Life Insurance Corporation (LIC), the country's largest life insurance firm, has reported a higher bonus for its policyholders on the back of a 22% rise in its valuation surplus.
After taking into account all claims and other expenses, a surplus of Rs 15,127 crore has been reported. The valuation surplus of Rs 15,127 crore has taken into account all claims and other expenses. LIC declared a bonus of Rs 70 per Rs 1,000 assured for its whole life type plan against Rs 66 declared last year. The bonus for `Jeevan Tarang' is Rs 48 for every Rs 1,000 assured against Rs 32 declared last year, while bonus on `Jeevan Anurag' is Rs 44 against Rs 35 last year.
LIC chairman TS Vijayan said that the life insurer has also met the solvency margin of 150% for March 2007, which amounts to Rs 36,472 crore. Until last year, LIC was probably the only insurance company to have a lower-than-stipulated solvency margin of 125%.
Mr Vijayan said that LIC has targeted a total investment of Rs 1,17,000 crore for the current fiscal compared with Rs 90,000 crore last year. Between April and August 2007, the bank invested Rs 50,900 crore in equities and debt. Of these, investment in equities aggregated to Rs 12,000 crore, while it was Rs 30,000 crore in debt.
The LIC chief said that the performance is in line with the targeted growth of 31% for the current year. LIC has collected an insurance premium of Rs 15,126 crore between April and August, up 31% over last year. Premium collected through bancassurance was Rs 134 crore from April to August compared with Rs 663 crore collected in the full fiscal ended on March 2007.
Mr Vijayan said that 80% of the new business has come from unit-linked plans. He indicated that a large number of people have shown a preference for growth fund, which is largely dominated by equities. About 4% of the policies have lapsed in 2006-07. “However, we are designing a new product that will take care of the lapses in a policy,” said Mr Vijayan. Meanwhile, LIC is gearing itself to launch its health insurance product by January 2008. Mr Vijayan indicated that the Corporation's health insurance products would offer senior citizens too.
“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% to Rs 39,541 crore during the fiscal ended March 31, 2007. On future plans, he said that LIC is planning to open representative offices in the US, Australia and Singapore.
Source: Economic Times
After taking into account all claims and other expenses, a surplus of Rs 15,127 crore has been reported. The valuation surplus of Rs 15,127 crore has taken into account all claims and other expenses. LIC declared a bonus of Rs 70 per Rs 1,000 assured for its whole life type plan against Rs 66 declared last year. The bonus for `Jeevan Tarang' is Rs 48 for every Rs 1,000 assured against Rs 32 declared last year, while bonus on `Jeevan Anurag' is Rs 44 against Rs 35 last year.
LIC chairman TS Vijayan said that the life insurer has also met the solvency margin of 150% for March 2007, which amounts to Rs 36,472 crore. Until last year, LIC was probably the only insurance company to have a lower-than-stipulated solvency margin of 125%.
Mr Vijayan said that LIC has targeted a total investment of Rs 1,17,000 crore for the current fiscal compared with Rs 90,000 crore last year. Between April and August 2007, the bank invested Rs 50,900 crore in equities and debt. Of these, investment in equities aggregated to Rs 12,000 crore, while it was Rs 30,000 crore in debt.
The LIC chief said that the performance is in line with the targeted growth of 31% for the current year. LIC has collected an insurance premium of Rs 15,126 crore between April and August, up 31% over last year. Premium collected through bancassurance was Rs 134 crore from April to August compared with Rs 663 crore collected in the full fiscal ended on March 2007.
Mr Vijayan said that 80% of the new business has come from unit-linked plans. He indicated that a large number of people have shown a preference for growth fund, which is largely dominated by equities. About 4% of the policies have lapsed in 2006-07. “However, we are designing a new product that will take care of the lapses in a policy,” said Mr Vijayan. Meanwhile, LIC is gearing itself to launch its health insurance product by January 2008. Mr Vijayan indicated that the Corporation's health insurance products would offer senior citizens too.
“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% to Rs 39,541 crore during the fiscal ended March 31, 2007. On future plans, he said that LIC is planning to open representative offices in the US, Australia and Singapore.
Source: Economic Times
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