"We hope to retain the existing market share in the current financial year at 82 per cent," LIC Managing Director SB Mainak said.

LIC's market share increased to 82 percent last fiscal as against the previous year's level of 76 percent, he said.

He added that LIC has introduced many new products since January 2014.

"Products require time to get market acceptance," he told reporters on the sidelines of a seminar organized by BCCI on Tuesday.

Asked about the growth prospects of LIC during the current fiscal, Mainak said that it depends on the country's economic situation.

"The growth in first premium income for any insurance company is largely dependent on the growth of the economy," he said.

If the GDP grew by 5.5 percent to six percent as predicted, then LIC's premium growth would be in the same region.

Mainak said that LIC was in discussion with IRDA for launch of new products.

LIC has a net investible surplus of Rs 2 lakh crore, he said.


Latest News from Business News Desk