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

by Jeremy Spirogis
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New Delhi. Government insurance coverage firm LIC continues to carry out effectively. LIC has made a brand new report. 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 complete 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 without doubt one of the few authorities firms that are persistently making robust income. LIC's complete property additionally elevated by 7.92 per cent from Rs 29,89,276.53 crore to Rs 32,25,905.42 crore. The primary cause behind LIC's new business premium reaching report ranges is the primary 12 months private new premium, which has elevated by 17.48 per cent until January.

– LIC: This coverage might be given by paying Rs. 22 each 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 bought 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 report. 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 report 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 coated 2.45 crore lives until January beneath 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 price Rs 69,748 crore. Apart from this, 5,99,881 dying claims have been settled, which is price Rs 9,866 crore. Of these, 96.83 % claims, which had been of sudden dying, had been settled inside 15 days. During 2018-19, LIC recorded the very 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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