LIC Pension & Group Scheme Vertical’s Premium Income Crosses Rs 1 Lakh Crore

LIC Pension and Group Scheme Vertical, which looks after group schemes and superannuation business, has created a new record by collecting premium income exceeding Rs 1 lakh crore during the ongoing financial year 2019-20.

In a statement, LIC said that it was the first time that any single vertical of the insurer has crossed this record premium income figure.

The Pension and Group Schemes Vertical of LIC provides Employees Retiral Funds' Management Solution to the who's who of India Inc and has been steadily holding more than 80 percent market share in NBPI post opening of the life insurance industry, it said.

It manages funds of well over Rs 7 lakh crore managing through about over 80,000 gratuities, superannuation and leave encashment schemes, the statement said.