Insurance giant Life Insurance Corporation of India, which had witnessed a fall of 6.50% in new premium collection amount during the last financial year i.e year ending March 2013, posted a hefty growth in its new premium collection for this financial year. The new premium amount growth is more than 30% as against the budgeted of 12%.
Mr. S.K. Roy, Chairperson at LIC, said that we expect the company to grow at substantially higher than the budgeted growth rate thereby indicating better times for the industry than the last year.
Company expects to add 15 new products for sale from the next year which is in conformity with new guidelines issued by IRDA. It has already received approval from market regulator Insurance Regulatory and Development Authority in this regard. These 15 products are in addition to those for which approval of IRDA has already been sought and sales commenced, he added.
He, however clarified, that there are no Unit Linked Insurance Products in the basket of the above mentioned 15 products.
On investment front, Mr. Roy said that the company has already invested Rs. 33,000 crores during the current year and future investment will depend on market opportunities. He expects some profit booking by sale of equities in case market makes new high.
Clarifying on the disinvestment aspect, he said that the company has not kept aside any amount for disinvestment purpose and that disinvestment as an investment will be done on merits.
