Life Insurance Corporation (LIC), in the just concluded FY20, has achieved its highest number of policies for the last six years. Individual new business performance as at March end showed 2.19 crore in number of policies and `51,227 crore in first-year premium income.
While ensuring growth in the number and premium both, LIC has achieved a healthy business mix, a press release said. It collected single premium of Rs 21,967 crore and non-single premium of Rs 29,260 crore , the ratio being 42.88 and 57.12, respectively.
LIC pension and group schemes vertical created a new record by clocking over Rs 1 lakh crore premium income during 2019-20. LIC collected Rs 1,26,749 crore as group schemes new business premium income against `91,179 crore in the previous year — a growth of 39.01% and a market share of 80.54% compared to 77.94% last year.
Overall, LIC has achieved an impressive growth rate of 25.17% compared to private players who collectively achieved a premium growth rate of 11.64.%.