Significant details regarding the massive insurance company LIC are becoming public. In the current fiscal year 2023–2024, LIC anticipates double-digit growth in the premium of new policies. The company plans to introduce new items in the next three to four months as a result of this double-digit growth.
According to LIC Chairman Siddharth Mohanty,
we are projecting double-digit increase over the previous year, he stated in an interview. We’re going to hit this goal because recent trends indicate that the personal retail industry is flourishing. The new service will be launched during the first week of December.
We would like to inform you that during the first week of December,
LIC will be launching a new service. I hope the market will react positively to it. Mohanty revealed some of the characteristics of the new service, including guaranteed returns and a lifetime payout of 10% of the assured amount to the policyholder upon completion. The new service’s impact will be seen in the marketplace. He was optimistic about the new service’s impact on the market because everyone is curious about what he is paying and what kind of return he will receive in 20 to 25 years. Other than this, he said, the loan facility and premature withdrawal are also included in the features of this new service.
In the initial half, income rose by 2.65%.
LIC’s new policy premium income segment climbed by 2.65% to Rs 25,184 crore in the first half of the current financial year 2023–24 from Rs 24,535 crore in the same time the previous year. The insurance premium payable or lump sum payment paid by the policyholder during the first policy year of the life insurance contract is known as the “new policy premium.”
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