Monday, April 27, 2020


LIC Improves Number of Policies, First Year’s Premium, Market Share, Settles more than 2 Crore Claims.

In these difficult times of business distress caused by Covid-19, Life Insurance Corporation
of India, India’s largest life insurer, continues to better its performance. In the just
concluded financial year 2019-20, LIC has achieved its highest number of policies for the
last six years. Individual New Business performance of the Corporation as at March 2020
has shown impressive figures of 2.19 crores in number of policies and Rs 51,227 crores in
first year premium income. While ensuring growth in Number and Premium both, inspite
of the truncation of the most productive fortnight of the year, the Corporation has achieved
a healthy business mix. It collected Single premium of Rs 21,967 crores and Non Single
premium of Rs 29260 crores , the ratio being 42.88 for single premium and 57.12 for non
single premium.

LIC Pension and Group Schemes Vertical created a new record by clocking more than One
Trillion Rupees Premium Income during the Financial Year 2019 – 20. LIC collected Rs
126,749 Crores as Group Schemes New Business Premium Income as against Rs 91,179
crores in the previous year with a growth rate of 39.01% and a market share of 80.54% as
compared to 77.94% last year.

Overall, LIC has achieved an impressive growth rate of 25.17% in first year new business
premium as compared to private players who have collectively achieved a premium growth
rate of 11.64.%. The industry’s positive growth in policies is also due to LIC’s superlative
performance. The Corporation’s Composite Market Share in No. of Policies and First Year
Premium as at 31st March 2020 is 75.90% and 68.74% respectively which is an increase of
1.19% in No. of Policies and 2.50% in First Year Premium.

On the Claims Front also, inspite of severe constraints of lockdown, upto 31.3.20, LIC
settled 2.03 Crore Maturity and Money Back Claims and Annuities. It also settled 7.50
lakhs of Death claims . Annuity payments due in March 2020 and April 2020 have also been
settled on due dates.
LIC credits it outstanding performance to the unflinching trust of its customers and the
dedicated efforts of its entire team of employees, agents and channel partners who worked
with tremendous zeal during extremely challenging circumstances.

For further information, please contact –
Executive Director (Corporate Communications)
LIC of India, Central Office, Mumbai. Email id
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