In order to comply with new IRDAI Regulations, Life Insurance Corporation of India (LIC), India’s largest life insurer has modified the existing products with features such as revised Surrender Value and extension of Revival period from 2 years to 5 years. Further, more optional benefits in the form of riders, option to take claim payments in installments (Settlement Option) are added in most of the products. These modified products are mead available for sale from February 1, 2020.
Individual New Business performance of the Life Insurance Corporation of India (LIC), India’s largest life insurer as at January 2020 has shown an impressive growth of 17.48% in its first year premium and 29.42 % in number of policies by posting a figure of Rs. 45,199 crore and 1,95,85,635 policies respectively.
The Composite Market share in number of policies and First Year Premium as at January 31, 2020 is 77.61% and 70.02% respectively which has increased from 73.54% in number of policies and 66.26% in First Year Premium as on January 31, 2019.
LIC’s Pension and Group Schemes Vertical, looking after Group Schemes and Superannuation business of the Corporation, created a new record by clocking more than One Lakh Crore Rupees New Premium Income during the Current Financial Year. P&GS contributed Rs 1,05,566 Crore as New Business Premium Income as against Rs 66,748 Crore in the previous year corresponding period. The vertical has covered 2.45 crore lives (for 2019-20) under its Social Security Schemes as at January 31, 2020.
During the current FY, LIC has paid 1,42,93,289 Maturity claims amounting to Rs 69,748 crore as on January 31, 2020. LIC also settled 5,99,881 Death Claims amounting to Rs 9,866 crore out of which 96.83% Non Early Death Claims were settled within 15 days of intimation.