LIC’s pension and group schemes fetch over ₹1-lakh crore of premium income
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Life Insurance Corporation of India’s pension and group schemes vertical that looks after group schemes and superannuation business has clocked over ₹1-lakh crore of premium income during the first 10 months of the current fiscal.
“This is the first time ever any single vertical of the insurer has crossed such a gigantic premium income figure successively for two years,” said LIC in a statement on Tuesday, adding that it holds great significance as it was achieved in the middle of the Covid-19-led economic uncertainty.
Pension and group schemes vertical of LIC holds about 80 per cent market share in new business premium post opening of the life insurance sector, it further said.
This vertical of LIC manages funds of over ₹7-lakh crore through over 80,000 gratuity, superannuation and leave encashment schemes.
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