The Hindu Business Line : LIC credit card launch not until March

The corporation had inked an agreement to create a credit card company with GE Money India, Corporation Bank, LIC Housing Finance Ltd and LIC Mutual Fund in September.

Mr T.S. Vijayan said, “We don’t plan to launch it by December or by March 2008.”

He did not give details on the reasons of the delay.

The joint-venture partners were expected to finalise the agreement by October. But Mr Vijayan said the company was still in the process of forming the company and a decision was yet to be taken about issuing a small stake to private investors.

New biz premium falls

In the first seven months of the fiscal, LIC has reported a drop of 10 per cent in new business premium at Rs 25,901 crore, against Rs 28,906 crore in the previous year.

Mr Vijayan said that he was not worried about the dip in premium growth this year.

“We grew at 178 per cent the same time last year and hence the base is very large. We expect to end the year with a growth of 30-35 per cent in new business premium,” he said.

More Stories on : Credit Cards & Debit Cards | Life Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Corporation Bank offering ‘financial health check-up’

How India has steered clear so far

Flexibility soon for insurers to invest in IPOs

UTI Mutual, SBI MF to manage postal life insurance monies

AP to extend agriculture insurance to all districts

Insurance officers' meet

SIDBI planning asset reconstruction co for SMEs

Bonds listless on tight liquidity

Vijaya Bank to raise Rs 500 cr via bonds

Call rates marginally down

LIC credit card launch not until March

HSBC India to foray into retail broking