Coimbatore, Sept 23: The Life Insurance Corporation had set itself a target of improving its growth rate to 25 per cent by 2005, from the current 20 per cent, LIC Chairman, SB Mathur said on Sunday.
In an informal chat with reporters here, he said the life insurance sector had witnessed an overall growth of 20 per cent during the past decade. The Corporation, through its new product portfolio, planned to increase its growth rate to 25 per cent by 2005.

LIC had registered 37 per cent growth rate in new premiums in the current fiscal, he said.

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With an outstanding claim ratio of only .67 per cent, 'the best in the entire world', LIC had an asset base of Rs 2.30 lakh crore, with Rs 73,000 crore income, Mathur said.

LIC proposed to interconnect all its 2,048 branches by March 2003, he said, adding that work had already been completed in 1350 branches, while work for interconnecting 200 to 250 branches would be completed in a phased manner owing to technical snags.

Later, inaugurating the 'Life Underwriters Guild of India,' formed by insurance agents and development officers, he said such an association was necessary, in view of the competition and also to give efficient advise to customers to choose the right products.

The LIC was also conscious about the changing environment in the sector and was prepared to take on any competition, he added. Bureau Report