Share of group life insurance up

MUMBAI: LIC has seen its marketshare for group life insurance rise to 84% in November from 78%. The rise has been due to large collections under the group gratuity scheme.

Figures available up to December 15 indicate that the premium under group business was Rs 5,900 crore an increase of over 180% over last year. Of this, close to Rs 3,000 crore has been by way of gratuity plans. Estimates reveal that by December-end the total collection should be around Rs 6,500 crore. With Corporate India generating record profits companies are setting aside more for employees retirement benefits.

The corporation has invited tenders from IT companies for its first unit-linked group superannuation plan.

LIC is planning to launch a product that will allow employees to view the present value of their pension account online. Employees will be able to switch from growth, balance and income funds online.