LIC becomes a market leader by taking over 80% of the market share in Pension and Group Segment Life Insurance Corporation of India (LIC) achieved a milestone by collecting a huge premium of Rs 39143 crore through its pension and group segment, as on February 28, 2014. The company boasts of its market share in group segment which is a decent 84%. Also the fact that collected premium is 5 times the total collected premium of 23 private players adds to the company's achievement.
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The social security scheme of the Government of India, Aam Aadmi Bima Yojana, reveals its accomplishment of covering 10 million new lives. Out of Rs 39143 crores gathered, Rs 21500 crore was secured through Superannuation Schemes and Rs 9300 crore was obtained from Gratuity schemes.
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Pension and Group segment reported growth rate of 50% in new business premium, 20% of that in number of lives and 39 million people were covered under several schemes.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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