LIC policy growth jumps 137.8 per cent in November

Life Insurance Corporation (LIC), India’s largest insurer, has recorded growth of 137.87 per cent in policies in November, with record sales of 34.08 lakh polices. By outperforming the industry growth rate in number of policies as well as new business premium income, LIC has registered a significant increase in market share in the current fiscal, it said.

In the current financial year, as of November 2019, the life insurance industry recorded a new business premium income of Rs 1.69 lakh crore, out of which LIC garnered around Rs 1.20 lakh crore. LIC has registered a growth of 44.53 per cent in new business premium income while the private sector life insurers have posted a growth of 22.09 per cent during the same period. LIC Managing Director T C Suseel Kumar said, “We see it as our responsibility to spread the cover of life insurance and take it to every citizen who needs it. The growth opportunity is vast for every player in the life insurance industry.”

Source: The Indian Express