LIC will invest Rs 50,000 cr in FY'10

New Delhi, June 24 (ANI): Life Insurance Corporation of India (LIC) on Wednesday announced that it would invest about 50,000 crore rupees in the equity market during this financial year.

Addressing media persons in the national capital, Life Insurance Corporation of India's Managing Director Thomas Mathew said: "We expect to invest nearly Rs 50,000 crore in equities this year against Rs 40,800 crore last year."

The largest life insurer in the country has invested about Rs 8,000 crore in the equities so far in this fiscal.

As per exposure norms, LIC is also investing in government papers and corporate debt.

On Tuesday, LIC Chairman T S Vijayan said during the current fiscal, the life insurance company is eyeing a premium income growth rate of 20 percent.

As regard new premium income, which declined by nearly 10 percent in 2008-09, he stated that the company was expecting a growth rate of 25 percent during the current financial year.

LIC collected a premium income of Rs 1,55,000 crore in 2008-09, which included first premium income of Rs 52,000 crore. (ANI)