LIC's bang efficiency: new business premium over Rs 1.5 lakh crore

by Jeremy Spirogis
778 fine for drunk driving, 1100 for violation of traffic rules – New Year celebration

New Delhi. Government insurance coverage firm LIC continues to carry out effectively. LIC has made a brand new file. LIC's new business premium has crossed the Rs 1.5 lakh crore mark for the primary time. With this, LIC has a market share of 77.61 per cent within the insurance coverage sector. As of September 2019, the corporate's whole earnings has elevated by 17.79 per cent to Rs 2,97,017.28 crore as in opposition to Rs 2,52,149.60 crore a 12 months earlier. Let us inform you that LIC is likely one of the few authorities firms that are constantly making sturdy earnings. LIC's whole belongings additionally elevated by 7.92 per cent from Rs 29,89,276.53 crore to Rs 32,25,905.42 crore. The primary motive behind LIC's new business premium reaching file ranges is the primary 12 months private new premium, which has elevated by 17.48 per cent until January.

– LIC: This coverage will be given by paying Rs. 22 every day, know the advantages

Tremendous gross sales of recent coverage

Looking on the sale of LIC's new coverage, it rose by 29.42 per cent to Rs 45,199 crore. This introduced the whole offered coverage of the corporate to Rs 1,95,85,635 crore. <! –

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                 LIC had a market share of 77.61 per cent within the coverage numbers. At the identical time, the share of first 12 months premium has jumped to 70.02 % by January. These two market shares have elevated by 73.54 per cent and 66.26 per cent respectively.

Pension and Group Planning Segment

LIC's pension and group plan section additionally set a brand new file. This section of LIC handles its group plans and superannuation business. In the present monetary 12 months to date, LIC's pension and group plan as new premium earnings has been Rs 1 lakh, which is a file stage. LIC's income from this section stood at Rs 1,05,566 crore as in comparison with Rs 66,748 crore final 12 months. This vertical has lined 2.45 crore lives until January underneath social safety schemes.

69,748 crore claims settled until January

In the present monetary 12 months until January, LIC has paid 1,42,93,289 maturity claims value Rs 69,748 crore. Apart from this, 5,99,881 dying claims have been settled, which is value Rs 9,866 crore. Of these, 96.83 % claims, which have been of sudden dying, have been settled inside 15 days. During 2018-19, LIC recorded the best valuation surplus of Rs 53,214.41 crore with a progress of 9.9 per cent. The firm additionally paid a dividend of Rs 2,610.74 crore to the federal government. Explain that the federal government will promote stake in LIC. For this, the federal government will carry an IPO of LIC.

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