Life Insurance Corporation of India’s premium in the first month grew 40% year-on-year (y-o-y) for the nine months ended December 2016. According to the data of LIC the single premium policies played an important part in this growth during the current fiscal.
The robust sales of LIC’s immediate annuity plan — Jeevan Akshay — was the key reason for the sharp jump in the company’s premium in November, according to sources in LIC
In January, new business premium growth slipped to 30 per cent over the previous year, with single premium growing 40 per cent y-o-y.
While demonetisation and fall in rates triggered LIC’s November sales, the company’s growth until October was also driven by single premium policies.