LIC of India achieves sterling financial results in 2018-19

Mumbai: Life Insurance Corporation of India (LIC of India), India's largest life insurer, has announced its audited figures for the year ended March 2019.

New Business performance by the Corporation for the year ending March 2019 has shown a growth of 5.68 per cent in its first year premium by posting a highest ever figure of Rs 142191.69 crore.

Pension & Group Superannuation Business have collected Rs 91179.52 crore as New Business Premium Income as against Rs 82807.83 crore in the previous year corresponding period showing a growth of 10.11per cent. The Corporation as at March end 2019 collected over Rs 3,37,185.40 crore of Total Premium Income as compared to Rs 3,17,850.99 crore collected during the corresponding period last year showing a very robust growth of 6.08per cent.

Total policy payouts amounted to Rs 2,50,936.23 crore for the period ending 31.3.2019 as compared to Rs 1,98,119.83 crore for the corresponding period last year, showing an increase of 26.66 per cent. This includes a payout of Rs 1,36,597.37 crore for conventional claims outgo covering 254.05 lakhs claimants for the year ending March 31, 2019.

The Corporations Gross Total Income grew to Rs 5,60,784.39 crore for the period ending March 31, 2019 from Rs 5,23,611.11 crore as at the last corresponding period, showing a handsome growth of over 7.10 per cent.

Total Assets of the Corporation stood at Rs 31,11,847.28 crore as compared to Rs 28,45,041.82 crore for the corresponding period last year thus posting a growth of over 9.38 per cent.

LIC'S digital collection (anywhere anytime through LIC Customer Portal, PayTM, Authorised agents, designated Banks and collection agencies like CSC, AP online etc) have reached 60per cent, which is 38per cent growth over previous year. In the new initiatives undertaken, Premium collection through UPI-BHIM has a growth of 106per cent. LIC has also authorized IDBI Bank to collect renewal premium of all policyholders through their 1800+ branches.

Centralized Call Centre services, was inaugurated in September last year, which can be accessed 24 x 7 using 022-68276827. LIC sends more than 150 varieties of SMS to the registered Mobile Numbers of Policyholders, starting from New Business stage to Claims. LIC's Mobile App (MyLIC) provides information and services including Premium payment gateway.