Impact of GST CUT! 1.100 crore -inflow came in Lic on the first day

Mumbai, September 28 (IANS). The Government Insurance Company Life Insurance Corporation of India (LIC) recorded an inflow of R1100 crore on the first day of GST reform. This information was given in reports. This figure is very important as LIC receives a monthly premium income of about Rs 5,000 crore from retail policy holders. The first day after GST 2.0 shows a positive sentiment and possible incentive for the insurance sector among the inflow policy holders. Industry experts say that the removal of GST has made traditional life insurance policies more economical and more attractive to buyers, who are expected to increase sales in the coming months. At the beginning of this financial year, LIC had a constant increase in profit as well as premium income. Under GST reforms, the government lowered health and personal life insurance policy to zero, which was 18 percent earlier. The company has a consolidated net profit of Rs 10.957 crore in the April-Junie quarter of FY 26, which is 3.91 percent higher last year than the same period (first quarter of FY25). Lic’s net premium income also rose 4.7 percent to Rs 1,19,618 crore. The LIC maintains its leadership with more than 63 percent market share in the first year’s premium income in the life insurance industry. LIC -CEO and Managing Director R Dorawami said in a submission of the scholarship on August 7: “During the first quarter of this financial year, our total market share was 63.51 percent based on the first year premium income and we maintained our leadership position in both personal and group businesses.” In the first quarter of the current financial year, the independent base of the company increased by 5 percent to Rs 10,986.51 crore on net profit. -Ians ABS/ Share This Story Tags