LIC Pension and Group Scheme Vertical's premium income crosses Rs 1 lakh crore

LIC Pension and Group Schemes Vertical, which is looking after group schemes and superannuation business, has created a new record by collecting more than Rs 1 lakh crore premium income during the current financial year.

This is the first time ever any single vertical of the insurer has crossed this record premium income figure, LIC said in a statement.

Pension and Group Schemes Vertical of LIC provides Employees Retiral Funds' Management Solution to the who's who of India Inc and has been steadily holding more than 80 per cent market share in NBPI post opening of the life insurance industry, it said.

This vertical of LIC manages funds of well over Rs 7 lakh crore managing through about over 80,000 gratuity, superannuation and leave encashment schemes, it said.