Life Insurance Corporation of India on Thursday said it has crossed the 1-crore (10-million) mark in sales of new policies for the current fiscal on November 15.

The corporation has underwritten 1,06,25,878 policies with sum assured of Rs 78,074.96 crore (Rs 780.75 billion) and first premium of Rs 2,845.56 crore (Rs 28.45 billion), the life insurance major said in a release in Mumbai.

This was exclusive of 183,000 policies under Varishtha Pension Bima Yojana [premium at Rs 3,278 crore (Rs 32.78 billion)], it said.

The individual assurances showed a growth of 13.64 per cent on policies, 33.34 per cent on sum assured and 27.86 per cent in first premium income.

LIC's premium income from group business stood at Rs 1,273.09 crore (Rs 12.73 billion) for 11.77 lakh (1.17 million) lives covered, registering a growth of 38 per cent in lives and 108 per cent in premium, it added.

With just over four months left in 2003-04, LIC was all set to achieve its annual target for the fiscal through its 10.25 lakh (1.02 million) individual agents and more than 300 corporate agencies.