LIC achieves its highest April premium:
In April 2024, Life Insurance Corporation of India, the nation’s largest life insurer, achieved its highest premium collection, surpassing figures from April since 2014. The overall premium collection for the life insurance industry (including private insurers and LIC) witnessed a remarkable 61% surge compared to April 2023. This robust growth was primarily fueled by LIC’s premium collection, which saw a staggering 113% increase in April 2024. LIC‘s total premium collected in April 2024 amounted to Rs 12,383.64 crore, whereas it was Rs 5,810.10 crore in April 2023.
The company attributed this remarkable achievement to company’s deployment of innovative marketing strategies and its solid reputation for reliability and customer-centric services. In a statement, the company highlighted that these factors effectively reached a broader audience, leading to increased policy uptake and premium collections, which significantly contributed to company success in achieving its highest premium in 12 years.
Breaking down the premium collections, in the Individual Premium category, LIC collected a total premium of Rs 3,175.47 crore in April 2024, marking a 25.17% increase from the Rs 2,537.02 crore collected in April 2023. On a positive note, the Group Premium witnessed a substantial growth of 182.16% to Rs 9,141.34 crore in April 2024 from Rs 3,239.72 crore in April 2023. Additionally, there was a noteworthy increase of 100.33% in the Group Yearly Premium category, which rose to Rs 66.83 crore in April 2024 from Rs 33.36 crore in April 2023.
