The Life Insurance Corporation (LIC) of India is the first insurer to be ranked 30th among insurance companies worldwide in terms of its premium. Not only this it ranks fourth among Asian Countries with its registered growth in premium from 0.43 per cent to 0.7 per cent.

LIC has grown into the largest financial institution in the country with its asset crossing over Rs 5 lakh crore.

As a part of its expansion plans and to reach out to the poor, LIC will soon offer micro insurance products. It has already filed a product and is waiting for the insurance regulator's approval.

To extend its reach of micro insurance products, it will soon form a subsidiary in alliance with General Insurance Corporation and Insurance Institute of India that will impart training to insurance agents specializing in these products.

Besides this, the corporation is also planning to set up a credit card business and will also make a foray into the health insurance sector for which it may rope in a foreign partner.

LIC gas also posted a growth in business and has sold over 1.80 crore policies till end of January 2006 for the current financial year.

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