Lic Premium Income Up 27.16%

Life Insurance Corporation of India (LIC) has registered a 27.16 per cent growth in premium income on new business to Rs 2,209.34 crore in 1996-97 against Rs 1,737.4 crore during 1995-96.

Total lives covered increased by 14.65 per cent to 138.4 lakh in 1996-97 from 120.71 lakh in 1995-96.

Highlighting the new business performance indices, N M Govardhan, chairman, LIC said individual new business first premium income registered a growth of 21.53 per cent totalling Rs 1815.62 crore.

He said that LIC sold a total of 122.68 lakh individual policies for Rs 56,740.50 crore, reflecting a growth of 11.32 per cent and 9.5 per cent respectively. These were the highest figures for six years.

 

During the year, LIC sold 1,77,651 individual pension policies under the Jeevan Suraksha, Jeevan Dhara and Jeevan Akshay plans compared to 8,729 last year. In the group insurance business, including social security, coverage of lives showed a growth of 33.85 per cent.

Registration of new schemes rose 11.3 per cent and group insurance new business premium showed a growth of 21.58 per cent. In terms of absolute figures, 8,285 new group schemes were finalised providing group insurance protection to over 13.93 lakh new lives, generating a new business premium income of Rs 272.62 crore.

Social security schemes showed a growth rate of 127 per cent in terms of schemes and 101 per cent in terms of lives.

Under the rural group life insurance schemes, a total of 5.63 lakh lives were provided insurance protection against 1.91 lakh at the end of the previous fiscal. The corporations financial results are under compilation.