as at September 30, 2020. ULIP Business of LIC is also doing very well this year.
As on September 30, 2020 LIC sold 16,844 policies with a premium of Rs 128.63 crore as compared to 12,940 policies sold during the same period last year with a premium of Rs 24.24 crore showing a growth rate of more than 500 per cent in premium.
LIC Pension and Group Schemes Vertical collected Rs 62,112.27 Crore as Group Schemes New Business Premium Income as at September 30, 2020.
The Corporation's Composite Market Share in No. of Policies and First Year Premium is 67.82 per cent and 70.57 per cent respectively for Q2 .
On the Claims Front also, in spite of severe constraints of lockdown, up to September 30, 2020, LIC settled more than 82 lakhs Claims amounting to more than Rs 48,000 crore .
It has also declared a bonus of more than Rs 51,000 crore for its policyholders. Due to heightened awareness about need of risk cover the policy surrenders have reduced drastically.
LIC , a contrarian investor, took every available opportunity in the market investing more than Rs 2,60,000 crore this year in Debt & Equity (as on September 30, 2020) as compared to Rs 24,4931 crore invested last year during the same period. It has already booked more than Rs 15,000 crore as profits in the capital market this fiscal so far.
With current trends, LIC is expected to do exceptionally well in the financial year 2020-21.