Synopsis
LIC has announced its offices will remain open on March 29, 30, and 31 to assist policyholders, ensuring they receive necessary support during this period. This decision aligns with the IRDAI's guidance to enhance service accessibility.Key Takeaways
- LIC offices open on March 29, 30, and 31.
- Decision supports policyholders during Eid.
- 28.29% rise in group yearly renewable premiums.
- 1.90% increase in total premium collection.
- Commitment to affordable insurance for all.
New Delhi, March 28 (NationPress) - The Life Insurance Corporation of India (LIC) has officially declared that its offices across multiple zones and divisions will remain operational on March 29, 30, and 31. This initiative is designed to facilitate seamless services and prevent any inconvenience for policyholders. This action follows an advisory from the Insurance Regulatory and Development Authority of India (IRDAI) issued on March 12.
“LIC offices within the jurisdiction of various Zones and Divisions will operate as usual during official hours on 29.03.2025, 30.03.2025, and 31.03.2025, ensuring no hardship for policyholders,” the company stated.
LIC is committed to providing financial security to every insurable individual in the nation.
Recently, LIC’s Managing Director and CEO, Siddhartha Mohanty, reaffirmed the company’s dedication to offering affordable insurance to rural and economically disadvantaged sectors of society.
Despite ongoing discussions within the industry, LIC has continued to broaden its outreach. The corporation experienced a remarkable 28.29 percent increase in group yearly renewable premiums and a 7.9 percent rise in individual premiums in the first 11 months of FY25.
As of February 2025, LIC's total premium collection reached Rs 1.90 lakh crore, reflecting a 1.90 percent increase from the previous year.
However, individual premiums in February 2025 saw a minor decline of 1.07 percent at Rs 4,837.87 crore compared to Rs 4,890.44 crore in February 2024.
During the 11-month span, 4,898 group policies were sold, marking a 13.53 percent growth from the previous year's 4,314 policies.
In February alone, LIC issued 12.02 lakh policies in the individual segment, while the group yearly renewable category recorded 1,430 new policies and schemes.
In total, LIC's policies across all categories reached 12.04 lakh for the month.
From April 2024 to February 2025, LIC amassed Rs 52,382.58 crore in individual premiums, with individual category policies totaling 1.46 crore.
