For 2016-17, the insurer had set a target of Rs 31,000 crore in new business premium collection on individual basis.
The actual collection was 22 per cent higher than the target at Rs 37,800 crore during the last fiscal.
"We hope to garner Rs 38,000 crore on the individual basis in the 2017-18 fiscal on the back of our products," LIC Chairman V K Sharma told PTI.
Its total new business premium, including pension and group business, rose to Rs 1.22 lakh crore in 2016-17, a rise of 25.8 per cent from around Rs 97,000 crore a year ago.
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With higher profits from its huge investment portfolio, LIC has decided to pay 40 per cent higher bonuses and dividends to the government and its customers in 2016-17.
LIC has allocated Rs 47,387.44 crore as reversionary bonuses with profit to policyholders and paid Rs 2,494.08 crore to the government towards its share of surplus on within the country business, against Rs 34,207.58 crore and Rs 1,800.40 crore, respectively, a year ago.
Last week, Finance Minister Arun Jaitley launched LIC administered pension scheme for elderly with 8 per cent fixed rate of interest on their savings.
PMVVY is a pension scheme announced by the government exclusively for the senior citizens aged 60 years and above which is available from May 4, 2017 to May 3, 2018.
Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly, quarterly, half-yearly, yearly as chosen by the pensioner at the time of purchase.