LIC collects highest-ever premium of Rs. 1.84 trillion in FY21

Life Insurance Corporation of India has recently said that it has collected highest-ever first year premium of Rs. 1.84 trillion for fiscal year ending March, 2021. The corporation continued its performance in new business, despite a highly challenging business environment due to the COVID-19 pandemic for the entire previous year and paid Rs. 1.34 trillion as claims to policyholders.

According to the data of Life Insurance Council, first-year premium for March, 2021 rose 64.7% to Rs. 28,105.92 crore compared to Rs. 17,066.57 crore in March, 2020. Its premium for the full year 2020-21 increased by 3.5% to Rs. 1.84 trillion.

LIC, in a release, stated, “LIC also procured an impressive 2.10 crore policies, out of which 46.72 lakhs were procured in the month of March alone, with a growth of 298.82% over last year for the corresponding month.”

During the FY 2020-21, LIC settled 9.59 lakh death claims amounting to Rs. 18,137.34 crores. Annuity payments due in March 2021 have also been settled on due dates.

 “On the claims front, in spite of severe constraints due to COVID-19 pandemic, LIC settled 2.19 crore maturity claims, money back claims and annuities, amounting to Rs. 1.16 trillion,” it further added.