While a slew of companies are dealing with the coronavirus outbreak and the subsequent impact on sales, India’s largest insurer Life Insurance Corporation of India (LIC) said that it was well in line to meet its annual policy sale targets.
LIC said that it had sold 21.42 million policies as of March 17, 2020 as against 21.40 million sold in FY19.
“We are confident of crossing the target of 25 million policies well before March 31,” said LIC in a statement.
However, it is to be noted that monthly business data showed that LIC had a 13.7 percent decline in new premium collection in February 2020 (compared to February 2019) to Rs 10,4040.7 crore. This was due to a 39.2 percent drop in the number of policies/schemes sold.