Figures released by the insurance regulator reveal that for the 11 months ended February 2021, LIC had recorded a new business premium of Rs 1,56,068 crore, which was 3 per cent lower than the previous year. This was despite the premium for February 2021, at Rs 10,404 crore, being 27 per cent higher than the previous year. The premium for the life industry until February 2021 was Rs 2,34,861 crore — a 0.6 per cent increase. LIC’s share of the industry until February was around 69 per cent.
Kumar was speaking at the launch of former Irdai member Nilesh Sathe’s autobiography ‘Never Say Die’. Sathe, who rose through the ranks in LIC, went on to take senior responsibilities in the corporation and the insurance regulator after being operated on thrice for cancer and numerous chemotherapy sessions.
Pointing out that all LICians have the never-give-up attitude, Kumar said that despite going through their own trials and tribulations the corporation managed to settle a record number of claims and achieve growth this year. This was an achievement that appeared very unlikely because of the initial lockdown and the fact that most of LIC’s sales are agent-driven.
Sathe is now a financial adviser to the National Highways Authority of India. Speaking at the event, Sathe said that the authority, despite challenges, managed to raise Rs 65,000 crore during the year, which almost matches the target.
