LIC plans Golden Jubilee Policy

Life Insurance Corporation (LIC) will flag off its 50th year celebrations next month with the launch of an affordable Golden Jubilee Policy.

"We will enter the 50th year of existence in September. Apart from a series of programmes, we will launch a unique Golden Jubilee Policy," A K Shukla, chairman of LIC, said today.

LIC has filed the product details with Irda for approval, he said but declined to give details.

The country's largest insurer with assets over Rs 4,00,000 crore has set ambitious targets for business growth in the 50th year.

Shukla said LIC is aiming at crossing the magical Rs 1,00,000 crore mark in total premium income this fiscal - a growth of 30% over last fiscal's collection of Rs 75,000 crore.

LIC has recently reversed the trend of falling growth in premium income, and is expecting 50% growth in premium from new business at over Rs 18,000 crore this fiscal.

"Our market share is about 75% in terms of new premium income and above 90% in terms of number of policies sold," Shukla said.