GUWAHATI: LIC Pension and Group Schemes Vertical, looking after group schemes and superannuation business of the corporation created a record by clocking more than one lakh crores premium income during the first 10 months of the current financial year 2020 – 2021.
This is the first time ever any single vertical of the insurer has crossed such a gigantic premium income figure successively for two years. Pension and Group Schemes Vertical of LIC provides employees retiral funds' management solution to the who's who of India inc and has been steadily holding around 80% market share in new business premium post opening of the life insurance industry.
This phenomenal performance holds great significance since it came amidst mounting challenges and multiplying complexities owing to pandemic fuelled economic headwinds.
This vertical of the corporation manages funds of over Rs.7 lakh crores - through approximate 80,000+ gratuity, superannuation, and leave encashment schemes, stated a press release.
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