LIC's credit card in next 7 months
Life Insurance Corporation (LIC) would roll out its credit card business in the next seven months and is also in an advanced stage of launching a health insurance product.
By PTI |
MUMBAI: Life Insurance Corporation (LIC) would roll out its credit card business in the next seven months and is also in an advanced stage of launching a health insurance product.
"We will be launching our credit card business in six- seven months," LIC Chairman T S Vijayan said here today after announcing financial results of the state-owned insurer for the year 2006-07.
LIC, which has formed a separate company for the credit card business, has just signed the joint venture agreements with GE Money and Corporation Bank.
"LIC Housing Finance and LIC Mutual Fund are the other partners and 14 per cent stake will be shared by financial investors," Vijayan said.
About the health insurance plan, he said: "We are working on a product but its contours are yet to be finalised."
"The product will be designed in such a way that it will cover persons of all age groups," he stated when asked whether the health plan would cover senior citizens.
The country's largest life insurer's new business premium grew by 118.64 per cent to Rs 39,541 crore during the fiscal ended March 31, 2007.
The insurance firm added 3.2 crore new individual policies during the year, posting a growth of 21.02 per cent.
"We will be launching our credit card business in six- seven months," LIC Chairman T S Vijayan said here today after announcing financial results of the state-owned insurer for the year 2006-07.
LIC, which has formed a separate company for the credit card business, has just signed the joint venture agreements with GE Money and Corporation Bank.
"LIC Housing Finance and LIC Mutual Fund are the other partners and 14 per cent stake will be shared by financial investors," Vijayan said.
About the health insurance plan, he said: "We are working on a product but its contours are yet to be finalised."
"The product will be designed in such a way that it will cover persons of all age groups," he stated when asked whether the health plan would cover senior citizens.
The country's largest life insurer's new business premium grew by 118.64 per cent to Rs 39,541 crore during the fiscal ended March 31, 2007.
The insurance firm added 3.2 crore new individual policies during the year, posting a growth of 21.02 per cent.
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