LIC pays Rs. 1030 crore dividend to Govt for FY10

The Gross Total Income of the Corporation rose to a mammoth Rs. 2,98,721 crores showing a phenomenal growth of 49.15% over FY 2008-09.  

Chairman of Life Insurance Corporation of India, India’s largest life insurer, T.S.Vijayan handed over a cheque of Rs.1,030,92,26,702/- to Pranab Mukherjee, Finance Minister as LIC’s dividend to the Government in New Delhi on Friday, 28th January. R.Gopalan, Secretary, Departments of Economic affairs & Financial Services, Ministry of Finance and D.K.Mehrothra, Thomas Mathew and A.K.Dasgupta, Managing Directors of LIC were also present on the occasion.

LIC has declared a Valuation Surplus of Rs. 23,478 crores for

the financial year ending March 2010. An Actuarial Valuation is done by LIC every year and after accounting for all liabilities, the surplus is arrived at. Out of this surplus amount, 5% is given to the Government as dividend while the remaining 95% is ploughed back to the policyholders as bonus.

For the FY 2009-10, the Total Premium Income of the Corporation for the year has risen to Rs. 1,85,985 crores from Rs. 1,57,186 crores showing an increase of 18.32% over the previous year. The Gross Total Income of the Corporation rose to a mammoth Rs. 2,98,721 crores showing a phenomenal growth of 49.15% over FY 2008-09. 

The First Year Premium Income of the Corporation rose to Rs. 70,891 crores from Rs. 52,954 crores showing a growth of 33.87%.

The Corporation settled a total of 6,64,619 Death Claims amounting to Rs. 7,033.68 crores and 2,05,17,870 Maturity/Survival Benefit claims amounting to Rs. 46,921.22 crores.

Courtesy: indiainfoline