LIC expects 176,000 Crore premium income this fiscal

Kolkata: Insurance major Life Insurance Corporation of India (LIC) expects to post a total premium income of 176,000 crore in the current fiscal (2009-10), its chairman said here Sunday.

"We are expecting to collect around 176,000 crore by the end of March this year and hope to increase it by 18 percent next fiscal (2010-11)," LIC chairman T.S. Vijayan told reporters.

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Last fiscal (2008-09), the LIC's premium income was 153,000 crore.

Vijayan was speaking after laying the foundation stone for company housing complex in the city.

Talking about the investment plans of the company, he said the company expects to clock 200,000 crore total investment in the current fiscal.

"We expect it to grow by 20 percent next fiscal (2010-11)," Vijayan said.

The company's income from its real estate business is 200-300 crore in the current fiscal, which would increase in the coming years, he said without specifying any amount.

"Of the total GDP (gross domestic product) of the country, 4 percent is contributed by LIC," said Finance Minister Pranab Mukherjee, who was also present in the programme.

Mukherjee said every year the LIC contributes a hefty dividend to the country's coffers.

"We have given a dividend of 929 crore to the government this year," Vijayan said.
Source: IANS