LIC manages to develop enterprise 10% in FY21 amid Covid

MUMBAI: The Life Insurance coverage Company (LIC) of India has managed to report double-digit development in FY21 regardless of new enterprise premium lagging the earlier fiscal till February this yr. The company’s chairman M R Kumar revealed on Friday that enterprise development for the yr FY21 was 10%.
Figures launched by the insurance coverage regulator reveal that for the 11 months ended February 2021, LIC had recorded a brand new enterprise premium of Rs 1,56,068 crore, which was 3% decrease than the earlier yr. This was regardless of the premium for February 2021, at Rs 10,404 crore, being 27% increased than the earlier yr. The premium for the life business till February 2021 was Rs 2,34,861 crore — a 0.6% improve. LIC’s share of the business till February was round 69%.
Kumar was talking on the launch of former Irdai member Nilesh Sathe’s autobiography ‘By no means Give Up’, printed by Well-liked Prakashan. Sathe, who rose by the ranks in LIC, went on to take senior tasks within the company and the insurance coverage regulator after being operated on thrice for most cancers and quite a few chemotherapy periods.
Mentioning that each one LICians have the never-give-up angle, Kumar stated that regardless of going by their very own trials and tribulations the company managed to settle a report variety of claims and obtain development this yr. This was an achievement that appeared impossible due to the preliminary lockdown and the truth that most of LIC’s gross sales are agent-driven.
Sathe is now a monetary adviser to the Nationwide Highways Authority of India. Talking on the occasion, Sathe stated that the authority, regardless of challenges, managed to lift Rs 65,000 crore throughout the yr, which just about matches the goal.

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