LIC to pump in Rs 40,000 cr in equities in 2009

KOLKATA: Life Insurance Corporation of India today said it expects to pump in around Rs 40,000 crore in equities in 2009-10.

"Last year, we infused Rs 40,000 crore in equities. We expect to do the same this year," LIC Chairman T S Vijayan told reporters here.

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

During the current financial year, LIC is eyeing a premium income growth of 20 per cent, Vijayan said, adding that premium collection had shown a good growth in the first three months of 2009-10.

LIC had suffered a setback in terms of premium income in last fiscal, he said, adding that LIC collected a premium income of Rs 1,55,000 crore, which included first premium income of Rs 52,000 crore.

Vijayan said that LIC would evenly sell both linked and non-linked products.

Asked if LIC needed to shore up its capital base as the paid-up capital was only Rs 5 crore, Vijayan said that there was no need for that.