Life Insurance Corporation of India (LIC of India), India’s largest life insurer, has announced its audited figures for the year ended March 2020. New Business performance by the Corporation for the year ending March 2020 has shown a growth of 25.17 % in its first year premium by posting a highest ever figure of Rs 1,77,977.07 crore. Pension & Group Superannuation Business created history, crossing one lakh crore and collected Rs 1,26,696.21 crore as New Business Premium Income as against Rs 90848.86 crore in the previous year corresponding period, showing a growth of 39.46%.
The Corporation as at March end 2020 collected Rs 3,79,062.56 crore of Total Premium Income compared to Rs 3,37,185.40 crore collected during the corresponding period last year showing a very robust growth of 12.42%. Total policy payouts amounted to Rs 2,54,222.27 crore for the period ending 31.3.2020 compared to Rs 2,50,936.23 crore for the corresponding period last year, showing an increase of 1.31%. LIC’s Gross Total Income grew to Rs 6, 15,882.94 crore for the period ending 31.3.2020 from Rs 5, 60,784.39 crore at the last corresponding period, showing a handsome growth of over 9.83 %.