Life insurance Corp. of India witnessed a sharp 40% month-on-month growth in individual premiums in July and August, resulted in increase in the sales big-ticket pension and term assurance plans.
In the first quarter the LIC witnessed negative growth because of its agents unable to meet the requirement of its customer due to the lockdown.
Seeing the continuation of lockdown, LIC has shifted its objectives from fewer but bigger policies, the reason of drift in its policies is that the institution has witnessed 50% of being selling, higher size than in last fiscal year, said managing director Vipin Anand in an interview.
The LIC with assets of more than Rs 34 lakh Crore, is India’s largest life insurer, ” Leaving aside its high net worth individuals(HNIs) who are buying big- ticket policies, not only about higher class but the customers of middle class too are now buying policies with Rs 12-15 lakh sum assured, which was earlier at around Rs 7-10 lakh,” said Anand. Further he added that even people who are near by to their retirement are also buying large pension products.
