MUMBAI: The country’s largest life insurer LIC on Tuesday it said it had collected the highest ever new business premium of Rs 1.84 lakh crore in funding ended March 31, 2021.
The state-run insurer said the number is temporary. Its market share was 81.04 percent in the number of policies for March 2021 and 74.58 percent for the full year, LIC said in a statement.
During fiscal 2020-21, the insurer achieved first-year premium income of Rs 56,406 crore under a single securities business, a growth of 10.11 per cent over FY20.
It acquired 2.10 crore policies, of which 46.72 lakh were acquired in March alone, registering 298.82 per cent growth over FY20 for the corresponding month, the statement said.
Its market share in the first year premium was 64.74 per cent for March and 66.18 per cent for total finance.
The insurer’s pension and group plans vertically also created a new record by clocking its record-breaking new business premium income of Rs 1.27 lakh crore over a massive base of Rs 1.26 lakh crore in the previous year ending March 31, 2020.
The number of new designs sold also saw a new record of 31,795, the release said.
With the addition of 3,45,469 agents, LIC now has a strong sales force of 13,53,808 agents, he said.
In the year, the insurer said it had created a record 16,564 MDRT (million dollar round table) qualifications.
An MDRT Agent is one that acquires an insurance business of an amount equal to one million dollars in any calendar year that is January 1 to December 31.
It also created 26,997 centurion agents during the year. The Corporation, through its B&AC channel (bancassurance & alternate), acquired 2, 46,910 policies and Rs 1,862.73 crore premium in 2020-21, seeing growth of 0.58 per cent and 23.46 per cent respectively.
In terms of claims, despite severe restrictions due to the Covid-19 pandemic, the life insurer settled 2.19 crore maturity claims, cashback and annuity claims, totaling Rs 1.16 lakh crore in the year.
During the FY2020-21, 9.59 lakh death claims settled which amounted to Rs 18,137.34 crore. Annuity payments due in March 2021 are also settled on due dates, the release said.