Thursday, March 10 2005 11:18 Hrs (IST) - World Time -

Lucknow: Life Insurance Corporation (LIC) still commands 90 per cent of the insurance market despite the rush of private insurance companies in the country, LIC Chairman R N Bhardwaj said yesterday (Mar 9, 2005).

Private insurance companies have only left an impact of about three per cent on total premium income and LIC's hold on the market was still intact, Bharadwaj told mediapersons in Lucknow.

Besides, he said, the market is constantly expanding, offering space to other competitors as well.

Pointing out that LIC had 16 lakh crore policyholders with their assets worth Rs 3.50 lakh crore, Bhardwaj said the corporation had been adjudged number one brand equity for the second consecutive year by Brand Equity/AC Nielson ORG-Marg survey.

He said that LIC had introduced four new policies recently namely jeewan pramukh (keyman), jeewan nidhi (pension plan), jeewan anurag (children's plan) and future plus (equity linked) for the benefit of its customers.

The corporation was continuously making efforts to keep in touch with the latest technology, he said adding all its 2050 branches in the country were computerised and policyholders could deposit their premium from any corner of the country.