LIC premium income rose to Rs 1.57 lakh crore

BHUBANESWAR: Life Insurance Corporation of India has increased its total premium income in 2008-09 to Rs 1.57 lakh crore and plans to raise it further this year, modifying its strategy in view of the economic recession.

"In the light of turmoil in the global economy, we have revised our entire strategy and outlook towards the market which raised our premium income in the last fiscal to Rs 1,57,186 crore," LIC's East-Central Zonal Manager Basavaraju, told reporters here.

Similarly, pension and group schemes procured new business premium income of Rs 12,507 crore under 15,851 schemes and 2.07 crore of lives during the last fiscal, he said.

Describing LIC as the frontrunner in insurance sector, Basavaraju said its market share stood at 62.45 per cent in premium and 69.88 per cent in policies as on June 30, 2009.

Stating that the company, which completed 53 years of service on September 1, he said, LIC had raised its life of Rs 380.61 crore in 1956 to Rs 8,07,317,43 crore as on March 31, 2009.

Highlighting the company's social responsibility, he said LIC's investment in government and social sector stood at Rs 5,29,525 crore as on March 31 this year, while investment in infrastructure was to the tune of Rs 1,00,789 crore.

"To fortify our position, new distribution channels like Chief Life Insurance Advisors and Direct Marketing have been added to enhance the existing relationship with the policy-holders and new customers," Basavaraju said.