LIC sold 3.16 crore policies last year

Shimla, Sept 1: Claiming that the Life Insurance Corporation (LIC) was the world's largest insurer in terms of volume, Senior Shimla Divisional Manager M K Kemmu today said it had sold 3.16 crore policies and earned a premium of Rs 18,085.48 crore during the last financial year, ''The LIC registered 32 per cent growth in policies and 48 per cent growth in first premium income during 2005-06, which was celebrated as Golden Jubilee Year,'' he said at a press conference here on the 50th anniversary of the organisation, which was nationalised on this day in 1956.

Mr Kemmu said the LIC's income from the premium has also touched an all time high of Rs 90,759 crore out of a total income of Rs 1,32,000 crore during the period.

The LIC's total assets worth has jumped to Rs 5.52 lakh crore and was the only Indian company to have assets over Rs five lakh crore, he said.

With over 16 crore policy holders, one crore of which were added in the last seven months alone under the ''Bima Gold Policy'', it has posted a growth rate of 48.56 per cent in new premium income during the last financial year, he said.

Replying to a question, he said the LIC's Unit Linked schemes were more popular with Market Plus scheme introduced this year, collecting revenue of over Rs 60 crore.

Claiming that the corporation's outstanding claim ratio was 0.16 per cent, he said it had settled over 118.70 lakh claims during the last financial year alone, of which 97 per cent death claims were settled on or before the due date, while 93 per cent of non-early death claims were settled within 20 days of the intimation.

UNI