Life insurance giant optimistic of exceeding sales record

State-run life insurer LIC is hopeful of crossing its target of selling over 25m individual policies with a premium collection of more than INR550bn ($7.3bn) before the current financial year (FY2020) ends on 31 March.

The company says that it has already created a new record by 21 March when it sold 21.7m individual policies and collected premiums of INR505bn for the financial year to date, reported Press Trust of India. In FY2019, the company sold 21.4m individual policies.

Up to the end of February 2020, the new business performance of LIC grew by 12.85% in terms of first-year premium income and by 21.84% in the number of policies. 

Source: Asia Insurance Review