LIC eyeing double-digit growth

NEW DELHI: Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year.

“We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products,” LIC Chairman Siddhartha Mohanty said. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would get after 20-25 years. In addition, he said, loan facility and premature withdrawal would also be a feature of the new product.