Tuesday, November 15 2005 19:04 Hrs (IST) - World Time -

Chennai: Union Finance Minister P Chidambaram today (Nov 15, 2005) announced enhancement of bonus for policy holders of the Life Insurance Corporation of India (LIC).

Under the whole life scheme of LIC, policy holders will enjoy a bonus of Rs 71 per Rs 1,000, he said while launching the LIC web portal for customers and agents here today (Nov 15, 2005).

The policy holders of the endowment scheme will now get a bonus to the tune of Rs 34-54 per Rs 1,000 and for money back scheme, it has been increased to Rs 32-45 per Rs 1,000.

"This is in addition to the special bonus announced by the Prime Minister during the golden jubilee year of LIC, earlier this year," he said.

LIC had earlier increased the bonus for pension policy holders and retained terminal bonuses, wherever applicable.

"My goal is to make LIC a world class insurance company and it is very close to becoming world class," Chidambaram said.

Highlighting the strengths and efficiency of LIC in becoming 'the best known brand in the country after the Government' he said, "The opposition to opening up of the insurance sector is not from the LIC, but from others. LIC is very much sure of its strengths."

Later, replying to a query from media persons, the minister said he would consider the capital restructuring proposal of Indian Bank.

"They have put forward a proposal for capital restructuring and I have promised to consider it, " he said.