LIC gives Rs 2,610.74 crore as govt share of surplus to Sitharaman

Life Insurance Corporation of India generated a valuation surplus of Rs 53,214.41 crore, registering a growth of 9.9 per cent over the previous year, Ministry of Finance stated.

Life Insurance Corporation of India generated a valuation surplus of Rs 53,214.41 crore, registering a growth of 9.9 percent over the previous year, Ministry of Finance stated. Union Finance Minister Nirmala Sitharaman received a cheque of Rs 2,610.74 crore from MR Kumar, Chairman of LIC, as government's share of the surplus for financial year 2018-2019 here on Friday.

Finance Secretary Rajeev Kumar was also present. LIC has a market share of 76.28 percent in the number of policies and 71 percent in first-year premium as on November 30, 2019, the Ministry added.