New Delhi: Life Insurance Corporation of India (LIC) today said it will invest nearly Rs50,000 crore in the equity market this fiscal.
“We expect to invest nearly Rs50,000 crore in equities this year against Rs40,800 crore last year,” LIC managing director Thomas Mathew said.
So far in this fiscal, the largest life insurer has invested about Rs8,000 crore in the equities.
As per exposure norms, LIC is also investing in government papers and corporate debt.
Yesterday, LIC chairman T S Vijayan said during the current fiscal, the life insurance company is eyeing a premium income growth rate of 20%.
As regard new premium income, which declined by nearly 10% in 2008-09, he said the company is expecting a growth rate of 25% during the current financial year.
LIC collected a premium income of Rs1,55,000 crore in 2008-09, which included first premium income of Rs52,000 crore.