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Friday, Apr 23, 2004

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LIC sells 2.7 crore individual policies

Our Bureau

Mumbai , April 22

THE Life Insurance Corporation of India has sold 2.70 crore policies in individual business during 2003-04, against 2.45 crore policies the previous year. The insurer has also sold an additional 3.3 lakh policies under the Varishta Pension Bima Yojana during this period, aside from the 27.72 lakh new lives covered under Group Insurance Schemes Business.

The new premium income under the individual business is Rs 8,567 crore, Rs 3,612 crore under the group schemes business and Rs 6,070 crore under the Varishtha Pension Bima Yojana, said a press release.

"The substantial additional premium income of Rs 1,966 crore generated in group schemes has adequately made good the deficit in premium of Rs 1,845 crore compared to the previous year under the Single Premium policies," the release said.

Despite the amendments to the Income-Tax Act, the corporation secured a premium of Rs 1,165 crore under the single premium policies.

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