Life Insurance Corporation (LIC) of India, the largest domestic institutional investor of the country, has claimed that it sold 357 lakh policies during 2011-12, grabbing 80.9 per cent of the market share of new policies issued during the year.

The figure was revealed by LIC Zonal Manager (South Zone) D. D. Singh during a press conference called to announce the launch of a new micro insurance product for economically weaker section - Jeevan Deep.

Under new insurance scheme, the minimum sum assured is Rs 5,000 and the maximum is Rs 30,000. Launched to commemorate the Corporation's 56th anniversary, the new micro insurance product is the third such product after Jeevan Madhu and Jeevan Mangal. Mr. Sing said the idea behind launching Jeevan Deep was to reach out to the economically weaker sections through a micro-policy.

Announcing the launch of the new product, Mr. Singh also claimed that the corporation pocketed more than Rs 81514.49 crore in total first year premium income. He added that the figure included Rs 38955.06 crore of premiums via Pension and Group schemes, which accounted for 71.36 per cent of the market share.

The corporation insured 284 lakh people in pension and group schemes; while another 95 lakh lives were insured under social security schemes. More than 185 lakh claims amounting to Rs 66,023 crore were settled during the same one-year period. Total payments to policyholders totaled at Rs. 112,911.82 crore.