Having improved its product portfolio to take on competition from the private players, LIC, the country's largest life insurer, says it is confident it will regain its market share of over 60 per cent and earn new premium of Rs 57,000 crore by March.
"In the first quarter, our market share went down to 49 per cent then brought some new products ... We have taken corrective steps for it. I think we will be able to get that. So, going forward we are looking at 60 per cent," LIC Chairman T S Vijayan told PTI.
He said the company aimed to collect first premium of Rs 57,000 crore by the end of current fiscal even as the private sector insurers were 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.
Last year, LIC collected first premium of Rs 43,800 crore and commanded market share of 63 per cent.
However, the market share of LIC declined to 55 per cent in November 2008, with first premium collection at Rs 25,220.62 crore.
