LIC claims to have registered increase in market share

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Life Insurance Corporation of India said it has registered a significant increase in market share in the current financial year and that its market share during November 2019 is 84.82% in the number of policies and 71.59% in first-year premium income.

Anoop Kumar, zonal manager, North Zone said that during November, LIC has registered a growth of 138% in the number of policies sold as against the industry growth of 102% and private players’ growth at 9%.

He added that LIC has the best claim settlement performance in the industry.

During the year, LIC has settled 1,24,87,215 number of Maturity Claims amounting to ₹71,304.29 crore and under Death Claims, the number of claims settled is 51,7536 with a payout of ₹8,547.22 crore.