Life Insurance Corporation of India (LIC) is on course to meet its target to sell 2.5 crore polices in 2019-20.

The state-owned insurer has sold 2.07 crore polices as of February, a 21.8 per cent growth over 1.7 crore policies sold in the corresponding period last year, according to Irda data.

The number of policies has further increased to 2.14 crore as on March 17, 2020, surpassing last year’s number of 2.14 crore policies.

The growth in policies has been driven by individual non-single-premium polices and group single-premium policies that grew 24 per cent and 51 per cent, respectively. But there was a decline in sales of individual single premium policies and group term policies.

“Going by the numbers, we are hopeful that the target will be surpassed this year,” said an LIC executive on Friday.

The government has proposed the listing of LIC with its assets under management of Rs 30 lakh crore.

Corona cover

Private sector general insurance players ICICI Lombard and Star Health Insurance have announced dedicated policies for coronavirus on Friday.

Both insurers will pay a lumpsum amount to individuals who are declared positive and is hospitalised for treatment. While both insurers are not specifying any international travel related exclusions, there are differences in premium and the scope of coverage.