LIC gets 79% premium market share

Mumbai : Life Insurance Corporation of India (LIC), the largest insurer in the world with more than 28 crore customers, has got 79% new premium market share in August, the company said on Wednesday.

In the figures published by IRDA for the month of August, the Corporation had a 79.21% market share in the New Premium Income. As against this, all the 22 private insurance companies put together could muster only 20.79%.

The Corporation could not have expected a better birthday gift from its customers. It may be mentioned that LIC is celebrating its 54th anniversary this month.

During the year, its market share in New Premium Income has risen from 64.86% as on March 31 to 74.09% as on August 31, showing a growth rate of 87.80% and covering more than 1.22 crore new lives.

Its two ULIP policies, viz. Market Plus I (Pension Plan) and Money Plus I (ULIP) have met with a huge public response. In Pension and Group Schemes New Premium, the Corporation?s market share has gone up to 85.81%.

With the entry of the new ULIP regime, LIC is the only life insurer to have introduced a Unit Linked Pension Product ?Pension Plus? on September 2 itself and thereafter the Unit Linked Insurance Plan ?Endowment Plus? on September 20, which has again met with a huge public response, said the company.