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

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Life Insurance Corporation (LIC) has posted a 128% development year-on-year in online sales of insurance coverage insurance policies throughout this fiscal as much as October, and settled maturity claims and survival advantages price greater than ₹57,000 crore, mentioned Managing Director Raj Kumar.

The insurer has been resilient throughout COVID-19 instances, reaching out to individuals, he added. Alternative fee channels akin to Google Pay and PhonePe witnessed ‘a huge response’ throughout the pandemic with greater than 42% of the premium being collected through the digital route, he mentioned.

In all, 72% of the premium collections occurred exterior of the normal money counters in workplaces. Thus, digital route had gained reputation throughout the pandemic, he added.

Till November, LIC recorded an funding revenue of greater than ₹1.49 lakh crore, registering a development price of 20%. It had booked ₹25,000 crore in revenue through inventory buying and selling, Mr. Kumar mentioned in an announcement.

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