LIC pension group hits record in new premium
20 Mar, 2014 01:01 PM
The P&GS vertical recorded a growth rate of 50 per cent in new business premium.

Life Insurance Corporation of India’s (LIC) pension and group business (P&GS) has achieved an all-time high new business premium of Rs 39,143 crore for the 11 months ended February 28.

The P&GS vertical recorded a growth rate of 50 per cent in new business premium, 20 per cent in number of lives during this period. A total of 3.9 crore people have been covered this year under various group schemes.

“The latest numbers have surpassed the total premium income record. LIC’s market share in group business is 84 per cent as on January 31 in spite of the stiff competition in this segment. The premium collected is about five times the premium collected by all the 23 private players put together,” an LIC statement said.

The group business channel has achieved all its yearly targets on the parameters viz new business premium, total premium, number of lives and number of schemes. Under the Aam Admi Boma Yojana, a social security scheme of the government about one crore new lives have been covered.

Out of the Rs 39,143 crore, Rs 21,500 crore was procured through Superannuation schemes and Rs 9,300 crore came from gratuity schemes. Most of the public and private sector companies and other leading banks have tied up with LIC for managing the pension and gratuity portfolio of their employees.
Source : Money Guru India

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