According to provisional estimates, India's largest life insurer, Life Insurance Corporation of India or LIC, has earned the highest ever first-year premium of 1.844 trillion for the fiscal year ending March 2021.
Following the COVID-19 pandemic, LIC has seen an increase in e-payments. The PSU insurer collects premiums worth Rs 60,000 crore through digital channels, which excludes bank payments.
LIC customers can Pay LIC premium in different ways without having to visit the branch physically. NetBanking, Debit card, Credit card, BHIM and UPI are some of the ways to pay your LIC premium.
LIC accounted for 81 percent of total policies in March and more than 74% for the entire year. In the previous fiscal year, LIC's individual assurance company produced a record first-year premium income of Rs 56,406 crore, up 10.11 percent from the previous year. LIC has also sold 21 million policies, with 4.67 million sold in March alone, representing a year-on-year increase of 298.82 percent.
"LIC also procured an unprecedented 2.10 crore policies, with 46.72 lakhs procured in the month of March alone, representing a 298.82 percent increase over the same month last year," the state-run life insurer said in a statement.
Its pension and community superannuation businesses brought in a whopping $1.28 trillion in new company premium revenue, up from $1.27 trillion the year before.
LIC now has a large sales force of 13,53,808 agents and has produced 26,997 centurion agents, thanks to the addition of 3,45,469 agents.