LIC gets income tax refund of Rs 25,464 cr

Life Insurance coverage Company of India (LIC) stated it has acquired an revenue tax refund of Rs 25,464 crore regarding interim bonus to policyholders prior to now seven evaluation years. Pursuant to the order of the Revenue Tax Appellate Tribunal (ITAT), Revenue Tax Division has issued intimation for a refund of Rs 25,464.46 crore, LIC stated in a regulatory submitting on Thursday.

For the primary half ended September, LIC had reported a web revenue of Rs 17,469 crore as in comparison with Rs 16,635 crore in the identical interval a yr in the past.

Within the first half of the present monetary yr, LIC’s new enterprise premium revenue (particular person) phase registered a 2.65 per cent progress to Rs 25,184 crore as in opposition to Rs 24,535 crore within the year-ago interval, as per the submitting.

New enterprise premium is the premium due within the first coverage yr of a life insurance coverage contract.

By way of market share measured by first-year premium revenue as per the insurance coverage regulator IRDAI, LIC continues to be the market chief in life insurance coverage enterprise with an total share of 58.50 per cent.

For six months ended September 30, LIC had a market share of 40.35 per cent in particular person enterprise and 70.26 per cent in group enterprise.