National, May 10, 2024 (GNI): Life Insurance Corporation of India (LIC), the country’s largest life insurer, achieved its highest premium for April 2024, surpassing previous April figures since 2014, according to data released by the Life Insurance Council. This remarkable achievement can be attributed to LIC’s implementation of innovative marketing strategies and its strong reputation for reliability and customer-centric services. These factors effectively reached a wider audience, resulting in increased policy uptake and premium collections, contributing significantly to LIC’s success in posting its highest premium in 12 years.
The total premium collected by LIC in April 2024 amounted to Rs 12,383.64 crore, which is a significant increase of 113.14% compared to the premium collected in April 2023, which stood at Rs 5,810.10 crore.
Breaking down the premium collections, under the Individual Premium category, LIC collected a total premium of Rs 3,175.47 crore in April 2024, reflecting a increase of 25.17% from Rs 2,537.02 crore collected in April 2023. On a positive note, the Group Premium grew by 182.16% to Rs 9,141.34 crore in April 2024 from Rs 3,239.72 crore in April 2023. However, this growth was brightened by a significant increase of 100.33% in the Group Yearly Premium category, which rose to Rs 66.83 crore in April 2024 from Rs 33.36 crore in April 2023.
The total number of policies and schemes issued by LIC also increased by 9.12% to 8.56 lakh in April 2024, compared to 7.85 lakh in April 2023. Similarly, under the Individual category, the total number of schemes and policies rise of 9.11% to 8.55 lakh in April 2024 from 7.84 lakh in April 2023. The growth in the Group Yearly Renewable policies and schemes, increased by 21.34% to 1120 in April 2024 from 923 in April 2023. However, the Group number of schemes and policies rose by 15.53% to 305 in April 2024 from 264 in April 2023.
In April 2024, LIC encountered notable opportunities for improvement, showcasing resilience amidst challenges such as a slight decrease in premium collections and policy numbers. Concurrently, various life insurance companies demonstrated a range of outcomes, with several achieving growth and others addressing minor reductions in premium collections.
Life Insurance Council Link: https://www.lifeinscouncil.org/industry%20information/nbp.aspx
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