LIC’s pension, group schemes vertical collects over Rs 1 lakh cr premium

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JAMMU/MUMBAI, Feb 9: The pension and group schemes vertical of Life Insurance Corporation of India (LIC) has created a record by clocking over Rs 1 lakh crore premium income in the first 10 months of the current fiscal, the national insurer said on Tuesday.
This is first time ever a single vertical of the corporation has made such a big premium income successively for two years, it added.
According to the company statement, the outstanding assets under the management of the vertical, which manages the group schemes and superannuation business, are well above Rs 7 lakh crore now.
This vertical provides employees retiral fund management solution to India Inc and has been steadily holding around 80 per cent market share in new business premium even after private players entered the market two decades earlier.
“This performance comes amidst mounting challenges and multiplying complexities owing to the pandemic. The vertical manages funds of over Rs 7 lakh crore through over 80,000 gratuity, superannuation and leave encashment schemes,” the statement said.

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