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
Describing LIC as the frontrunner in insurance sector,
Basavaraju said its market share stood at 62.45 percent in
premium and 69.88 percent 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
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.
On `Aaam Admi` scheme meant for poor people, he said
while the central government is committed to contribute its
share for those to be covered under it, states like Bihar and
Jharkhand have offered to join it with their share.
Talks for participation of Orissa in the scheme was on
and the state government`s decision was awaited, he said
adding that the persons to be covered under it would have to
be identified after the state government agreed in principle
to join it.