LIC sells 2.7 crore individual policies
By Our Corporate Bureau | 24 Apr 2004
Mumbai:
The Life Insurance Corporation of India(LIC) has sold
2.70 crore policies in individual business during 2003-04
as against 2.45 crore policies the previous year. LIC
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, according to a company 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.
