Shares of Life Insurance Corporation of India (LIC) witnessed a 10% increase in intraday trading as investors responded positively to the news of upcoming product launches. LIC shares hit an intraday high of Rs 682, 10.4% higher than the last closing price on the National Stock Exchange (NSE). The stock closed 9.71% higher at Rs 677.70 apiece. 

LIC aims to launch the first product in the first week of December, incorporating features such as loan facilities and premature withdrawal to enhance its market appeal.

LIC Chairman Siddhartha Mohanty expressed confidence in achieving double-digit growth in new business premiums for the current fiscal year. The company’s strategic move to introduce new and attractive products aligns with an observed uptick in individual retail business.

One of the innovative products set to disrupt the market offers guaranteed returns and a lifelong benefit of 10% of the sum assured after policy maturity. LIC plans to launch 2-3 additional policies this year, further contributing to its goal of achieving double-digit growth in new business premiums.

As the market leader in the life insurance sector, LIC holds an impressive 58.50% overall market share. In the first half of the current financial year, LIC reported a 2.65% growth in new business premium income in the individual segment, reaching Rs 25,184 crore. The company’s Assets Under Management (AUM) also saw a substantial 10.47% increase, reaching Rs 47,43,389 crore compared to the previous year.

Life Insurance Corporation of India (LIC) stands as the country’s largest insurer, offering various participating and non-participating insurance products, including unit-linked insurance, saving insurance, term insurance, health insurance, and annuity & pension products.