MUMBAI: Life Insurance Corporation of India (LIC) has ended the year with new business premium of Rs 39,541 crore — an increase of 118.6% over the corresponding period last year. The corporation has also sold a record 3.82 crore policies during the year, with nearly 80 lakh being sold in the last month.
According to a statement issued by the corporation, over a fourth of the premium has come from pension and group scheme business which contributed Rs 11,282 crore to the new business showing a growth of over 188%.
The first premium income, this year, amounted to Rs 39,541 crore as against Rs 18,085 crore during 2005-06. The corporation has surpassed its internal targets for the current fiscal with a budget achievement of 162%.
A geographical analysis of the premium income reveals that north Indians have invested more with the north zone, accounting for the highest growth rate in premium with 201%. The central zone of the corporation, covering Madhya Pradesh and Chattisgarh, shows the highest growth rate in policies with 42.65%.
The eastern zone of the corporation continues to dominate in term of number of policies and still holds the number one position with sales of 79.5 lakh polices followed by the south central zone, covering the Karnataka and Andhra Pradesh, with 67.61 lakh policies. LIC has procured 5.8 lakh of policies under bancassurance and alternate channels showing a growth rate of 97%.
The premium procured under this channel is Rs 664 crore with a growth rate of 88%. LIC’s micro-insurance product, Jeevan Madhur, launched by the President of India in September last year, has succeeded in extending insurance coverage of Rs 110 crore to 80,637 economically under privileged people in the society.
Under LIC’s group insurance portfolio, the number of lives covered grew by 64% and stood at 84 lakh, up from 51 lakh lives of previous fiscal. The new business premium was Rs 11,282 crore, which exceeded last year’s figure by more than Rs 8,000 crore.
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