LIC sold over 300 lakh policies during fiscal 2011-12

Saturday 01, September, 2012 Life Insurance Corporation sold over 300 lakh policies during the financial year 2011-12, a senior company official said today. The country's largest insurer has sold 357 lakh policies in 2011-12 with a market share of about 80 per cent. The net premium income was Rs 80,510 crore, LIC Zonal Manager D D Singh told reporters here. A total of 185.7 lakh claims with a total premium of Rs 66,123 crore were settled during the period 2011-12. Singh and top officials were here to announce the launch of their latest product 'Jeevan Madhu and Jeevan Mangal' aimed at the weaker section of the society. According to him, the minimum sum assured is Rs 5,000 taking the maximum to Rs 30,000 in these policies.

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