LIC to invest Rs 10,000 crore in stock markets this fiscal: Mehrotra

Mumbai, June 22 (UNI) The public sector Life Insurance Corp of India (LIC) would invest about Rs 10,000 crore in the country's stock markets during 2006-07, compared with Rs 9,000 crore last year, according to its Managing Director D K Mehrotra.

Interacting with mediapersons after the launch of 'Gratuity Plus', a unit linked group gratuity plan by LIC, here today Mr Mehrotra said LIC expected a first-time premium income of Rs 24,000 crore from individuals and Rs 4,000 crore from group insurance policyholders.

In all, LIC is aiming to collect Rs 28,000 crore in first-time premiums from new policyholders in 2006-07, showing an annual growth of 55 per cent, said he. In 2005-06, first-timers paid LIC Rs 18,085 crore in premiums.

It also aimed to cross the Rs One trillion mark in total premium collection during the current business year, Chairman T S Vijayan said after launching a new group gratuity scheme.

Replying to a question, Mr Vijayan said the 'Gratuity Plus', to begin with, will be launched in 13 major cities including four major metros. Responding to another query, he said ''next on our agenda is to bring out a product on 'superannuation'', it would depend on the success of this new product (Gratuity Plus). We want consolidate on this product first.'' UNI SN KU AG2050