The Hindu : Business : LIC sells over 2.75 cr. new policies

Online edition of India's National Newspaper
Thursday, Apr 08, 2004

Business

Business

LIC sells over 2.75 cr. new policies

MUMBAI, APRIL 7. The Life Insurance Corporation of India has sold over 2.75 crore new policies in 2003-04 with the first premium income likely to touch Rs. 9,400-9,800 crores.

The asset base of the state-owned life insurer is expected to touch Rs. 340,000 crores and will achieve 150 per cent solvency margin in 2003-04.

The company has shown a 12 per cent rise in issuing new policies, taking cumulative policy base past the 16 crore mark, LIC chairman, S. B. Mathur, told reporters on the sidelines of a seminar on `Mumbai-global financial power house for India', organised by Mumbai Education Trust here recently. The sales performance of single premium and short-term policies was much low and LIC had tried to make up for it by focussing on sale of unit-linked insurance policies after January 2004, he said adding, LIC sold 140,000 unit-linked policies earning a premium of Rs. 300 crores.

The performance of Varishta Pension Bima Yojana had been satisfactory and earned a premium income of Rs. 5,700 crores, he added.

The corporation was planning to launch new insurance products including those with unit-linked features in May, he said.

— PTI

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