LIC's FY21 business will be higher than last year: Chairman Kumar

The life insurer hopes to sell 22 million policies and collect Rs 51,300 cr in first year premium income from individual business this financial year

Despite the grim economic scenario and in contrast to the sharp contraction in business that most Indian companies are expected to witness, Life Insurance Corporation of India (LIC) expects to grow its business in 2020-21 (FY21) and hopes to achieve its budgeted figures by the end of current financial year.

The state-owned life insurance behemoth has budgeted for selling 22 million policies in FY21 and achieving Rs 51,300 crore in first year premium income from individual business in the current financial year.

In FY20, LIC had sold 21.9 million policies and the first year premium in the individual business was to the