Posts Tagged ‘LIC’

LIC’s market share increases to 64 percent – What others are doing ?

September 5th, 2009

Among all insurance companies, It is not doubt that LIC’s holds strong in the market. According to IRDA – The market share of  Life Insurance Corp (LIC) has rises up to 64 per cent in the first 4 months of Finacial Year 2010.

This proves  that the LIC has managed to significantly improved its client base.  On the other side, private sector life insurer  ICICI Prudential posted a degrowth of 45 per cent with its first premium collection dipping to Rs 1,200 crore against Rs 2,192 crore mopped up during the first four months of fiscal 2009.

Overall, the 22 life insurers managed to collect Rs 21,996 crore during the first four months of this fiscal against Rs 20,178 crore during April-July 2008, a growth of 9 per cent.

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LIC Jeevan Saathi Plus insurance plan features – Jeevan Saathi benefits

July 4th, 2009

Life Insurance Corporation (LIC) Jeevan Saathi Plus which is a Joint Life plan which will provide you the benefits of market-linked return.

Its Unique Feature is that a couple can take the insurance cover on their lives under a single policy.
The  proposer under the plan shall  be called  Principal Life Assured  (PLA)  and the other (wife/husband) will be called Spouse Life Assured (SLA). PLA will pay premiums regularly at the chosen intervals over the term of the policy. The  minimum  annualised premium will be Rs10,000 increasing thereafter in multiples of Rs1,000 Alternatively, a Single premium can be paid subject to a minimum of Rs. 40,000.

The PLA can choose the level of cover (sum  assured) for both within the  limits, which  will depend on whether the policy is a single premium or regular premium contract, age and the amount of premium agreed to be paid.

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LIC Housing Finance Fix o Floaty scheme to reduces interest rates for customers

July 4th, 2009

LIC Housing Finance has slashes the interest rates for new customer by starting a new scheme, a 3 year ‘Fix-o-Floaty’ scheme, which offers flexibility with protection against the volatilities of interest rate momvement.

In this scheme, borrowers will pay a fixed interest rate of 8.9 per cent for loans up to Rs 75 lakh and 9.5 per cent for loans above of Rs 75 lakh for a period of three-years, a press release issued here stated.

This scheme for new customers comes into effect from 3 July 2009.

Thereafter, a floating rate prevailing at the end of three-years will have to be paid, the release said.

At any time during the three-year initial period, the customer has a choice of shifting to the floating interest rate without any additional charges, the release said.

For home loan borrowers preferring floating rates ab-initio, the special offer rates for new customers for loans up to Rs 75 lakh will be 8.50 per cent, as against 8.75 per cent to 9.75 per cent. For loans above Rs 75 lakh, the rates will be 9.50 per cent as against 10.25 per cent earlier.

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LIC to invest Rs 50K crore in both equity & debt in FY 2010

June 27th, 2009

Life Insurance Corporation of India (LIC) announces it will invest  almost  Rs 50,000 crore in the equity market this year.So far in this fiscal, the biggest life insurer has invested about Rs 8,000 crore in the equities.As per exposure norms, LIC is furthermore buying into in government papers and business debt.

“We anticipate to invest almost Rs 50,000 crore in equities this year against Rs 40,800 crore last year,” LIC Managing Director Thomas Mathew told reporters here.

LIC Chairman T S Vijayan said throughout the present fiscal, the life protection business is eyeing a premium earnings development rate of 20 per cent.

As consider new premium earnings, which turned down by almost 10 percent in 2008-09, he said the business is anticipating a development rate of 25 percent throughout the present economic year.

As input from economic times.com

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