The Life Insurance Corporation of India (LIC) sold 357 lakh policies and collected Rs 81,514 crore as first year premium in 2011-12. The premium income included Rs 38,955 crore by selling pension and group insurance schemes, covering 284 lakh insured under conventional business and 94 lakh under social security schemes.
On the occasion of its 56th anniversary on September 1, LIC launched a micro insurance product “Jeevan Deep”. It’s an endowment policy whose salient features include guaranteed additions and loyalty addition. The term of the policy ranges from 5 to 15 years; the minimum sum assured is Rs 5,000 and the maximum Rs 30,000.
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