In FY22, LIC policy sales increased to 2.17 cr.

6. In FY22, LIC policy sales increased to 2.17 crore

Life Insurance Corporation of India (LIC) traded 2.17 crore insurance policies in the financial year 2021-22. It is up from 2.10 crore in last year by growth rate 3.54%. Its total premium grew 12.66 percent year over year to Rs 1.43 lakh crore in March 2022, up from Rs 1.27 lakh crore the previous year.

In the year 2021-22, individual non-single premium increased 8.82% to Rs. 30,016 crore from 27,584 crore by the end of March 2021. The total first year premium (FYP) of the life insurer increased by 7.92% to Rs 1.98 lakh crore in March 2022 from Rs 1.84 lakh crore in the last year.

On February 13, the government-owned LIC, India’s largest life insurer, filed a draft red herring prospectus (DRHP) for a 5 percent equity sale by government. The issue was scheduled for the previous fiscal year, but market volatility caused by Russia-Ukraine war caused it to be postponed. IPO is expected to be worth roughly Rs 65,000 crore, according to market experts.

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