The Hindu Business Line : LIC collects Rs 2,021 cr from pension, group schemes

LIFE Insurance Corporation of India (LIC) has mopped up a premium income of Rs 2,021.32 crore under its pension and group schemes portfolio, as on January 31, 2004.

With this, LIC has exceeded its targeted premium in this category of Rs 1,830 crore for the fiscal year, said a press release.

The premium mopped up under this portfolio translates into a growth rate of 129 per cent. The number of new lives covered was 18.33 lakh, which is a growth of 46 per cent, the release said.

The total number of policies sold by LIC during the 10 months period is 1,67,60,234 with risk coverage of Rs 1,21,362.31 crore sum assured, mopping up first premium income of Rs 4,726.39 crore. This is exclusive of premium of Rs 4,754.69 crore under Varishtha Pension Bima Yojana, said the release.

Individual assurances, which form the major chunk of the conventional business of LIC, shows a growth of 12.37 per cent on policies, 23.61 per cent on sum assured and 21.17 per cent on first premium, the release said.

LIC has also settled 57.51 lakh claims (including death, maturity & money back claims) for Rs 14,711 crore up to December 2003. It will be recording a new landmark of settling more than one crore claims during 2003-04.