LIC had a surplus of Rs 8,367.5 crore in 2001-02. The number of policies in force under individual assurance and individual pension plans is 12.81 crore as of March 31, 2000 against 11.3 crore in March 31, 2001. A dividend of Rs 431.8 crore is being paid to the Government.

Bima Nivesh to go

The assured return life insurance product from Life Insurance Corporation (LIC), New Bima Nivesh Plan is being withdrawn on September 16. This appears to be linked to the decline in interest rates. Last week, Om Kotak Insurance had withdrawn the Kotak Insurance Bond which offered 8.05 per cent per annum for six years. LIC is doing an encore and a new Bima Nivesh 2002 is being launched on September 18. This may come with lower levels of assured rates. The existing Bima Nivesh Triple Cover plan offers term riders for higher risk coverage.

Jeevan Samridhi

LIC is to a launch a new money back policy — Jeevan Samridhi on September 18. The plan will be available for four terms — 12, 15, 20 and 25 years. It will offer a guaranteed return of Rs 65 per thousand sum assured and loyalty additon.

BL Research Bureau

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