Business

LIC settles 561 Covid demise claims, eases norms

Summary

MUMBAI: Life Insurance coverage Company (LIC) of India has stated that it has settled 561 demise claims because of COVID-19 amounting to Rs 26.7 crore. The company has additionally relaxed its norms in the course of the lockdown to permit […]

MUMBAI: Life Insurance coverage Company (LIC) of India has stated that it has settled 561 demise claims because of COVID-19 amounting to Rs 26.7 crore. The company has additionally relaxed its norms in the course of the lockdown to permit cost on maturity claims primarily based on electronic mail submission of survival profit necessities and topic to circumstances is settling such claims with out the coverage doc.
“Loss of life claims arising because of COVID-19 are handled at par with different causes of demise and funds are being made on an pressing foundation. LIC has additionally relaxed the process and is accepting necessities of demise declare by electronic mail from their membership brokers and growth officers,” stated the company in an announcement.
Even earlier than the pandemic, the variety of clients utilizing digital channels has grown considerably with the LIC recording a 36% improve in digital transactions for FY20. It has additionally waived digital cost costs, together with cost by bank cards, as much as November 2020.
The company on Thursday has introduced its audited figures for the yr ended March 2020. New Enterprise (first-year premium) for the yr ending March 2020 grew 25.1 % to a document Rs 1,77,977 crore. Pension and group superannuation enterprise additionally crossed the Rs 1 lakh crore milestone with complete collections of Rs 1,26,696 crore of latest enterprise towards Rs 90848 crore within the earlier yr recording a progress of 39.4%.
Extra on Covid-19

Whole premium revenue (new insurance policies and renewals) amounted to Rs 3,79,062 crore for FY20 as in comparison with Rs 3,37,185 crore in FY19 recording a progress of 12.4%. Whole coverage payouts for the yr amounted to Rs 2,54,222 crore a rise of 1.31% over Rs 2,50,936 crore in FY19. On the finish of the yr, the company had a market share of 75.9% in insurance policies and 68.7 % in first-year premium
The company’s gross complete revenue, which incorporates funding revenue rose to Rs 6, 15,882 lakh crore for FY20 up 9.83% from Rs 5, 60,784.39crore from FY19. Whole Property of the company elevated 2.71% to Rs 31,96,215 crore from Rs 31,11,847 crore in FY19.

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