Life Insurance Corporation (LIC) said on Monday that its premium for the financial year 2022-23 has increased by 17 percent. 2.32 lakh crores. During the previous year, the premium amount was 1.99 lakh crore. LIC data indicates that private insurers collected a significant amount of premium in March due to last-minute customer rush.
The rush was seen as customers wanted to avail benefits ahead of withdrawal of tax exemption for non-linked policies from April 1.
In terms of premium collected, it continues to command a market share of 62.58% by March 2023. LIC said in a statement. LIC’s premium growth for FY23 is the second highest among its listed peers, with HDFC Life at 18.83%, SBI Life at 16.22% and ICICI Prudential Life Insurance Company at 12.55%, the statement said.
LIC saw a 3.3% increase in its individual single premium and 10% increase in individual non-single premium. Additionally, its group single premium witnessed a significant growth of 21.76% 1,67,235 crore from its previous value of Rs. 1,37,350.36 crores.
In March 2023, LIC reported premium exceeding 10,000 crore in the individual category, which is the highest among all life insurers. Next in line were HDFC Life, SBI Life and Tata AIA Life, which gathered 2,989.17 crores, 2,318.77 crore, and 1,884.41 crore respectively.
In addition, the individual non-single premium segment of LIC witnessed a growth of 10.49% 5,501.12 crore in March 2022 6,077.97 crore in March 2023.
(With inputs from PTI)
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