LIC Scores Rs 25,464 Cr Tax Refund for Policyholders' Bonanza

15 Jan 2024 , 12:16 PM

In relation to interim bonuses given to policyholders during the previous seven assessment years, Life Insurance Corporation of India (LIC) reported receiving an income tax return of Rs 25,464 crore. LIC stated in a regulatory filing on Thursday that the Income Tax Department has sent notification for a refund of Rs 25,464.46 crore in accordance with the Income Tax Appellate Tribunal’s (ITAT) ruling.

LIC posted a net profit of Rs 17,469 crore for the first half that ended in September, up from Rs 16,635 crore for the same period the previous year.

According to the filing, LIC’s new business premium income (individual) segment saw a 2.65% increase in the first half of the current financial year, reaching Rs 25,184 crore, compared to Rs 24,535 crore in the same period last year.

The premium for a life insurance policy that is due in the first policy year is known as the ‘new business premium.’

With an overall share of 58.50% in the life insurance business, LIC is the market leader in terms of market share as determined by first-year premium income as reported by the insurance regulator IRDAI.

LIC held a 40.35% market share in individual business and a 70.26% market share in group business for the six months that concluded on September 30.

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