LIC Hits 1 Cr Policies Mark

LIC Hits 1 Cr Policies MarkFor the existing fiscal year (2010-11), Life Insurance Corporation of India (LIC) has surpassed the one crore individual policies mark.

An official declaration said with the First Premium Income worth Rs 15,917 crores recorded during the two weeks ended August 14.

The best performance of the India's biggest life insurer durin the current financial year

The corporation's performance in the current financial year has augmented its market share during in first year premium to 71.33% from 64.86% as on March 31.

LIC has increased its holding stake in Tata Steel to 14.02% by purchasing 5.16 lakh additional shares via open market deals.

Moreover, Life Insurance Corporation has recorded a more than 70% increase in new premium collections, which stood at Rs 24,430 crore in April-July 2010.

Life Insurance Corporation of India (LIC) has inked a deal with financial services distribution firm, NetAmbit, for allocation of its products like insurance plans, pension plans, unit plans, special plans and group schemes.

NetAmbit is eyeing Rs 500 crore biz by 2013 for Life Insurance Corporation of India.

It has decided to appoint 700 people across different cities to sell LIC products.