Important information is coming out about the insurance sector giant LIC. LIC expects to achieve double digit growth in the premium of new policies in the current financial year 2023-24. With this double digit growth, the company has planned to launch new products in the next 3 to 4 months.
LIC Chairman Siddharth Mohanty has said in an interview that we are estimating double digit growth as compared to last year. Recent trends are showing a boom in personal retail business, so we will achieve this target.
Will introduce new service in the first week of December
Let us tell you that LIC is going to introduce a new service in the first week of December. Hopefully it will get a good response in the market. Sharing some of the features of the new service, Mohanty said that it will provide assured returns and after its completion, the policyholder will get 10 percent of the sum assured for the lifetime.
Impact of new service will be visible in the market
He expressed confidence that the new service will create a stir in the market as everyone wants to know how much he is paying and how much return he will get after 20-25 years. He said that apart from this, loan facility and premature withdrawal are also included in the features of this new service.
Income increased by 2.65 percent in the first half
In the first half of the current financial year 2023-24, LIC’s new policy premium income segment increased by 2.65 percent to Rs 25,184 crore, compared to Rs 24,535 crore in the same period a year ago. New policy premium is the insurance premium payable or lump sum payment made by the policyholder in the first policy year of the life insurance contract.
