The total premium income during the year was Rs 19,252.07 crore (up by 18.55 per cent) and investment income was Rs 11,296.32 crore (up by 20.23 per cent).

The institution's number of new policies at 1.34 crore had expanded by 9 per cent against a targeted percentage of 13 per cent. The number of policies during 1996-97 was calculated at 1.22 crore. The total claim settlement by LIC was to the tune of Rs 6,673.07 crore, an increase of 16.61 per cent over the previous year.

Krishnamurthy said LIC's coverage of lives under various pension and group schemes was over 10.66 lakh reflecting a growth of 13 per cent. Besides, over 2.62 lakh lives were also covered under various social security schemes for weaker sections.

He said the facility of networking, introduced inMumbai, would be extended to Delhi, Bangalore, Chennai and other big cities shortly.The institution had recorded a 16 per cent growth in first insurance premium(first year premium income) as against a targeted growth of 21 per cent during 1997-98.

In absolute terms the amount accrued of first income premium which reflects the basic growth in the life insurance business is pegged around Rs 2,100 crore during the year. In 1996-97, LIC had recorded Rs 1,805 crore out of this business.

The institution's sum assured growth (total insured amount out of new policies) which was pegged Rs 63,617.69 crore had grown by 11 per cent against a projected target of 15 per cent during 1997-98.