SPIRIT OF MUMBAI

The Government of India has introduced Pradhan Mantri Vaya Vandana Yojana (Modified -2020), with modified rate of pension for citizens aged 60 years and above. LIC of India is solely authorised to operate this scheme. Pradhan Mantri Vaya Vandana Yojana (Modified- 2020) is a Non-Linked, Non-Participating, Pension Scheme subsidized by the Government of India . This plan will be available for sale commencing from 26/05/2020 for three financial years i.e. upto 31 st March, 2023. This scheme can be purchased offline as well as online from LIC of India at www.licindia.in The policy term is of 10 years and for policies sold during the first financial year i.e. up to 31 st March 2021, the Scheme will provide an assured rate of return of 7.40% p.a. payable monthly (i.e. equivalent to 7.66% p.a.) for the entire duration of 10 years .For the policies sold during the next two financial years, the applicable assured rate of interest, at which the pension payment shall be made, will be reviewe...

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 c...