LIC records profit of Rs 5800 cr, flags of 'Zindagi Express'
New Delhi, Apr 26 (UNI) Country's premier life insurance agency, Life Insurance Corporation of India (LIC) today announced a profit of Rs 5800 crore for the financial year 2005-06, with its first year premium growth of 48 per cent at Rs 18,085 crore.
''LIC's journey from 1956 till date has been filled with several milestones, both for LIC and for the Indian insurance sector in general. Today with a surplus profit of Rs 5800 crore and a premium growth rate of 48 per cent we have reached our target of being one of the largest life insurers of the world,'' LIC Chairman A K Shukla told reporters here.
Mr Shukla was addressing the media on the occasion of the flagging off of the 'LIC Zindagi Express'.
However, we are not pulling the brakes just yet, we are setting new records of growth in several indices including new policies, premium income and sum assured. We have also sent a proposal to IRDA for a micro insurance product for the rural poor,'' he added.
LIC Zindagi Express, which is an exhibition on wheels, was today flagged off by Minister of State for Finance Pawan Kumar Bansal at the Safdarjung Railway Station.
The exhibition on wheels will cover its journey of close to 40 Indian cities in a span of three weeks.
The exhibition showcases the history of life insurance and the achievements of Life Insurance Corporation in the service of the nation which will be prominently displayed in the train.
UNI MP SS VC1625