LIC records 137.8% policy growth in November

LIC has registered an increase of 137.87% in policies in November, with record sales of 34.08 lakh polices. By outperforming the industry growth rate in number of policies as well as new business premium income, LIC has registered a significant increase in market share in the current fiscal, it said. As of November 2019, the life insurance industry recorded a new business premium income of Rs 1.69 lakh crore, out of which LIC garnered around Rs 1.20 lakh crore. LIC has registered a growth of 44.53% in new business premium income while the private sector life insurers have posted a growth of 22.09% during the same period. LIC Managing Director T C Suseel Kumar said, “We see it as our responsibility to spread the cover of life insurance and take it to every citizen who needs it. The growth opportunity is vast for every player in the life insurance industry.”