LIC sells record 2.19 crore new policies in FY20, highest since 6 years

by pranjalipargaonkar
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New Delhi: Though coronavirus has hit the pockets of people but savings are still increasing.  Insurance Life Insurance Corporation (LIC) sold 2.19 crore policies in FY 2019-20, its highest  since the last 6 years. Disruptions caused by COVID-19 towards the fiscal-end had less effects on investment capacity of people.


During 2019-20, LIC administered 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.


LIC’s market share in terms of number of policies was 75.90 percent as on March 31, 2020, , garnering 2.19 crore new policies,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. 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.


LIC settled 215.98 lakh claims amounting to Rs 1,59,770.32 crore.  Since 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.

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