LIC records 6% growth in premium; policy payout up by 27%

LIC had recorded a 6.08% growth in its total premium income at Rs. 3,37,185.40 crore in 2018-19 against Rs. 3,17,850.99 crore in 2017-18. The financial result for 2018-19 of the company’s suggests that its first year premium increased by 5.68% to Rs. 14,21,91.69 crore. LIC said its new business premium income from pension and group superannuation increased by 10.11% in 2018-19 to Rs. 91,179.52 crore from Rs. 82,807.83 crore in 2017-18. The gross total income of the company increased by 7.10% to Rs. 5,60,784.39 crore (Rs. 5,23,611.11 crore). Total assets of the insurer increased 9.38% to Rs. 31,11,847.28 crore (Rs. 28,45,041.82 crore). LIC commands the majority of the market share at about 60 per cent, the growth in 2018-19 seems muted compared to the industry growth of at least 10%. It stated that the total policy payouts in 2018-19 grew by 26.66% to Rs. 2,50,936.23 crore against Rs. 1,98,119.83 crore a year ago. The company’s digital collection through customer portal, Paytm, authorised agents, designated banks and collection agencies increased by 38% in 2018-19 and premium collection through UPI-BHIM has a growth of 106%.