The Life Insurance Corporation of India (LIC) on Friday reported a 50 per cent decline in net profit at Rs 7,925 crore for the quarter ended September 30, on lower income. The country's biggest insurer had a net profit of Rs 15,952 crore in the year-ago period, LIC said in a regulatory filing.
Its net premium income eased to Rs 1,07,397 crore in the second quarter of the current fiscal, from Rs 1,32,631.72 crore in the same period a year ago.
LIC's total income declined to Rs 2,01,587 crore in the latest September quarter, compared to Rs 2,22,215 crore in the year-ago period, it said.
Centre approves measures for LIC agents, employees
Earlier in September, the Ministry of Finance approved a series of welfare measures aimed towards the benefit of LIC agents and employees including enhancement of gratuity limit and expansion of term insurance coverance.
Over 13 lakh LIC agents and more than 1 lakh regular employees will benefit from the newly-announced welfare measures, according to an official release. The measures are related to amendments to the LIC (Agents) Regulations, 2017, Enhancement of Gratuity Limit, and Uniform Rate of Family Pension among others.
The Finance Ministry announced that the gratuity limit would be hiked to R5 lakh from Rs 3 lakh for LIC agents, bringing substantial improvements to their working condition and benefits. Reappointed agents are now eligible for renewal commission, which will provide them with increased financial stability.
(With PTI inputs)
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