LIC has recently stated that its policy sales in March, 2021 were 299% higher than the previous year. It had sold 2.1 crore policies in FY21 of which 47 lakhs were sold in March, 2021 alone.
The business of LIC was hit severely in March, 2020 due to the lockdown in the second half. Although in the first half, LIC had been struggling to grow because of the lockdown, the surge in business in March has helped the corporation record its highest ever first-year premium income of Rs. 56,406 crores under individual assurance plans in FY21. This is a 10.1% growth over the previous year.
The market share cornered by LIC is at 81% in terms of number of policies for March, 2021 and 75% for the entire year. In terms of the first-year premium, LIC has a 65% market share for March and 66% for the entire year.
LIC’s pension and group schemes vertical also created a new record by recording its highest ever new business premium of Rs. 1.28 lakh crore over a base of Rs. 1.27 lakh crore in FY20. Despite COVID-19, the corporation added 3.5 lakh agents taking its sales force to 13.5 lakh.
