LIC sold a total of 2.10 crore policies during the year of which 46.72 lakhs were sold in March alone. This was an increase of 298.82 per cent over the previous year.
Life Insurance Corporation of India
The country’s largest insurance company Life Insurance Corporation of India (LIC) said that it achieved premium income of Rs 1.84 lakh crore from the new business in the financial year ended 31 March 2021, which is the highest ever. Public sector LIC said that the figure is provisional. The company’s market share stood at 81.04 per cent in March 2021, according to the policy number. The share stood at 74.58 per cent for the entire financial year.
During the financial year 2020-21, the insurance company received Rs 56,406 crore as premium income for the first year of the personal insurance business. This is 10.11 percent more than in 2019-20.
46.72 lakh policies sold in March
Its market share as a premium for the first year was 64.74 per cent and 66.18 per cent for the entire financial year. The company sold a total of 2.10 crore policies during the year of which 46.72 lakh were sold in March alone. It increased by 298.82 percent over the previous year. According to the release of LIC, it sold a record 31,795 new policies during the year.
The insurance company added 3,45,469 new agents in the last financial year. With this, the number of his agents increased to 13,53,808.
Now pay premium through Paytm
LIC has now made easy premium payments to its customers. LIC has joined hands with Paytm for premium payment. The number of digital transactions of LIC is 8 crores. LIC had an agreement with another payment gateway. Most payments to the company are now received through digital medium.
IPO may come to 1 lakh crore rupees
Let us know that the central government wants to raise about 1 lakh crore rupees from the IPO of LIC and can sell its 10% stake in the company. Minister of State for Finance Anurag Thakur had said last month that at least 10 per cent of the IPO of LIC will be reserved for policy holders. Thakur had said that the government will continue to be the majestic shareholder of the company. At the same time, he will also have control over the management, so that the interest of the policy holders will be protected.
The government has proposed to increase the authorized capital of LIC to Rs 25,000, which will help in the listing of the company. Currently, the paid-up capital of the life insurance company with 29 crore policies is 100 crore rupees. LIC was started in 1956 with an initial capital of Rs 5 crores. The asset base of LIC is Rs 31,96,214.81 crore.
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