India’s largest life insurer Life Insurance Corporation of India or LIC reported a 25% growth in its first year premium by posting a highest ever figure of ₹1,77,977.07 crore for the year ending March 2020 has shown a growth of 25.17%.
Its pension and group superannuation business collected ₹1,26,696.21 crore as new business premium income as against ₹90848.86 crore in the previous year corresponding period showing a growth of 39.46%.
LIC as at March end 2020 collected ₹3,79,062.56 crore of total premium income as compared to ₹3,37,185.40 crore collected during the corresponding period last year showing a very robust growth of 12.42%.
Total policy payouts amounted to ₹2,54,222.27 crore for the period ending March 31 as compared to ₹2,50,936.23 crore for the corresponding period last year, showing an increase of 1.31%.
LIC’s gross total income grew to ₹6,15,882.94 crore for the period ending March 31, 2020, from ₹5,60,784.39 crore as at the last corresponding period, showing a growth of over 9.83 %.
Total assets of the life insurer stood at ₹31,96,214.81 crore as compared to ₹31,11,847.28 crore for the corresponding period last year, thus posting a growth of over 2.71%.
LIC has waived convenience fee on all policy related digital transactions using credit cards with effect from December 01, 2019. This facility is available up to November 30, 2020.
For the F.Y. 2019-20, the digital transactions for LIC policies initiated by customers clocked a growth of 36 %.