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.
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.
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.
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