Bonanza for LIC policy holders

Chennai: Finance minister P Chidambaram announced an enhancement of bonus for policy holders of the Life

Insurance Corporation of India (LIC) on Tuesday.

Under the whole life scheme of LIC, policyholders will enjoy a bonus of Rs 71 per Rs 1,000, he said while launching

the LIC web portal for customers and agents.

The policy holders of the endowment scheme will get a bonus 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, the minister said he would consider the capital restructuring proposal of Indian Bank.