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Our Bureau

Mumbai , Jan. 12

LIFE Insurance Corporation of India has recorded new business in excess of Rs 1 lakh crore for the third quarter ended December 31,2003.

During the period, April - December, the insurer earned a first premium income of Rs 3,967.78 crore on the sale of 1,43,34,980 policies for a sum assured of Rs 1,04,452 crore, said a press release.

This was exclusive of 2,31,042 policies and Rs 4,141 crore premium under the ``Varishtha Pension Bima Yojana'', a scheme subsidised by the Union Government, the release said.

LIC's group insurance portfolio has garnered premium of Rs 1,768 crore under 16.27 lakh lives.

While the growth on individual assurances was 12.71 per cent on policies, 26.38 per cent on sum assured and 24.6 per cent on first premium income, a group insurance portfolio showed a thumping growth of 138 per cent in first premium income and 48 per cent on lives, according to the release.

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