LIC to step up income from non-single premium in FY18
Income saw 8% growth at Rs 13,646 cr in Apr-Dec 2016 as against Rs 12,617 cr a year ago
 "LIC to step up income from non-single premium in FY18")
Life Insurance Corporation of India (LIC), the country’s largest life insurer, will step up sale of non-single premium policies to about 25 per cent in 2017-18 to bring balance in its business growth profile. LIC Chairman V K Sharma said the state-owned insurer has already met its FY17 target for new business premiums and was concentrating on efforts to grow income from non-single premiums for this financial year.
The thrust would be maintained in 2017-18 and he expects growth for the non-single premiums stream (individual as well as the group segments) of over 25 per cent, Sharma said on the sidelines of an insurance summit organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Income from the non-single premium segment saw 8.16 per cent growth at Rs 13,646 crore in April-December 2016, against Rs 12,617 crore in April-December 2015. The pace of expansion in group non-single premiums was better at 53.34 per cent in April-December 2016. It garnered premium of Rs 3,220 crore in nine months of FY17, from Rs 2,100 crore in April-December 2015, according to Life Insurance Council data.