LIC's April premium hits decade high of Rs 12,384 crore

State-owned Life Insurance Corporation of India (LIC) on Friday said its premium collection in April was Rs 12,384 crore, the highest for the month since 2014.

Quoting Life Insurance Council's latest figures, the insurance behemoth said the total premium collected by LIC in April 2024 was Rs 12,383.64 crore -- 113.14 per cent higher than the Rs 5,810.10 crore premium collected the same month a year ago.

The achievement can be attributed to LIC's implementation of innovative marketing strategies and its strong reputation for reliability and customer-centric services, the insurer said in a statement.

These factors effectively reached a wider audience, resulting in increased policy uptake and premium collections, contributing significantly to LIC's success in posting its highest premium in 12 years, it said.

Under the individual premium category, LIC collected a total premium of Rs 3,175.47 crore in April 2024 -- an increase of 25.17 per cent from Rs 2,537.02 crore in the same month a year ago.

The group premium grew 182.16 per cent to Rs 9,141.34 crore during the month from Rs 3,239.72 crore in April 2023.

However, this growth was spurred by an increase of 100.33 per cent in the group yearly premium category, which rose to Rs 66.83 crore in April 2024 from Rs 33.36 crore in April 2023.