New Delhi: Life Insurance Corporation of India (LIC) has paid Rs 26.74 crore for 561 policy claims related to death due to corona epidemic. With this, LIC has also created a new record in terms of earnings. The company has earned a total profit of Rs 1.78 lakh crore from the new premium in 2019-20.
Income from new premium has increased by 25.2 percent in 2019-20. However, during this time the company has paid a policy of about 2 lakh 55 thousand crores, which is a slight 1.31 percent more. Digital transactions by customers for LIC insurance have increased by 36 percent. Government insurance company LIC has said in a statement that it remains the market leader in the life insurance sector with 75.90 percent and 68.74 percent share in the first year's premium. The company has achieved a major position in the pension and mass retirement business during this period. The income from the new premium in this category has crossed Rs 1 lakh crore to Rs 1,26,696.21 crore. This is 39.46 percent more than the previous year's Rs 90,848.86 crore.
LIC has said in the statement that the total insurance payment during the financial year ended March 2020 was Rs 2,54,222 crore, which was just 1.31 percent more than Rs 2,50,936.23 crore a year ago. During this period, the total income of the company increased by 9.83 per cent to Rs 6,15,882.94 crore, from Rs 5,60,784.39 crore a year ago.