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LIC's pension and group business zooms 50%

The premium collected between April 2013 and February 2014 was about five times the premium collected by 23 private life insurers put together, LIC says

March 19, 2014 9:22 IST | India Infoline News Service
Life Insurance Corporation of India (LIC) on Tuesday said its pension and group business recorded new business premium of Rs. 391.43 billion as on 28 February for this fiscal.
The premium collected between April 2013 and February 2014 was about five times the premium collected by 23 private life insurers put together, LIC said in a press release.
As on 31 January, LIC’s market share in group business was 84%.
“Under the Aam Admi Bima Yojana, a social security scheme of the government of India, about 10 million new lives have been covered,” LIC said.
Of the new business premium collected this fiscal, LIC collected Rs. 215 billion through superannuation schemes and Rs. 93 billion through gratuity schemes.
LIC said its pension and group business recorded a 50% sales growth in new business premium and a 20% growth in the number of lives covered as on 28 February.
About 390 million people have been covered this fiscal under various group schemes of LIC.

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