Propelled by larger sale of high sum assured policies, Life Insurance Corporation of India (LICI) is expecting a 40 per cent rise in premium income in 2002-03, while number of new polices written is expected to grow at 11 per cent.
The public sector insurance major has written a total of 1.26 lakh policies till December 2002 against 1.13 lakh policies sold throughout the year. On the sum assured front LICI sold polices with a total sum assured value of Rs 82353 crore against previous full years Rs 81285 crore.
On the first premium income front, there seems to have been a gap where the company has earned Rs 2790 crore till December end, while LICI as a whole earned around Rs 3053 crore for the whole of last year.
