New Delhi. Insurance giant Life Insurance Corporation (LIC) plans to launch three to four new products in the coming months with an aim to achieve double-digit growth in new policy premiums in the current financial year 2023-24. LIC Chairman Siddharth Mohanty said in an interview, 'We are estimating double digit growth compared to last year. Recent trends show a boom in in-person retail. Therefore we will achieve the target.
He said that LIC is going to introduce a new service in the first week of December. Hopefully it will get a good response in the market. Sharing some of the features of the new service, Mohanty said that it will provide assured returns and after its completion the policyholder will get 10 percent of the sum assured for the lifetime. He expressed confidence that the new service will create a stir in the market as everyone wants to know how much he is paying and how much return he will get after 20-25 years. He said that apart from this, loan facility and premature withdrawal are also included in the features of this new service.
LIC's new policy premium income in the income (individual) segment increased by 2.65 per cent to Rs 25,184 crore in the first half of the current financial year 2023-24, compared to Rs 24,535 crore in the same period a year ago. New policy premium is the insurance premium payable or lump sum payment made by the policyholder in the first policy year of the life insurance contract.
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