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Insurance for tax saving, Life Insurance as secure investment option in India, life insurance for software engineers / Proffessionals, Uncategorized
LIC Performance in 2021 – The best in the industry
30
May
May
LIC Performance Report in 2021
LIC Business grows 10% in the financial year 2020 -21
Cleary LIC has emerged a winner in the insurance market in the Covid-19 pandemic. The trust of Indians hugely lies with the Insurance gaint in the Indian market. Below are a few interesting facts and observations of the current year.
Performance Highlights of LIC: 2020-21
LIC procured 2.10 Crore new policies & settled 2.28 Crores Claims -A humongous task in the pandemic times. It could be possible due to total dedication of workforce
Market Share of LIC in
Composite Policies: 74.58%
Composite Share in FYP: 66.18%
After 22 years of Competition also, LIC is cruising with >70% Market Share
- Growth in Business of Pensions & Group Schemes – Astounding 39%
- Highest ever FYPI (First Year Premium Income) of Rs 56,285 Crores was realized by LIC
*As per International Reports of UK,
- LIC was rated as 10th Most Valuable Brand throughout the Globe
- On the basis of Brand Strength, LIC Occupies 3rd position (Earlier it was 10th position. Huge improvement)
- @ Death Claim Settlement Ratio -98.74%
- Non Early Death Claim Settlement Ratio -99.86%
- Profits on Equities -Rs 36,900 Crores (Last Year Rs 18,370 Crores)
- Investment by LIC in Equity portfolio -Rs 94,000 Crores ( Last Year -Around Rs 60,000 Crores)
- In the month of April ,2021 alone, LIC booked profits of
Rs 3,161 Crores on Investments - Golden Jubilee Foundation of LIC disbursed Rs 11.59 crores through 46 projects in 2020-21.Since it’s inception, LIC disbursed 102 crores through 594 projects ( Rs 40 Cr towards scholarship to Students)
- Spectacular Achievement of LIC
There was no Penalty for RTI, despite being huge organization - 2,21,036 Agents were recruited by LIC in 2020-21.Net addition of Agents -1,44,982
- 72% of Total Premium was received by LIC either through Online or through Merchant Portals
- LIC achieved highest ever MDRT Agents –16,564
- IDBI Bank has contributed more than 82,000 Policies and 863 Crores of Premium under B&AC Channel
- In 6 months’ time, LIC will be one of the most technologically advanced & digitally organized entity
- Centralized Policy Bond Printing for all 8 Zones will be done latest by Quarter End
Let us share highlight the spectacular LIC performance report with all
