Important news is out about the big insurance company LIC. LIC expects to grow a lot in the premium for new insurance policies this year (2023-24).
They plan to launch new products in the next 3 to 4 months because of this growth.
The head of LIC, Siddharth Mohanty, said in an interview that we expect to grow by a lot compared to last year.
The recent trends show that personal retail business is doing well, so we think we can reach our goal.
In December’s first week, LIC will start a new service. We hope people will like it. Mohanty shared some details about the new service.
It will guarantee returns, and after it finishes, the person with the policy will get 10 percent of the assured sum for their whole life.
Mohanty believes that this new service will make a big impact on the market. People are curious about how much they are paying and how much they will get back after 20-25 years.
Besides this, the new service also includes the option for loans and taking out money early.
In the first half of this financial year (2023-24), LIC’s income from new policy premiums increased by 2.65 percent to Rs 25,184 crore.
Last year, it was Rs 24,535 crore. New policy premium is the money the person pays for their life insurance in the first year of the policy.
