LIC breaks 12 year record, huge jump in premium collection

LIC Premium: There has been a huge jump in the premium of Life Insurance Corporation (LIC). The public sector insurance coverage firm has damaged the 12-year report of premium collection in April, 2024.

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The complete premium collection of LIC in April, 2024 was Rs 12,383.64 crore. A year in the past, in April 2023, the corporate had obtained a premium of Rs 5,810.10 crore (LIC Premium). In this one year interval, LIC premium has greater than doubled.

Premium of LIC and personal insurance coverage corporations elevated by 61 %
The nation’s largest insurance coverage firm LIC (Life Insurance Corporation of India) had achieved the next premium than this in April 2014. Compared to April 2023, the premium of LIC and personal insurance coverage corporations has elevated by 61 %. LIC has a giant contribution in this enhance. During this era, LIC premium has elevated by 113 %.

Changes made in many merchandise in response to buyer wants
The firm stated that it is a large achievement for us. We have promoted innovation in advertising and marketing throughout this era. Besides, modifications have additionally been made in lots of our merchandise as per the wants of the shoppers.

Besides, new merchandise have additionally been launched in the market throughout this era. Due to this, the belief of consumers in LIC has strengthened. This is the rationale why our insurance policies have been offered extra in the final one year and the premium has additionally elevated greater than double. We have damaged the report of the final 12 years.

The complete variety of LIC insurance policies additionally elevated to eight.56 lakh.
LIC has obtained Rs 3,175.47 crore in the person premium class. The firm has obtained Rs 9,141.34 crore in group premium and Rs 66.83 crore in annual group premium. The complete variety of LIC insurance policies has additionally elevated to eight.56 lakh in April, 2024. In April, 2023 the identical determine was 7.85 lakh.

(*12*) of personal insurance coverage corporations was additionally wonderful
The premium of SBI Life, the most important amongst personal insurance coverage corporations, has additionally elevated by 26 % throughout this era. The premium of HDFC Life has elevated by 4.31 %, the premium of ICICI Prudential has elevated by 28.13 %, the premium of Bajaj Allianz has elevated by 25.20 % and the premium of Max Life has elevated by 41 %.

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