The state-run insurer also paid out claims worth Rs 1.34 lakh crore to policyholders during the year.
LIC grabbed 81 per cent shares of the total policies in March and more than 74 per cent for the full year.
In the fiscal year gone by, LIC achieved a record first-year premium income of Rs 56,406 crore under individual assurance business with a 10.11 per cent growth over last year.
LIC has also booked 21 million policies, out of which 4.67 million were procured in the month of March alone, with a growth of 298.82 per cent year on year.
“On the claims front, in spite of severe constraints due to Covid pandemic, LIC settled 21.9 million maturity claims, money back claims and annuities, amounting to Rs 1.17 lakh crore,” the insurer said in a press release. “The corporation settled 959,000 death claims amounting to Rs 18,137.34 crore.”
