LIC's Group Premium doubles and Total Premium rises 67% in Feb
LIC's Group Premium doubled to Rs 14,914.98 crore for the month of February 2024 from Rs 7,434.27 crore for the month of February 2023, while the Total Premium rose 67.48% to Rs 19,896.01 crore for the month of February 2024 from Rs 11,879.49 crore for the month of February 2023.
image for illustrative purpose
Mumbai, Mar 09: LIC's Group Premium doubled to Rs 14,914.98 crore for the month of February 2024 from Rs 7,434.27 crore for the month of February 2023, while the Total Premium rose 67.48% to Rs 19,896.01 crore for the month of February 2024 from Rs 11,879.49 crore for the month of February 2023.
In February 2024, LIC saw a notable rise in Group Yearly Renewable Premium and Individual Premium, experiencing an increase of 36.10% and 11.69% respectively. The Group Yearly Renewable Premium collected for the first 11 months of Fiscal 2024 rose 127.46% to Rs 1,577.35 crore, from Rs 693.47 crore collected during the same month last year. Similarly, the Individual Premium collected for first 11 months of Fiscal 2024 was Rs 48,548.24 crore, growing 0.55% from Rs 48,283.13 crore collected in the corresponding period last year.
No. of Polices/Schemes for the month of February 2024 grew 10.93% to 2,639 from 2,379. In February 2024, LIC saw a sizeable rise in Individual Premium and Group Yearly Renewable Premium, experiencing an increase of 6.34% each respectively.
For the first 11 months of Fiscal 2024, Group Yearly Renewable Premium rose 3.90% to 27,719 from 26,679 in the corresponding period last year.
In February 2024, LIC's policies and schemes for the individual category reached a total of 17,15,467 showing an increase of 6.34% compared to 16,13,178 policies and schemes recorded in the same month of the previous year.
For the group's yearly renewable premium segment, the number of policies and schemes in February 2024 stood at 2,639 marking a 10.93% increase from 2,379 policies and schemes reported in February 2023.
The total number of policies in February 2024, across all categories, experienced an 6.34% increase, reaching a total of 17,18,560 policies, as compared to the 16,16,048 policies reported in the same month of the previous year.
LIC's Individual premium collection amounted to Rs 48,548.24 crore.
The number of policies under the Individual Category held by LIC totalled 1,62,97,313.
Policies and schemes in the group's yearly renewable segment experienced a notable surge of 3.90%, reaching 27,719 from 26,679.
