IRDA regulation helps LIC make record earnings

Mumbai, Oct 3: Traditionally, it is the fourth quarter of a year to rejoice for the insurers as more and more people go for insurance schemes to get rebate in their income tax. However, this year it was the first quarter itself when the gold rush was seen thanks to the IRDA (Insurance Regulatory Development Authority) regulation. In fact helped the state-run Life Insurance Corporation of India (LIC) to make a record earning during the first quarter of the current fiscal.

Talking to media on the sidelines of announcement of month-long yearly celebrations for social security schemes here today, LIC Chairman T S Vijayan said that IRDA had advised all the insurers to file their revised products only after June 30. It resulted in changing the mindset of the aspirant policy holders that came forward in big numbers to get their lives insured. Ultimately, it helped the insurers make good earnings in the form of first premium.

For LIC alone, the sum earned was 258 per cent more than the previous year's June month's collections, said Mr Vijayan. The results of second quarter of the current fiscal is likely to be declared by the LIC in near future, he hinted.

UNI