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LIC's policy issuance was hit adversely due to Covid pandemic

In H1 of FY22, LIC issued about 19 million individual and group policies (in terms of lives covered), down 38 per cent from the same period in FY19 (pre-pandemic).

Life insurance corporation, LIC
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Photo: Bloomberg

Subrata Panda Mumbai
Covid has impacted the initial public offering (IPO)-bound Life Insurance Corporation’s (LIC’s) business adversely. The total number of individual and group policies (in terms of lives insured) issued by it dropped substantially — from 62.43 million in FY20 to 52.54 million in FY21, a decline of 15.84 per cent. In FY19, the life insurance giant had issued 75 million policies.  

“The pandemic and related lockdowns adversely affected sales of our individual policies, primarily in the fourth quarter (Q4) of FY20 (down 22.66 per cent from Q4 of FY19). In Q1 of FY21 and FY22, it was down 46.20 per cent

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