MUMBAI, JULY 9: Life Insurance Corporation of India (LIC) has posted a 18.29 per cent growth in total income, which stood at Rs 36,352.59 crore during the financial year 1998-99. LIC's life fund stood at Rs 1,27,389.06 crore, marking an increase of 20.37 per cent.Total assets rose by 20.74 per cent to Rs 1,32,764.39 crore. Premium income was Rs 22,805.80 crore, registering a growth of 16.71 per cent. Sale of individual new policies was to the tune of 1.49 crore for a sum assured of Rs 75,606.62 crore generating first premium income of Rs 2,695.55 crore. The first premium income registered the highest growth of the decade. LIC sold 1.06 lakh policies under various individual pension plans generating the first premium income of 111.14 crore.Total claims settlement was to the tune of Rs 7,615.78 crore as against Rs 6,673 crore last year. LIC covered 12.68 lakh lives under various pension and group schemes generating new business premium income of Rs 443.23 crore. Besides, over 1.29 lakh lives were alsocovered under various social security schemes for the weaker sections of the society.G Krishnamurthy, chairman, LIC, while announcing the financial results said that the corporation has registered the best performance of the decade.
