LIC paid Rs 1.34 trn as claims to policyholders in FY21, marking growth

State-owned Life Insurance coverage Company (LIC) mentioned on Tuesday it earned its highest new enterprise premium revenue, of Rs 1.84 trillion, in FY21. It paid claims value Rs 1.34 trillion to policyholders.

LIC, in a late-night assertion, mentioned it procured 2.1 crore insurance policies in FY21, out of which 46.72 lakh have been in March. The procurement marked a progress of 298.82 per cent over final yr for the corresponding month. Within the particular person assurance enterprise, LIC has seen the very best ever first-year premium revenue of Rs 56,406 crore in FY21, up 10.11 per cent in comparison with final yr.

The corporateā€™s pension and group schemes noticed a file new enterprise premium revenue of Rs 1.27 trillion. The variety of new schemes additionally touched a file excessive of 31,795.

LIC was not so lively within the ULIP enterprise however with its two new products–SIIP and Nivesh Plus–it has underwritten 90,000 insurance policies with premiums to the tune of Rs 800 crore.

The corporate settled 2.19 crore maturity claims, a reimbursement claims, and annuities, amounting to Rs 1.16 trillion. In FY21, it settled 9.59 lakh demise claims amounting to Rs 18,137.34 crore.

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