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October 25, 2007 16:15 IST
Life Insurance Corporation has put the idea of forming a US subsidiary on the backburner and is now looking at opening a representative office in the world's biggest economy.
"We initially explored the idea of opening a subsidiary company in the US. But, as it involved a huge capital investment, we are thinking of setting up a representative office," LIC [Get Quote] chairman T S Vijayan told reporters in Chennai.
Insurance regulator IRDA has approved the proposal, he said after launching a new product. Vijayan also said LIC was in the process of acquiring land for commercial purposes including housing schemes. The company has purchased land in Madurai and Padi in Chennai and would buy a 'big property' in Kolkata, he said.
The company has set a target of Rs 52,000 crore (Rs 520 billion) worth new premium, including Rs 7,800 crore (Rs 78 billion) from group business for the current fiscal, Vijayan said. As much as 90 per cent of the new premium so far this year came from unit-linked policies.
LIC had a market share of 73 per cent during the last fiscal, while the remaining was shared among 16 private players, he said.
The state-run insurer launched a product 'Critical Illness Rider' under its group insurance scheme targeting the employer-employee group.
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