LIC gives Rs 696 cr to Govt

New Delhi, Mar 31 (UNI) Life Insurance Corporation (LIC) today gave a cheque of Rs 696.60 crore to Finance Minister P Chidambaram, constituting the Government's share in the surplus arising out of the acturial valuation as on March 31, 2005.

During the fiscal 2004-05, LIC generated a total of Rs 13,932.03 crore.

After distributing 95 per cent of the surplus to policy holders by way of bonuses, the balance of Rs 696.60 crore was arrived at as 5 per cent of the Government share.

The total surplus includes a surplus of Rs 2,210.53 crore for special reversionary golden jubilee year bonus to the policy holders and Government share of Rs 110.53 crore.

UNI SR SS HT1832