Despite pandemic-induced disruptions towards the end of the fiscal, Life Insurance Corporation of India has sold 2.19 crore insurance policies in 2019-20, the highest in the last six years.
There were serious difficulties in April and May due to severe lockdown but from June, things have started picking up. In fact, for the month of July, there was 34.77 per cent growth in premium year-on-year basis. LIC’s market share in FYPI (first year premium income) has increased substantially.
“Under policies, we are in the negative but the volume is increasing month to month and we will be in a comfortable position soon on this count also,” Vipin Anand, Managing Director of Life Insurance Corporation (LIC), India’s largest financial institution said in an interview.
During 2019-20, LIC registered a growth of 25.17% in “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% 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%, 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, LIC today 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.”
As on March 31, 2020, total funds so invested for the benefit of the community at large are Rs 30,69,942 crore, it added. In 2019-20 LIC settled 215.98 lakh claims amounting to Rs 1,59,770.32 crore.
Also, in the month of March, they had launched two new ULIP products — NIVESH PLUS and LIC’s SIIP. Recently, on August 25, it has launched Jeevan Akshay VII. ‘Some other products are in the pipeline’, sources report.
Further, LIC offers a bouquet of 28 plans for sale under individual business, each catering to the needs of various segments of the society. It has, infact leveraged various digital platforms for electronic premium payments to provide a seamless experience to customers. Now one can pay the premium by visiting their customer portal or directly on their website without any extra charges through credit cards and debit cards. One can pay premium through various banks viz. any branch of IDBI Bank, Axis Bank, City Union Bank, any of 360,000 common service centres and online portals like AP online, MP online, Suvidha and through popular digital modes like Amazon Pay, Google Pay etc. You can also pay your premium through electronic debit using BILLPAY or NACH.