Life Insurance Corporation of India (LIC) on Tuesday said its pension and group business achieved business premium of ₹39,143 crore as on February 28, 2014. LIC’s market share in group business was 84 per cent as on January 31, 2014.
“The premium collected is about five times the premium collected by all the 23 private players put together,” said a press release by LIC.
LIC said its pension and group business recorded a 50 per cent sales growth in new business premium and a 20 per cent growth in the number of lives covered as on February 28.
Under the Aam Admi Bima Yojana, a social security scheme of the Government of India, about 10 million new lives have been covered.
Out of the ₹39,143 crore, ₹21,500 crore was procured through superannuation schemes and ₹9,300 crore from gratuity schemes, said the Government-led life insurer.