India’s biggest life insurer LIC has collected Rs.7, 000 crore from the pension scheme “Varishth Pension Bima Yojana”. Total 2.5 lac policies has been sold in the relaunch of the scheme. The scheme was relaunched by LIC a year ago and is likely to be closed today.
Initially, when the scheme was launched, 3.16 lakh pensioners received the annuity payout and revenue of about Rs 6,095 crore was generated. LIC may launch 2 new online products including pension and term plan, also the insurer did not have any ULIP in their product basket for last one and half years, soon plans to launch ULIP too.
LIC is the largest insurance company in India with an estimated asset value of ?15, 60,482 crore. Functions fully computerized with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satellite offices and the corporate office.
LIC Varishth Pension Bima Yojana yields 7000 crore
Last Updated: Aug 14, 2015 | 380 Views