LIC's New Business as at 15.2.2011

Life insurers want 4 years grace to carry forward losses

The private life insurance industry has sought an additional four-year grace period to carry forward its losses since most insurers have failed to break even, even after eight years of operations. In its pre-Budget recommendations to the finance ministry, the industry has also sought a separate limit for long-term savings. “Typically, life insurance companies take longer to break even since it is a long-term gestation business. 

At present, losses can be carried forward only up to eight years. In our meeting with

LIC targets Rs 2 lakh cr premium

The LIC today said the involvement of its housing subsidiary in loan-for-bribes scam will not affect its growth and is targetting premium income in excess of Rs 2,00,000 crore for the current fiscal.

"We are aiming for a total premium income in excess of Rs 2,00,000 crore for the current fiscal with the first premium income of Rs 54,000 crore. We hope to grow about 16-17 percent next year and there is

LIC funds 24.6% of Indian Govt.'s expenses

LIC funds close to 24.6% of the Indian Government's expenses.

It has assets estimated of 9.31 trillion (US$202.03 billion)

The Life Insurance Corporation (LIC) stated that an internal probe body has found no unlawful activity in its housing arm until now. 

LIC chairman T.S. Vijayan stated that he cannot

Kotak Mahindra Fined

A consumer court imposed a fine of Rs 8,000 on an insurance company after it refused to pay the full insurance amount to a widow and her minor son. The court also asked the firm to pay the entire insurance money to two complainants. 

The case is about Mukund Shah of Surat who had bought an insurance policy of Rs 1 crore from Kotak Mahindra Life Insurance Co Ltd in 2002. Later the insurance amount was increased to Rs 1.15 crore. While taking this policy, Shah informed the company that he had different policies of Life Insurance Corporation to the extent of Rs 21 lakh. 

Shah passed away in 2005. When his widow Nitaben and minor son Saumin sought the amount of insurance, Kotak Mahindra paid them Rs 92 lakh instead of Rs 1.15 crore. The company said that

Pension Scheme for LIC Agents not covered under Swavalamban

Life Insurance Corporation of India will soon have a pension plan for its half a million strong agents.  The special pension plan for its agents who earn commissions of more than 1 lakh per year may benefit about five lakh-odd agents.

The proposed scheme is expected to be introduced in the next few days. 

"Currently, there is

LIC's New Business as at 31.1.2011

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

LIC Crosses 2.5 Cr. Policy Mark

Life Insurance Corporation today said it has crossed the landmark 2.5 crore policies in the current year as of January 29.

"LIC has completed 2,52,44,846 policies and received Rs.34,137.12 Crore in First Premium Income in the current financial year," the country''s largest insurer said in astatement here.

The ULIP Plans under the new IRDA guidelines helped boost the figures substantially, it said adding that the new business under the new ULIP Plans as of January 29 stood at 1,098,663 policies generating a premium of Rs 5136.25 crore.

The Corporation's Endowment Plus, launched on September20, 2010, has garnered 1,017,560 policies with a First Premium Income of Rs 4,804.12 crore, in just over 4 months, it said.

Pension Plus, the only regular premium pension plan available in the market after introduction of new rules has brought in 81,103 policies with a First Premium of Rs 332.13crore, it added.

Source: OneIndia News