(G.N.S) dt. 5
The Life Insurance Corporation of India (LIC) has said that its asset base has crossed Rs 38 lakh crore with a total investment of Rs 36,76,170 crore and a life fund of Rs 34,36,686 crore as of March 2021. This asset base is higher than the GDP of several countries. It is at least 16 times above the Asset Under Management (AUM) of SBI Life. SBI Life is the second largest insurance company of India.
The expansion in the LIC’s balance sheet in the pandemic year FY 21 occurred with 3.5 percent growth in new business (first-year premium) with a collection of Rs 1.8 lakh crore premium from 2.1 crore new policies. Assets also grew with pension and group superannuation collecting Rs1.3 lakh crore as new business premium. The sales gives LIC a market share of 66.2 percent in first-year premium income and 74.6 percent in the number of policies. LIC achieved a landmark when its customers used digital channels for payment of nearly 75 percent of the total renewal premium. The premium collection through the digital channel was 61 percent in 2020.