LIC collects highest ever new premiums worth Rs 1.84 lakh crore in FY21

Life Insurance Corporation of India (LIC) collected new premiums worth Rs 1.84 lakh crore in FY21, which is the highest ever even as most businesses were affected by COVID lockdown. This is up 3.4 percent or about Rs 1.77 lakh crore from the previous year.

It also paid Rs 1.34 lakh crore as claims during the year.

Of The Rs 1.85 lakh crore, LIC had new premiums of Rs 56,406 crore under individual assurance business with a YoY growth of 10.1 percent.

Meanwhile, it earned Rs 1.27 lakh crore under pension and group insurance schemes last year.

For new premiums, LIC's market share is 64.74 percent for March and 66.18 percent for the whole year.

Meanwhile, it is 81.04 percent for March 2021 and 74.58 percent for the year in number of policies.

The life insurance industry as a whole collected Rs 2.78 lakh crore of new premiums, showing a 7.5 percent YoY growth in FY21.

Here, private life insurers collected new premiums of Rs 94,103 crore, showing YoY growth of 16.3 percent.

LIC added 345,469 agents in FY21, taking the total to about 13.53 lakh agents.

It's Pension and Group Schemes vertical also created a new record by clocking its highest ever New Business Premium Income of Rs 1,27,768 crore as against Rs 1,26,749 crore in the previous year. In FY21, the insurer settled about 9.59 lakh death claims amounting to about Rs 181 billion. Annuity payments due in March 2021 have also been settled on due dates.