LIC IPO Latest News Life Insurance Corporation Sells Over 15 Lakh Policies Leads in Individual Insurance

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New Delhi: Life Insurance Corporation of India (LIC) was far ahead of the 23-member private life insurer’s club in terms of the number of individual lives covered last month, according to an IANS report. This has come even as the central government is preparing to launch the initial public offering (IPO) for LIC. However, the private insurers have insured about 1.81 crore individuals under their group insurance schemes.Also Read – LIC IPO Date: FM Nirmala Sitharaman Gives Big Hint; Details Here

LIC vs Other Insurance Players

  • According to the Insurance Regulatory and Development Authority of India (IRDAI), LIC had sold 15,37,840 individual policies (84,989 individual single premium and 14,52,851 individual non-single premium policies) last month, IANS reported.
  • All the 23-private life insurers had covered 5,35,491 individuals (21,396 individual single premium policies, 514,095 individual non-single premium policies) under their individual policies, the IANS report says.
  • In the case of group insurance policies LIC had covered a total of 13,68,169 lives last month while the private insurers have covered a total of about 1.81 crore, the IANS report says.
  • In terms of premium income LIC’s new business premium last month was Rs 13,500.78 crore (Rs 15,548.06 crore in October 2020) while the 23-private insurers have together earned Rs 8,105.46 crore (Rs 7,227.96 crore in October 2020), according to the IANS report.
  • Interestingly, in the group business, last month LIC had earned a premium of Rs 8,961.13 crore covering about 13.68 lakh individuals (Rs 8,855.45 crore covering 12,39,827 lives), the IANS report says.
  • On their part, the private life insurers last month earned about Rs 2,841.54 crore covering about 1.81 crore lives (Rs 3,009.7 crore for covering about Rs 1.24 crore), according to the IANS report.
  • It should be noted, insurance is a business of large numbers. Larger the base, better for spreading the loss of few over many, the IANS report says.

Also Read – LIC IPO: Government Sets ‘Strict Timelines’; Details You Need to Know Also Read – LIC IPO: Two Big Updates That You Must Know

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