LIC declares higher bonus

Insurance major Life Insurance Corporation (LIC), today declared a bonus of Rs 70 per Rs 1,000 assured under all life-time plans for FY07, against Rs 66 in the previous fiscal. Addressing reporters here, LIC Chairman T S Vijayan said valuation surplus for FY07 grew by 22% at Rs 15,127.21 crore, against Rs 12,404.82 crore in FY06.He said 95% of the surplus amounting to Rs 14,370.85 crore has been allocated to policyholders and the balance five per cent amounting to Rs 756.36 crore has been provided to the central government as its share. The bonus for Jeevan Tarang policyholders for less than 20-year accumulation, has been increased to Rs 48 per Rs 1,000 assured from Rs 32 last fiscal. Similarly, Jeevan Anurag policyholders with a term of more than 20 years, have been given a bonus of Rs 44 per thousand, compared to Rs 35 in FY06.For its micro-insurance plan, Jeevan Madhur, a bonus of Rs 25 for every Rs 1,000 assured has been declared for policies with a term of 11-15 years and Rs 20 per for policies with a term of 10 years or less. It had a healthy market share of 74.18% in the last financial year with a premium collection of Rs 55,934.6 crore while nearly a dozen private insurers accounted for the rest 25.82%.

LIC declares higher bonus

Insurance major Life Insurance Corporation, today declared a bonus of Rs 70 per Rs 1,000 assured under all life-time plans for FY07, against Rs 66 in the previous fiscal.