LIC's new premium crosses 50,000 cr during Apr-Oct

The new premiums of country's largest insurer Life Insurance Corporation (LIC) has breached the Rs 50,000-crore mark during April-October period this year, an increase of 66 per cent from the corresponding period last fiscal.

In the first seven months of the current fiscal, LIC's new premium stood at Rs 50,605 crore compared to Rs 30,469 crore during the same period last year, Insurance Regulatory and Development Authority (Irda) said in its monthly data.

Overall, the life insurance industry mopped up new premium of Rs 69,706 crore during April-October this year, up from Rs 46,689 crore in the corresponding period last fiscal.

The 22 private life insurers have collected Rs 19,099 crore in the first seven months of 2010-11, up from Rs 16,217 crore in the same period last fiscal.