Life Insurance Corporation of India (LIC) has officially announced the launch of its new product, 'LIC’s Smart Pension', which will be available for sale starting February 18, 2025.
The 'Smart Pension' plan is a 'Non-Participating (Non-Par), Non-Linked, Individual/Group, Savings, Immediate Annuity Plan' and is tailored specifically for the domestic market.
The new plan is expected to strengthen LIC’s leadership position in India’s growing pension and retirement savings market, which is becoming increasingly important as the population seeks ways to secure their financial future.
State-run LIC's net premium income in the latest third quarter dropped 9% to Rs 1.07 lakh crore, driven by a 24% fall in single-premium collection and a 14% decline in first-year premium collection.
LIC still posted a 17% rise in profit after tax of Rs 11,056 crore as employee compensation and welfare expenses dropped by nearly a third in the December quarter.
LIC's value of new business (VNB), which measures the expected profit from new premiums, fell 27% year-over-year to Rs 1,926 crore for the reported quarter.
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