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  • LIC New Business Premium Up 35 Per Cent To Rs 19,309 Crore In August | Economy News

    Mumbai: Life Insurance Corporation (LIC) of India saw a 35.1 per cent surge in its new business premium for the month of August to Rs 19,309.10 crore, from Rs 14,292.53 crore in the same month last year, showed data by the Life Insurance Council on Monday. 

    The LIC’s new business premium collection for the first five months of FY25 rose by 27.73 per cent to Rs 95,180.63 crore, up from Rs 74,516.31 crore in the same period last year. The individual premium segment saw collections of Rs 5,047.36 crore in August, representing a 4.60 per cent rise from Rs 4,825.52 crore in August 2023.

    Meanwhile, the group premium segment experienced a significant increase of 46 per cent, amounting to Rs 13,559.22 crore in August, compared to Rs 9,287.40 crore in August 2023. Notably, group yearly premiums surged by 291.14 per cent to Rs 702.52 crore, a substantial increase from Rs 179.61 crore in the previous year.

    Late last month, LIC presented a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman as the government’s share of the company’s dividend, approved by the shareholders. LIC has completed 68 years since its incorporation and has an asset base of over Rs 52.85 lakh crore (as of March 31, 2024).

    For the first five months of fiscal year 2025, LIC’s individual premium segment accrued Rs 22,396.28 crore, marking an 11.75 per cent growth from Rs 20,041.36 crore during the same period in fiscal year 2024.

    The group premium segment also saw considerable growth, up by 32.82 per cent to Rs 71,789.38 crore, from Rs 54,049.22 crore last year.

    Group yearly premiums increased by 133.71 per cent, totalling Rs 994.97 crore in the first five months of fiscal 2025, compared to Rs 425.72 crore in the corresponding period of fiscal 2024.

    The total number of policies and schemes issued by LIC in August experienced a slight decline of 4.45 per cent, reaching 16.36 lakh, down from 17.12 lakh in August 2023.

    For the first five months of FY25, LIC saw a 3.65 per cent increase in the total number of policies and schemes issued, reaching 68.35 lakh compared to 65.95 lakh in the same period the previous year, as per the data.

  • Petrol tax slashed, however you aren’t getting complete aid

    Categorical Information Carrier

    NEW DELHI:  Customers had been in for a surprise on Sunday because the relief in petrol costs due to the excise accountability lower used to be not up to that they had concept. Car customers in Delhi had been anticipating Rs 9.50 lower in petrol costs however the relief used to be most effective Rs 8.69. Customers in different towns additionally needed to shell out greater than anticipated. Explanation why: the state-owned oil advertising firms (OMCs) raised the bottom worth of petrol in a single day, which jacked up the online retail worth.

    OMCs replace the bottom worth as and when backend crude and refining costs alternate. Consistent with the cost notification of OMCs, the oil firms larger the bottom worth on petrol by means of 58 paise, making petrol nearly Rs 1 more expensive. Following the hike in base worth, the petrol prices Rs 96.72 consistent with litre in Delhi, as a substitute of Rs 95.91 consistent with litre. It way other folks in Delhi had been paying 81 paise consistent with litre extra at petrol pumps. 

    Finance Minister Nirmala Sitharaman had on Saturday introduced slashing the Central excise accountability on petrol by means of Rs 8 consistent with litre and Rs 6 consistent with litre on diesel. She claimed it could cut back the cost of petrol by means of Rs 9.5 consistent with litre and of diesel by means of Rs 7 consistent with litre in Delhi. 

    After confusion prevailed amongst customers in Kerala on the true affect of the excise accountability lower on gasoline costs, the state’s finance minister Ok N Balagopal clarified that buyers within the state must have were given a value relief of Rs 10.41 following the 8 lower in excise accountability and the Rs 2.41 relief in state tax however the sudden base worth shrank the ease to Rs 9.40. 

    Base worth is also modified each day or much less incessantly because the OMCs desire, mentioned Gaurav Moda, India Power Chief, EY. The general worth contains base worth, central excise, sellers’ fee and state VAT. Some taxes are absolute (like Central excise), some are levied as a share of the bottom worth. So, the precise worth relief might range from state to state.

    There’s no such factor in terms of diesel.

    ‘Worth advantages might be burnt up in a month’ 
    The advantages of the excise accountability lower could be misplaced in a month if the Centre lets in gasoline costs to be hiked like this, warned Kerala finance minister Ok N Balagopal