Undeterred by the contraction in the insurance industry in recent months, the state-owned Life Insurance Corporation of India (LIC) is targeting a business of over Rs 3,00,000 crore by 2011-12.
"Our premium growth over the period has been over 20 per cent each. This year we are targeting Rs 1,75,000 crore (total premium). At 20 per cent, means in three years time, it will increase to Rs 3,00,000 crore," LIC Chairman T S Vijayan said.
"Anything more Rs 3,00,000 crore after three years would be bonus for us," he said.
With the 1,75,000 crore total premium by the end of current fiscal, the life insurance giant is looking at the market share of about 75 per cent.
Talking about new business target for the current fiscal, Vijayan said, the insurer expect to earn first year premium of Rs 57,000 crore even when the private sector insurers are uncertain about meeting the targets due to economic slowdown.
"I would still believe that we should get Rs 57,000 crore. LIC is not in a habit of revising target in the mid-way," he said.