The Life Insurance Corporation of India (LIC) celebrated its 67th anniversary on Thursday.
On the occasion, the LIC has floated a special revival campaign for lapsed policies with effect from September 1, 2023 for its valued policyholders.
“Beginning with an initial capital of Rs 5 crore in 1956, the LIC as on March 31, 2023 has Assets Under Management (AUM) of Rs 43,97,205 crore,” the corporation said in a statement.
The First-Year Premium income for 2022-23 was Rs 2,31,899.17 crore and the LIC sold 204.65 lakhs new policies during the financial year. Its market share in policies was 71.76 per cent while in terms of First-Year Premium Income it was 62.58 per cent.
This exceptional performance underlines the trust and confidence reposed by policyholders in the company’s offerings, it said.