LIC market share rises to 78 pc

Ahmedabad, Sep 1 (UNI) The Life Insurance Corporation (LIC) has notched up a growth rate of 31.77 per cent by selling 315.72 lakh policies during April 1, 2005 to March 31, 2006.

This was informed by LIC senior divisional manager S M Jain here today.

Addressing mediapersons on the occasion of LIC's golden jubilee celebrations, Mr Jain said in terms of premium realised during the same period, it was Rs 18085.48 crore -- a growth of 48.56 per cent. For the current year, 65 lakh policies have been completed and for the first time, LIC's market share has shot up from 71 per cent to 78 per cent, he said.

LIC has been contributing substantially towards infrastructure development in the country like drinking water, electricity, and housing, Mr Jain said, adding that the investment of the Corporation as on March 31, 2006, stood at around Rs 456,001 crore.

''In recognition of our corporate social responsibility, we were awarded Asia Insurance Merit Award 2005 and 2006,'' Mr Jain said. ''Also we received Golden Peacock Global Award for corporate social responsibility for 2005 by World Council for Corporate Governanace,'' he said adding ''We were also declared 'Best Insurance Brand in India' by CNBC-TV 18 for two consecutive years in '05 and'06.'' Referring to the new policy ''New Bima Gold'' launched last year by Prime Minister Manmohan Singh, Mr Jain said the policy created a record by selling over one crore just in a span of seven months. This is much cheaper policy than ''Money Back'' with an auto cover for two years whereby if premium is paid for two years and stopped, the policy can be revived in another two years. Full sum is assured and no deduction on death with loyalty addition and IT benefits, Mr Jain said.

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