State-owned country's largest life insurer, Life Insurance Corporation of India (LIC) on Friday said its premium collection in April was Rs 12,384 crore, the highest for the month since 2014.
The total premium collection for the life insurance industry surged by 61% compared to April 2023. This strong growth was primarily driven by a 113% increase in premium collection by LIC in April 2024.
Quoting Life Insurance Council's latest figures, the insurance behemoth said the total premium collected by LIC in April 2024 was Rs 12,383.64 crore -- 113.14% higher than the Rs 5,810.10 crore premium collected the same month a year ago.
In a statement, the insurer said, “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.”
Under the individual premium (single and non single premium) category, LIC collected a total premium of Rs 3,175.48 crore in April 2024 -- an increase of 25.17% from Rs 2,537.02 crore in the same month a year ago. The group premium grew 182.16% to Rs 9,141.34 crore during the month from Rs 3,239.71 crore in April 2023. However, this growth was driven by a 100.33% increase in the group yearly premium category, which rose to Rs 66.83 crore in April 2024 from Rs 33.36 crore in April 2023.
LIC’s total number of policies and schemes issued also increased by 9.12% to 8.56 lakh in April 2024, compared to 7.85 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.
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