Performance  of  LIC  for the year 2009-2010.

• Total Number of Policy Holders:    28 crore

• Total Market share                           :    73%

• Profit                                                      :   23,478  crore

• Dividend to Govt. Of India            :    1029 crore

• Maturity                                               :    46,921 crore

• Death                                                     :     7033 crore

Total Income of  LIC is  Rs. 2,98,721 crore; an increase of 49.2% over the previous year. This includes premium income of Rs. 1,85,985  crore which is highest ever.

About 18 insurance companies have withdrawn the cashless mediclaim policy facility and stopped direct payment of treatment charges to high-end hospitals from July 1. Had there been a breach of trust between the mediclaim policy holders and the insurers? Mediclaim policy holders who want to avail the facilities at hospitals like Ganga Ram, Max or Medicity, Apollo, Fortis will now have to pay. This is a fight between hospitals and insurance firms and the middle class are at a disadvantage. The health insurance market in India would suffer a lot. But why should the policy holders suffer?

IRDA has decided to examine this issue after discussing with the concerned stakeholders.

New plan Jeevan Nishchay launched.

LIC paid Rs.4289.28 crore as death claim benefits against only Rs.155.46 crore paid by all private life insurers.

Few Milestones :

• With conventional plans LIC’s premium grew 29%

• On the other hand,private sector’s firm fell by 3% in 2009.

• Daily LIC adds Rs.3,50,00,00,000 to its assets through its collections.No private Life insurance company can compete.

• Tata motors on 19/5/2009 raised Rs.1250 crore by selling NCD(10%) to LIC.

• LIC to invest around Rs.1,05,000 crore in NCDs and equity in this financial year.

• LIC’s renewal premium up by 23.91% to Rs.75,971 crore(Rs.227 crores per day) for the 11 month upto 28.02.2009

• LIC is planning to enter Australia, South east Asia, New Zealand to insure Indians there.

• Wipro begs LIC’s 5 year Information Technology deals leaving Infosys, L&T info and TCS busn standard.