LIC to pay 40% more dividend, bonus

Life Insurance Corporation (LIC) has decided to pay 40% higher bonuses and dividends to the government and its customers, respectively, in 2016-17.

The Corporation has allocated Rs 47,387.4 crore as reversionary bonuses with profit to policy holders and paid Rs 2,494.1crore to the government towards its share of surplus on within the country business, against Rs 34,207.6 crore and Rs 1,800.4 crore, respectively, a year ago, LIC sources said.

The Corporation has been able to maintain solvency ratio of 154.7% against the statutory requirement of 150%. The customers of policies like Jeevan Shree, Jeevan Pramukh, Jeevan Nidhi plan and Jeevan Amrit have received higher bonuses during 2016-17.

The Corporation has also declared bonuses for the customers of newly introduced schemes such as Jeevan Tarun, Jeevan Labh, Jeevan Pragati.