Kolkata, March 7 The Life Insurance Corporation of India is expecting about 18 per cent growth in premium income in 2010-11 over the current financial year, according to its Chairman, Mr T. S. Vijayan. Its overall investment for the period would increase by about 20 per cent over this year, he said. Addressing media persons on the sidelines of the foundation laying ceremony of policy holders housing complex here on Sunday, Mr Vijayan said, “LICs premium income would be close to Rs 1.76 lakh crore his financial year.” LICs premium income in 2008-09 was Rs 1.53 lakh crore.
The total investment of LIC this year was expected to be in the range of Rs 2 lakh crore, he said. The corporation had given a dividend of Rs 929 crore to the Centre this year, he added.
LIC is also looking at gradually increasing its presence in the real estate business. The companys income from its real estate business is likely to be to the tune of Rs 200-300 crore in the current financial year, Mr Vijayan said.
“Our real estate income would gradually increase in the coming years,” he said, without specifying any amount.
Speaking on the occasion, the Union Finance Minister, Mr Pranab Mukherjee, said LICs contribution to the countrys gross domestic product was close to four per cent.
Mr Vijayan further said that the total workforce of LIC was close to that of the Indian Railways, at about 15 lakh. In Kolkata, LIC would take up commercial projects in other localities, like E M Bypass, he said
