LIC sees rebound in business after months of slide due to Covid-19 crisis

Life Insurance Corporation (LIC), the country’s largest life insurer, is expecting to post growth in new business premium in June after recording a contraction in the category in the past three months owing to the Covid-19 impact, even as sales of policies remain an area of concern.

With the spread of coronavirus and the subsequent lockdown imposed by the government, LIC saw its new business premium (NBP) fall 31 per cent year-on-year (YoY) in March, which otherwise is the best month for insurers because customers buy more policies towards the end of the financial year to save taxes. 

Similarly, the state-owned insurance