LIC’s group premium doubles, total premium surges by 67% in February 2024

LIC’s group premium doubled to Rs 14,914.98 crore for February 2024 from Rs 7,434.27 crore for February 2023, while the total premium rose 67.48% to Rs 19,896.01 crore for February 2024 from Rs 11,879.49 crore for February 2023.

In February 2024, LIC saw a notable rise in group yearly renewable premium and individual premium, experiencing an increase of 36.10% and 11.69% respectively. The group yearly renewable premium collected for the first 11 months of FY24 rose 127.46% to Rs 1,577.35 crore, from Rs 693.47 crore collected during the same month last year. The individual premium collected for first 11 months of FY24 was Rs 48,548.24 crore, growing 0.55% from Rs 48,283.13 crore collected in the corresponding period last year.

Number of polices/schemes in February grew 10.93% to 2,639 from 2,379. In February 2024, LIC saw a sizeable rise in Individual Premium and Group Yearly Renewable Premium, experiencing an increase of 6.34% each respectively.

For the first 11 months of FY24, the Group Yearly Renewable Premium rose 3.90% to 27,719 from 26,679 in the corresponding period last year.

February 2024 vs February 2023

• In February 2024, LIC's policies and schemes for the individual category reached a total of 17,15,467 showing an increase of 6.34% compared to 16,13,178 policies and schemes recorded in the same month of the previous year.

• For the group's yearly renewable premium segment, the number of policies and schemes in February 2024 stood at 2,639 marking a 10.93% increase from 2,379 policies and schemes reported in February 2023.

• The total number of policies in February 2024, across all categories, experienced an 6.34% increase, reaching a total of 17,18,560 policies, as compared to the 16,16,048 policies reported in the same month of the previous year.

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Between April 2023 – February 2024

• LIC's Individual premium collection amounted to Rs 48,548.24 crore.

• The number of policies under the Individual Category held by LIC totalled 1,62,97,313.

• Policies and schemes in the group's yearly renewable segment experienced a notable surge of 3.90%, reaching 27,719 from 26,679.