The state-owned Life Insurance Corporation of India (LIC) was the biggest beneficiary from the reduction in interest rates during the year, as it reported growth in excess of 250 per cent in its first year business income. However, its investment income failed to rise at the same rate in the wake of a 300 per cent fall in yields on government securities. The growth in business came partially on the back of LIC closing down its assured return schemes following its inability to meet high rate of returns.
