Excelsior Correspondent
JAMMU, Dec 1: Chairman, LIC of India, VK Sharma today presented a cheque of Rs 2,430.19 crore to Union Finance Minister, Arun Jaitley, as the Government of India’s share of the surplus arising out of the LIC’s actuarial valuation as on March 31, 2018.
During the fiscal 2017-18, LIC generated a total valuation surplus of Rs 48,444.82 crore, registering a growth of 10.1% over the previous year. After distributing 95% of the surplus to policyholders as bonuses, the balance of 5% amounting to Rs 2,430.19 crore is the share of the Government.
P Radhakrishnan, Minister of State for Finance and Shipping, Girish Chandra Murmu, Special Secretary, Department of Revenue, Debasish Panda, Additional Secretary, DFS were present along with officials from Life Insurance Corporation of India, Hemant Bhargava, MD, B Venugopal, MD and Sunita Sharma, MD.
LIC has completed 62 years since its incorporation. LIC now manages assets worth more than Rs 28.45 lakh crore. LIC had annual income of Rs 5.23 lakh crore and achieved the highest ever first year premium income of Rs 1,34,551.68 crore in the year 2017-2018.
It had a market share of 75.67% in number of policies as on March 31, 2018. LIC takes pride in informing that during the year 2017-18 LIC has settled claims to over 2.66 cr claimants for an amount of Rs 1.11 lakh crore.
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