Industry

LIC’s online policy sales rise 128%, says MD Kumar

Raj Kumar   | Photo Credit: Special Arrangement

Life Insurance Corporation (LIC) has posted a 128% growth year-on-year in online sales of insurance policies during this fiscal up to October, and settled maturity claims and survival benefits worth more than ₹57,000 crore, said Managing Director Raj Kumar.

The insurer has been resilient during COVID-19 times, reaching out to people, he added. Alternative payment channels such as Google Pay and PhonePe witnessed ‘a huge response’ during the pandemic with more than 42% of the premium being collected via the digital route, he said.

In all, 72% of the premium collections occurred outside of the traditional cash counters in offices. Thus, digital route had gained popularity during the pandemic, he added.

Till November, LIC recorded an investment income of more than ₹1.49 lakh crore, registering a growth rate of 20%. It had booked ₹25,000 crore in profit via stock trading, Mr. Kumar said in a statement.

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Printable version | Jan 25, 2021 5:15:23 PM | https://www.thehindu.com/business/Industry/lics-online-policy-sales-rise-128-says-md-kumar/article33253131.ece

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