MUMBAI, June 29: Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for the year ended March 2019.
New business performance by the Corporation for the year ending March 2019 has shown a growth of 5.68 percent in its first year premium by posting a highest ever figure of Rs 142191.69 cr.
Pension & Group Superannuation Business have collected Rs 91179.52 cr as New Business Premium Income as against Rs 82807.83 cr in the previous year corresponding period showing a growth of 10.11 percent .
The Corporation as at March end 2019 collected over Rs 3,37,185.40 cr of Total Premium Income as compared to Rs 3,17,850.99 cr collected during the corresponding period last year showing a very robust growth of 6.08 percent.
Total policy payouts amounted to Rs 2, 50,936.23 cr for the period ending March 31, 2019 as compared to Rs 1, 98,119.83 cr for the corresponding period last year, showing an increase of 26.66 percent. This includes a payout of Rs 1, 36,597.37 cr for conventional claims outgo covering Rs 254.05 lakhs claimants for the year ending 31.3.2019.
The Corporation’s Gross Total Income grew to Rs 5, 60,784.39 cr for the period ending 31.3.2019 from Rs 5, 23,611.11 cr as at the last corresponding period, showing a handsome growth of over 7.10 percent.
Total assets of the Corporation stood at Rs 31, 11,847.28 cr as compared to Rs 28, 45,041.82 cr for the corresponding period last year thus posting a growth of over 9.38 percent.
LIC’S digital collections (anywhere anytime through LIC Customer Portal, PayTM, Authorised agents, designated Banks and collection agencies like CSC, AP online etc) have reached 60 percent , which is 38 percent growth over previous year. In the new initiatives undertaken, Premium collection through UPI-BHIM has a growth of 106 percent. LIC has also authorized IDBI Bank to collect renewal premium of all policyholders through their 1800+ branches.