<p>State-run life insurer LIC is hopeful of crossing its fiscal target of selling over 2.5 crore individual policies and a premium collection of more than Rs 55,000 crore before March 31, 2020.</p>.<p>This is 17 per cent growth in terms of number of individual policies sold compared to the number of policies sold in FY19.</p>.<p>"We have created a new record by selling 2,17,00,000 individual policies and a premium collection of Rs 50,500 crore as on March 21, 2020," the Life Insurance Corporation (LIC) said.</p>.<p>The life insurer said it is confident of crossing its target of 2.5 crore individual policies well before March-end.</p>.<p>In the previous fiscal, the corporation had sold 2,14,03,905 individual policies.</p>.<p>Typically, March is considered an important month for insurance companies when they witness the maximum sale of policies.</p>.<p>In the group insurance policies, LIC has collected a premium of Rs 1.15 lakh crore, so far, against a target of Rs 60,000 crore it had set in the beginning of the year.</p>.<p>As of the end February 2020, the new business performance of LIC showed an impressive growth of 12.85 per cent in its first-year premium income and 21.84 per cent in a number of policies. </p>
<p>State-run life insurer LIC is hopeful of crossing its fiscal target of selling over 2.5 crore individual policies and a premium collection of more than Rs 55,000 crore before March 31, 2020.</p>.<p>This is 17 per cent growth in terms of number of individual policies sold compared to the number of policies sold in FY19.</p>.<p>"We have created a new record by selling 2,17,00,000 individual policies and a premium collection of Rs 50,500 crore as on March 21, 2020," the Life Insurance Corporation (LIC) said.</p>.<p>The life insurer said it is confident of crossing its target of 2.5 crore individual policies well before March-end.</p>.<p>In the previous fiscal, the corporation had sold 2,14,03,905 individual policies.</p>.<p>Typically, March is considered an important month for insurance companies when they witness the maximum sale of policies.</p>.<p>In the group insurance policies, LIC has collected a premium of Rs 1.15 lakh crore, so far, against a target of Rs 60,000 crore it had set in the beginning of the year.</p>.<p>As of the end February 2020, the new business performance of LIC showed an impressive growth of 12.85 per cent in its first-year premium income and 21.84 per cent in a number of policies. </p>