LIC Premium: There has been a huge jump in the premium of Life Insurance Corporation (LIC). The public sector insurance company has broken the 12-year record of premium collection in April, 2024.
The total premium collection of LIC in April, 2024 was Rs 12,383.64 crore. A year ago, in April 2023, the company had received a premium of Rs 5,810.10 crore (LIC Premium). In this one year period, LIC premium has more than doubled.
Premium of LIC and private insurance companies increased by 61 percent
The country’s largest insurance company LIC (Life Insurance Corporation of India) had achieved a higher premium than this in April 2014. Compared to April 2023, the premium of LIC and private insurance companies has increased by 61 percent. LIC has a big contribution in this increase. During this period, LIC premium has increased by 113 percent.
Changes made in many products according to customer needs
The company said that this is a big achievement for us. We have promoted innovation in marketing during this period. Besides, changes have also been made in many of our products as per the needs of the customers.
Besides, new products have also been launched in the market during this period. Due to this, the trust of customers in LIC has strengthened. This is the reason why our policies have been sold more in the last one year and the premium has also increased more than double. We have broken the record of the last 12 years.
The total number of LIC policies also increased to 8.56 lakh.
LIC has received Rs 3,175.47 crore in the individual premium category. The company has received Rs 9,141.34 crore in group premium and Rs 66.83 crore in annual group premium. The total number of LIC policies has also increased to 8.56 lakh in April, 2024. In April, 2023 the same figure was 7.85 lakh.
Performance of private insurance companies was also excellent
The premium of SBI Life, the largest among private insurance companies, has also increased by 26 percent during this period. The premium of HDFC Life has increased by 4.31 percent, the premium of ICICI Prudential has increased by 28.13 percent, the premium of Bajaj Allianz has increased by 25.20 percent and the premium of Max Life has increased by 41 percent.
