New Delhi: India's largest insurer Life Insurance Corporation has earned Rs 5,800 crore profit in 2005-06 while its first year premium income during the period grew by a record 48 per cent to Rs 18,085 crore.
Besides new products in existing categories, LIC has approached regulator IRDA for launching a micro insurance product for the rural poor.
"Our surplus was Rs 5,800 crore in 2005-06," LIC chairman A K Shukla said
LIC collected Rs 18,085 crore as premium during the fiscal ended March 2006 by selling 3.17 crore policies compared to Rs 12,170 crore collected by selling 2.39 crore policies.
Shukla said that LIC's total investment in stocks is likely to increase to Rs 40,000 crore from Rs 34,000 crore at present.
LIC, which is celebrating its Golden Jubilee year, has launched new products in life insurance, pension and annuity, and is now working on a micro insurance product.
"We have sent a micro insurance product to Insurance Regulatory and Development Authority for approval," Shukla added.
LIC is talking to PSU non-life insurers for the micro insurance product partnership that would give a composite life and no-life insurance coverage of upto Rs 50,000. It is also planning to launch new Unit Linked Insurance Products and pension products.
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