Page 11 - The Insurance Times May 2021

LIC of India News

LIC manages to grow designed for public sector pensioners. India. LIC made the announcement to
Borrowers under this scheme, ease the policy settlement process to
business 10% in FY21 amid
available to those eligible for defined mitigate the hardships faced by its
COVID-19 benefit pension, will get a waiver of customers due to the COVID-19

The Life Insurance Corporation of India the 37th, 38th, 73rd, 74th, 121st, and pandemic.
has managed to record double-digit 122nd EMIs, which will be adjusted LIC said, "LIC has allowed its 113
growth in FY21 despite new business against the outstanding principal. divisional offices, 2,048 branches,
premium lagging the previous fiscal Y. Viswanatha Gowd, MD & CEO, LIC 1,526 satellite offices, and 74 customer
until February, 2021. The corporation's Housing Finance, stated that the zones to receive maturity claims
chairman M.R. Kumar revealed that company has disbursed around 15,000 documents from policyholders whose
business growth for the year FY21 was loans amounting to Rs. 3,000 crore maturity payments are due,
10%. under the scheme, which is available irrespective of the servicing branch of
for applicants up to 65 years of age the policy."
Figures released by LIC reveal that for
with the loan tenure up to 30 years or
the 11 months ended February, LIC Nevertheless, the actual claim payment
80 years of age, whichever is earlier.
had recorded a new business premium will only be processed by the servicing
of Rs. 1,56,068 crore, which was 3% The EMI waiver is an additional benefit branch, it said, adding that this
lower than the previous year. This was being provided under the scheme. The document transfer will be digitally
despite the premium for February loan can be used to buy an apartment managed by the branch where it has
or construct a house or also for repairs been submitted.
2021, at Rs. 10,404 crore, being 27%
higher than the previous year. The or extension to an existing property. "However, the actual claim payment
Borrowers fulfilling the Pradhan Mantri
premium for the life industry until will be processed by the servicing
Awas Yojana Credit Linked Subsidy
February, 2021 was Rs. 2,34,861 crore branch only. The documents will be
Scheme are eligible for interest subsidy
- a 0.6% increase. LIC's share of the digitally transferred through 'LIC's All
of up to Rs. 2.67 lakh.
industry until February was around India Network'," LIC further said.
69%.
LIC policyholders can
LIC employees to get over
LIC Housing Finance to deposit maturity claim
25% wage hike & 5-day
waive 6 EMIs for PSU documents anywhere in week

pensioners the country The new fiscal year 2020-21 has
LIC Housing Finance will waive 6 EMIs, LIC has permitted its policyholders to started for about 1.14 lakh employees
spread across the tenure of the loan, submit their maturity claim at any of of LIC on a happy note with over 25%
under the Griha Varishtha scheme their nearest LIC offices anywhere in hike in their pay packets. The Central

The Insurance Times, May 2021 11