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LIC mops Rs 5200 cr from Varishtha

LIC mopped up over Rs 5,200 cr from Varishtha Pension Bima Yojana, but its market share from other products dipped further till January.

business Updated: Apr 02, 2004 13:31 IST

Life Insurance Corporation has mopped up over Rs 5,200 crore from Varishtha Pension Bima Yojana, but its market share from other products dipped further to 87.76 per cent till January.

Life insurance industry witnessed 15 per cent drop in business at Rs 1,432 crore during January compared to Rs 1,746 crore in December, mainly due to lower premium income of LIC.

During the first 10 months, LIC and 12 private players mopped up Rs 11,145 crore in premium income after selling 1.78 crore policies, according to figures compiled by IRDA.

While LIC was able to collect Rs 9,780 crore from various schemes except the government subsidised schemes, the private players mopped up Rs 1,365 crore.

LIC mopped up Rs 5,200 crore from Varishtha scheme and hopes to cross the Rs 6,000 crore mark by March-end, its chairman S B Mathur told PTI while reacting to the resounding success of scheme which offers nineper cent assured return.

But leaving aside Varishtha, LIC's market share dropped to 87.76 per cent from 88.21 per cent in December, as private players like ICICI Prudential, Birla Sunlife, HDFC Standard Life, Aviva and SBI Life grew faster and increased their pie.

ICICI Prudential Life hiked its market share to 4.17 per cent after mopping up Rs 465 crore in premium till January.

Birla Sunlife collected Rs 195 crore in premium and has 1.75 per cent of the market, while HDFC Standard Life mopped up Rs 128 crore, Tata AIG (Rs 115 crore), SBI Life and Allianz Bajaj (Rs 94 crore each), Max New York Life (Rs 91 crore), OM Kotak (Rs 60 crore), Aviva (Rs 51 crore), ING Vysya (Rs 38 crore).

First Published: Mar 11, 2004 16:34 IST