Insurance behemoth Life Insurance Corporation’s (LIC) group premium doubled for February 2024 to ₹14,914.98 crore (₹7,433.27 crore).
Total premium for the month under review grew 67.48 percent to ₹19,896.01 crore (₹11,879.49 crore), latest data showed.
LIC for the month under review saw a notable rise in group yearly renewable premium and individual premium, registering an increase in value terms of 36.10 per cent and 11.69 per cent respectively.
Individual premium
Individual premium collected for first 11 months of fiscal 2024 was ₹48,548.24 crore, up 0.55 per cent over ₹48,283.13 crore collected 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 percent compared to 16,13,178 policies and schemes recorded in the same month of the previous year.
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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 per cent increase from 2,379 policies and schemes reported in February 2023.
The total number of policies in February 2024, across all categories, experienced a 6.34 per cent increase, reaching a total of 17,18,560 policies (16,16,048 policies).