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Tuesday, Mar 23, 2004

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Money & Banking - Life Insurance


LIC covers 2 crore lives

Our Bureau

Mumbai , March 22

LIFE Insurance Corporation (LIC) has extended insurance protection to two crore individuals in the current fiscal up to March 15.

The corporation has underwritten 2.05 crore policies with an assured sum of Rs 1,48,284.88 crore and first premium of Rs 6,137 crore.

This is exclusive of 3.10 lakh policies under the Varishtha Pension Bima Yojana, where a premium of Rs 5,700 crore has been collected. Besides this, group cover to 22.69 lakh lives has been granted, the new premium under group schemes being Rs 2,332.85 crore, said a release from LIC.

LIC's individual assurance show a growth of 13.44 per cent on policies, 22 per cent in sum assured and 19.94 per cent on first premium income.

Varishtha Pension Bime Yojana is expected to cross premium collection of Rs 6,500 crore by the end of the current fiscal.

On the servicing front, number of claims settled up to February 28, 2004, exceeds 77 lakh for over Rs 15,000 crore. The number of claims is likely to cross 1 crore mark by the end of March.

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